AllianceBernstein (NYSE:AB) Given New $34.00 Price Target at TD Cowen

AllianceBernstein (NYSE:AB - Free Report) had its target price cut by TD Cowen from $37.50 to $34.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a hold rating on the asset manager's stock.

Other equities research analysts have also recently issued reports about the company. Sanford C. Bernstein cut AllianceBernstein from a "buy" rating to a "neutral" rating and set a $38.00 target price for the company. in a research note on Thursday, April 3rd. Bank of America lowered AllianceBernstein from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $42.00 to $38.00 in a research note on Thursday, April 3rd. Finally, Barclays restated an "equal weight" rating and set a $34.00 target price on shares of AllianceBernstein in a research report on Tuesday, April 8th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, AllianceBernstein presently has a consensus rating of "Hold" and a consensus target price of $37.17.

AllianceBernstein Stock Up 0.9 %

Shares of AB stock traded up $0.34 during trading on Wednesday, reaching $37.70. 291,566 shares of the company's stock were exchanged, compared to its average volume of 441,269. The firm's fifty day moving average price is $37.01 and its 200-day moving average price is $36.92. AllianceBernstein has a twelve month low of $30.57 and a twelve month high of $41.37. The stock has a market capitalization of $4.17 billion, a PE ratio of 10.13, a PEG ratio of 0.78 and a beta of 0.97.

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AllianceBernstein (NYSE:AB - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The asset manager reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.87 by $0.18. AllianceBernstein had a net margin of 9.46% and a return on equity of 17.88%. As a group, analysts anticipate that AllianceBernstein will post 3.58 EPS for the current fiscal year.

AllianceBernstein Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were paid a dividend of $1.05 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This is an increase from AllianceBernstein's previous quarterly dividend of $0.77. This represents a $4.20 annualized dividend and a dividend yield of 11.14%. AllianceBernstein's dividend payout ratio (DPR) is 112.90%.

Institutional Trading of AllianceBernstein

Several large investors have recently modified their holdings of the business. Transce3nd LLC bought a new position in AllianceBernstein during the 4th quarter valued at approximately $25,000. Luken Investment Analytics LLC purchased a new position in AllianceBernstein in the fourth quarter worth about $37,000. Summit Securities Group LLC purchased a new stake in shares of AllianceBernstein in the 4th quarter worth $41,000. Harbor Investment Advisory LLC bought a new stake in AllianceBernstein during the 1st quarter worth approximately $48,000. Finally, HHM Wealth Advisors LLC purchased a new position in shares of AllianceBernstein in the fourth quarter valued at about $61,000. 19.25% of the stock is owned by institutional investors.

AllianceBernstein Company Profile

AllianceBernstein Holding L.P. is a publicly owned investment manager. The firm is a related adviser The firm manages separate client focused portfolios for its clients. The firm primarily invests in common and preferred stocks, warrants and convertible securities, government and corporate fxed-income securities, commodities, currencies, real estate-related assets and infation-protected securities.