AllianceBernstein (NYSE:AB) Downgraded to “Neutral” Rating by Bank of America

Bank of America lowered shares of AllianceBernstein (NYSE:AB) from a buy rating to a neutral rating in a report released on Thursday, Marketbeat Ratings reports. The brokerage currently has $38.00 price target on the asset manager’s stock, down from their prior price target of $42.00.

Several other equities research analysts also recently weighed in on AB. Sanford C. Bernstein set a $45.00 target price on shares of AllianceBernstein in a research report on Thursday, January 16th. TD Cowen lowered AllianceBernstein from a “buy” rating to a “hold” rating and boosted their price objective for the company from $38.00 to $38.50 in a report on Tuesday, February 25th. Finally, Barclays reduced their target price on AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a report on Monday, December 9th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $40.58.

AllianceBernstein Stock Performance

Shares of NYSE AB opened at $37.95 on Thursday. The firm has a market cap of $4.19 billion, a price-to-earnings ratio of 10.20, a PEG ratio of 0.78 and a beta of 0.97. AllianceBernstein has a 1 year low of $30.57 and a 1 year high of $41.37. The stock’s 50-day simple moving average is $37.75 and its 200-day simple moving average is $36.88.

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

AllianceBernstein Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Tuesday, February 18th were paid a dividend of $1.05 per share. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.77. The ex-dividend date was Tuesday, February 18th. This represents a $4.20 annualized dividend and a yield of 11.07%. AllianceBernstein’s dividend payout ratio is 112.90%.

Hedge Funds Weigh In On AllianceBernstein

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC lifted its stake in AllianceBernstein by 3.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 178,386 shares of the asset manager’s stock valued at $6,616,000 after buying an additional 5,637 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in shares of AllianceBernstein by 58.2% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 66,783 shares of the asset manager’s stock worth $2,477,000 after acquiring an additional 24,575 shares during the period. 10Elms LLP bought a new stake in AllianceBernstein in the 4th quarter valued at about $592,000. Virtus Investment Advisers Inc. acquired a new position in AllianceBernstein during the 4th quarter valued at about $556,000. Finally, State of Wyoming grew its position in AllianceBernstein by 15.1% in the 4th quarter. State of Wyoming now owns 10,462 shares of the asset manager’s stock worth $388,000 after purchasing an additional 1,375 shares during the last quarter. 19.25% of the stock is currently owned by institutional investors and hedge funds.

About AllianceBernstein

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.