AllianceBernstein (NYSE:AB) PT Raised to $36.00 at Barclays

AllianceBernstein (NYSE:AB) had its price objective boosted by investment analysts at Barclays from $35.00 to $36.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the asset manager’s stock. Barclays‘s target price suggests a potential upside of 1.04% from the stock’s previous close.

A number of other brokerages have also recently issued reports on AB. The Goldman Sachs Group lifted their price objective 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 lifted their price objective on shares of AllianceBernstein from $38.00 to $39.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Finally, TD Cowen lifted their price objective on shares of AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Two equities research 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.20.

AllianceBernstein Stock Up 0.7 %

Shares of AB traded up $0.26 during mid-day trading on Monday, hitting $35.63. 46,486 shares of the company’s stock were exchanged, compared to its average volume of 290,628. AllianceBernstein has a 52 week low of $25.83 and a 52 week high of $35.84. The stock’s 50-day simple moving average is $34.30 and its 200-day simple moving average is $33.91. The firm has a market cap of $4.10 billion, a price-to-earnings ratio of 14.75, a price-to-earnings-growth ratio of 0.66 and a beta of 1.24.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings data 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. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $807.42 million. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period last year, the firm posted $0.61 earnings per share. Analysts forecast that AllianceBernstein will post 3.02 earnings per share for the current fiscal year.

Insider Buying and Selling at AllianceBernstein

In other news, insider Christopher Hogbin sold 12,781 shares of AllianceBernstein stock in a transaction on Monday, July 29th. The shares were sold at an average price of $34.87, for a total transaction of $445,673.47. Following the transaction, the insider now owns 10,000 shares in the company, valued at approximately $348,700. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Equitable Holdings, Inc. bought 500,000 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was acquired at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the purchase, the insider now directly owns 3,066,838 shares of the company’s stock, valued at approximately $104,824,522.84. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, insider Christopher Hogbin sold 12,781 shares of AllianceBernstein 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 transaction, the insider now directly owns 10,000 shares of the company’s stock, valued at $348,700. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On AllianceBernstein

A number of hedge funds have recently bought and sold shares of AB. Virtu Financial LLC bought a new position in AllianceBernstein during the fourth quarter worth $230,000. B. Riley Wealth Advisors Inc. increased its stake in AllianceBernstein by 79.1% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 20,034 shares of the asset manager’s stock valued at $622,000 after purchasing an additional 8,851 shares in the last quarter. Nomura Holdings Inc. increased its stake in AllianceBernstein by 61.7% in the fourth quarter. Nomura Holdings Inc. now owns 230,600 shares of the asset manager’s stock valued at $7,156,000 after purchasing an additional 88,000 shares in the last quarter. Mather Group LLC. bought a new stake in AllianceBernstein in the first quarter valued at $54,000. Finally, KMG Fiduciary Partners LLC increased its stake in AllianceBernstein by 4.5% in the first quarter. KMG Fiduciary Partners LLC now owns 41,912 shares of the asset manager’s stock valued at $1,456,000 after purchasing an additional 1,807 shares in the last quarter. 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.