AllianceBernstein (NYSE:AB) Price Target Raised to $39.00 at Evercore ISI

AllianceBernstein (NYSE:AB) had its target price hoisted by Evercore ISI from $38.00 to $39.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the asset manager’s stock. Evercore ISI’s price target points to a potential upside of 11.02% from the company’s previous close.

AB has been the topic of a number of other reports. The Goldman Sachs Group boosted their price objective on AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a research report on Thursday. Barclays assumed coverage on AllianceBernstein in a research report on Tuesday, August 27th. They issued an “equal weight” rating and a $35.00 price target on the stock. Finally, TD Cowen upped their price target on AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, AllianceBernstein has a consensus rating of “Moderate Buy” and an average target price of $41.00.

AllianceBernstein Stock Up 0.8 %

Shares of NYSE AB opened at $35.13 on Friday. The business’s 50 day moving average is $34.30 and its two-hundred day moving average is $33.88. The company has a market cap of $4.05 billion, a P/E ratio of 14.52, a P/E/G ratio of 0.74 and a beta of 1.24. AllianceBernstein has a 12 month low of $25.83 and a 12 month high of $35.67.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings results on Friday, July 26th. The asset manager reported $0.71 EPS for the quarter, topping the consensus estimate of $0.67 by $0.04. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $807.42 million. AllianceBernstein had a return on equity of 15.81% and a net margin of 7.68%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.61 EPS. Sell-side analysts expect that AllianceBernstein will post 2.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other AllianceBernstein news, insider Equitable Holdings, Inc. purchased 500,000 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were bought at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the transaction, the insider now directly owns 3,066,838 shares in the company, valued at approximately $104,824,522.84. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Equitable Holdings, Inc. bought 500,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were acquired at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the transaction, the insider now owns 3,066,838 shares in the company, valued at $104,824,522.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles G.T. Stonehill sold 4,000 shares of AllianceBernstein stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $34.87, for a total value of $139,480.00. Following the completion of the sale, the director now directly owns 25,923 shares in the company, valued at approximately $903,935.01. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On AllianceBernstein

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Geneos Wealth Management Inc. bought a new position in AllianceBernstein in the first quarter valued at approximately $28,000. SJS Investment Consulting Inc. bought a new position in AllianceBernstein in the second quarter valued at approximately $31,000. Register Financial Advisors LLC bought a new position in AllianceBernstein in the first quarter valued at approximately $42,000. EverSource Wealth Advisors LLC grew its stake in AllianceBernstein by 1,354.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,454 shares of the asset manager’s stock valued at $49,000 after purchasing an additional 1,354 shares in the last quarter. Finally, Larson Financial Group LLC bought a new position in shares of AllianceBernstein during the 2nd quarter worth approximately $51,000. Institutional investors and hedge funds own 19.25% of the company’s stock.

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.