The Goldman Sachs Group Boosts AllianceBernstein (NYSE:AB) Price Target to $41.00

AllianceBernstein (NYSE:AB) had its price objective lifted by equities researchers at The Goldman Sachs Group from $40.75 to $41.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the asset manager’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 18.33% from the stock’s current price.

AB has been the subject of a number of other reports. Barclays began coverage on AllianceBernstein in a research report on Tuesday, August 27th. They issued an “equal weight” rating and a $35.00 price objective on the stock. Evercore ISI restated a “buy” rating and set a $38.00 price target on shares of AllianceBernstein in a research report on Tuesday, September 24th. Finally, TD Cowen upped their price objective on shares of AllianceBernstein from $36.00 to $39.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $40.80.

AllianceBernstein Stock Down 0.3 %

Shares of NYSE:AB traded down $0.12 during midday trading on Thursday, reaching $34.65. The company’s stock had a trading volume of 52,209 shares, compared to its average volume of 294,442. The firm has a market capitalization of $3.99 billion, a PE ratio of 14.38, a P/E/G ratio of 0.74 and a beta of 1.24. The stock has a fifty day moving average of $34.29 and a 200 day moving average of $33.87. AllianceBernstein has a twelve month low of $25.83 and a twelve month high of $35.67.

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

Insider Buying and Selling at AllianceBernstein

In other AllianceBernstein news, insider Christopher Hogbin sold 12,781 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $34.87, for a total transaction of $445,673.47. Following the completion of the sale, the insider now directly owns 10,000 shares in the company, valued at approximately $348,700. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other AllianceBernstein news, Director Charles G.T. Stonehill sold 4,000 shares of the firm’s 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 transaction, the director now owns 25,923 shares in the company, valued at approximately $903,935.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher Hogbin sold 12,781 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $34.87, for a total transaction of $445,673.47. Following the sale, the insider now directly owns 10,000 shares of the company’s stock, valued at approximately $348,700. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

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

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.