AllianceBernstein (NYSE:AB) PT Raised to $39.00 at Barclays

AllianceBernstein (NYSE:AB) had its target price hoisted by investment analysts at Barclays from $36.00 to $39.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the asset manager’s stock. Barclays‘s price objective points to a potential upside of 1.85% from the company’s current price.

Several other brokerages have also weighed in on AB. TD Cowen raised their price objective on shares of AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, July 29th. The Goldman Sachs Group raised their price target on shares of AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. Finally, Evercore ISI upped their price objective on shares of AllianceBernstein from $38.00 to $39.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. Two investment 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 company has an average rating of “Moderate Buy” and a consensus price target of $41.80.

AllianceBernstein Stock Performance

Shares of AB stock traded down $0.07 during trading on Friday, hitting $38.29. 324,540 shares of the company were exchanged, compared to its average volume of 294,548. The business’s 50-day simple moving average is $35.10 and its 200 day simple moving average is $34.11. AllianceBernstein has a twelve month low of $25.83 and a twelve month high of $38.96. The firm has a market capitalization of $4.41 billion, a price-to-earnings ratio of 15.88, a P/E/G ratio of 0.66 and a beta of 1.24.

AllianceBernstein (NYSE:AB) last issued its earnings results on Friday, July 26th. The asset manager reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.04. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. The company 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 for the quarter was up 1.9% on a year-over-year basis. On average, equities analysts forecast that AllianceBernstein will post 3.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AllianceBernstein news, insider Equitable Holdings, Inc. purchased 500,000 shares of the stock in a transaction dated Friday, September 20th. The shares were bought at an average cost of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the transaction, the insider now owns 3,066,838 shares in the company, valued at $104,824,522.84. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other AllianceBernstein news, insider Equitable Holdings, Inc. purchased 500,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were bought at an average cost of $34.18 per share, with a total value of $17,090,000.00. Following the transaction, the insider now directly owns 3,066,838 shares in the company, valued at approximately $104,824,522.84. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Charles G.T. Stonehill sold 4,000 shares of the 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 of the company’s stock, valued at $903,935.01. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cetera Investment Advisers grew its position in AllianceBernstein by 231.8% during the first quarter. Cetera Investment Advisers now owns 127,220 shares of the asset manager’s stock worth $4,420,000 after buying an additional 88,875 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of AllianceBernstein by 115.7% in the 1st quarter. BNP Paribas Financial Markets now owns 70,607 shares of the asset manager’s stock valued at $2,453,000 after buying an additional 37,876 shares in the last quarter. Epoch Investment Partners Inc. lifted its holdings in shares of AllianceBernstein by 24.3% during the 1st quarter. Epoch Investment Partners Inc. now owns 160,671 shares of the asset manager’s stock worth $5,582,000 after acquiring an additional 31,399 shares during the period. Jennison Associates LLC acquired a new stake in shares of AllianceBernstein during the 1st quarter valued at about $23,660,000. Finally, Osaic Holdings Inc. increased its stake in AllianceBernstein by 13.1% in the first quarter. Osaic Holdings Inc. now owns 215,337 shares of the asset manager’s stock valued at $7,481,000 after acquiring an additional 24,951 shares during the period. Institutional investors 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.