TD Cowen Issues Positive Forecast for AllianceBernstein (NYSE:AB) Stock Price

AllianceBernstein (NYSE:AB) had its target price lifted by TD Cowen to $41.00 in a research note published on Wednesday morning,Stock Target Advisor reports. TD Cowen currently has a buy rating on the asset manager’s stock.

A number of other research firms have also issued reports on AB. The Goldman Sachs Group raised their target price on shares of AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Evercore ISI upped their price target on shares of AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Finally, Barclays lifted their price objective on AllianceBernstein from $36.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, AllianceBernstein has a consensus rating of “Moderate Buy” and an average target price of $43.40.

AllianceBernstein Trading Down 3.1 %

AB stock opened at $35.58 on Wednesday. The firm has a market cap of $4.10 billion, a PE ratio of 10.20, a PEG ratio of 0.84 and a beta of 1.23. AllianceBernstein has a 1 year low of $27.58 and a 1 year high of $38.96. The company has a fifty day simple moving average of $36.23 and a 200 day simple moving average of $34.63.

AllianceBernstein Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Monday, November 4th were issued a $0.77 dividend. This represents a $3.08 annualized dividend and a yield of 8.66%. The ex-dividend date was Monday, November 4th. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.71. AllianceBernstein’s payout ratio is 88.25%.

Insider Activity

In other news, insider Equitable Holdings, Inc. bought 500,000 shares of the stock in a transaction dated 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 acquisition, the insider now owns 3,066,838 shares in the company, valued at $104,824,522.84. This trade represents a 19.48 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.70% of the stock is owned by company insiders.

Institutional Trading of AllianceBernstein

A number of hedge funds and other institutional investors have recently modified their holdings of AB. NBC Securities Inc. increased its position in AllianceBernstein by 80.8% in the third quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock worth $25,000 after purchasing an additional 329 shares during the period. Captrust Financial Advisors grew its position in shares of AllianceBernstein by 4.9% during the 3rd quarter. Captrust Financial Advisors now owns 7,587 shares of the asset manager’s stock worth $265,000 after buying an additional 355 shares during the period. Second Line Capital LLC raised its stake in shares of AllianceBernstein by 5.9% during the third quarter. Second Line Capital LLC now owns 7,907 shares of the asset manager’s stock worth $276,000 after buying an additional 443 shares during the last quarter. Creative Planning lifted its holdings in AllianceBernstein by 3.2% in the third quarter. Creative Planning now owns 15,005 shares of the asset manager’s stock valued at $524,000 after buying an additional 469 shares during the period. Finally, Aptus Capital Advisors LLC boosted its stake in AllianceBernstein by 8.1% in the third quarter. Aptus Capital Advisors LLC now owns 8,122 shares of the asset manager’s stock valued at $283,000 after acquiring an additional 610 shares during the last quarter. Institutional investors and hedge funds own 19.25% of the company’s stock.

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.