Barclays Increases AllianceBernstein (NYSE:AB) Price Target to $36.00

AllianceBernstein (NYSE:AB) had its price objective boosted by research analysts at Barclays from $35.00 to $36.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the asset manager’s stock. Barclays‘s price objective points to a potential downside of 1.91% from the company’s current price.

Other analysts have also issued reports about the stock. TD Cowen boosted their price target on shares of AllianceBernstein from $36.00 to $39.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. The Goldman Sachs Group increased their target price on shares of AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Finally, Evercore ISI upped their price objective on AllianceBernstein from $38.00 to $39.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, AllianceBernstein currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.20.

AllianceBernstein Trading Up 1.6 %

AB stock opened at $36.70 on Monday. The firm has a 50-day moving average of $34.39 and a two-hundred day moving average of $33.91. AllianceBernstein has a 12 month low of $25.83 and a 12 month high of $36.85. The company has a market cap of $4.23 billion, a price-to-earnings ratio of 14.98, a PEG ratio of 0.66 and a beta of 1.24.

AllianceBernstein (NYSE:AB) last posted its earnings results on Friday, July 26th. The asset manager reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.04. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $807.42 million. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. AllianceBernstein’s revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.61 EPS. As a group, equities analysts forecast that AllianceBernstein will post 3.02 earnings per share for the current year.

Insider Buying and Selling at AllianceBernstein

In other AllianceBernstein news, Director Charles G.T. Stonehill sold 4,000 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $34.87, for a total value of $139,480.00. Following the completion of the transaction, the director now owns 25,923 shares in the company, valued at approximately $903,935.01. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Charles G.T. Stonehill sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $34.87, for a total value of $139,480.00. Following the completion of the transaction, the director now directly owns 25,923 shares of the company’s stock, valued at $903,935.01. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Equitable Holdings, Inc. purchased 500,000 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were purchased at an average cost of $34.18 per share, with a total value of $17,090,000.00. Following the purchase, the insider now directly owns 3,066,838 shares in the company, valued at approximately $104,824,522.84. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AllianceBernstein

Several institutional investors and hedge funds have recently modified their holdings of AB. NBC Securities Inc. lifted its holdings in shares of AllianceBernstein by 80.8% during the 3rd quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock worth $25,000 after acquiring an additional 329 shares during the period. Geneos Wealth Management Inc. acquired a new position in shares of AllianceBernstein in the 1st quarter valued at $28,000. SJS Investment Consulting Inc. purchased a new stake in shares of AllianceBernstein during the 2nd quarter valued at $31,000. Register Financial Advisors LLC purchased a new stake in shares of AllianceBernstein during the 1st quarter valued at $42,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of AllianceBernstein by 1,354.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,454 shares of the asset manager’s stock worth $49,000 after buying an additional 1,354 shares during the period. Hedge funds and other institutional investors 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.