AllianceBernstein (NYSE:AB) Price Target Raised to $41.00 at TD Cowen

AllianceBernstein (NYSE:AB) had its price objective boosted by TD Cowen to $41.00 in a research report sent to investors on Wednesday morning,Stock Target Advisor reports. The brokerage currently has a buy rating on the asset manager’s stock.

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

AllianceBernstein Stock Up 1.9 %

AB stock opened at $37.19 on Wednesday. The firm has a market cap of $4.28 billion, a price-to-earnings ratio of 10.65, a PEG ratio of 0.84 and a beta of 1.23. The company’s fifty day simple moving average is $36.09 and its 200 day simple moving average is $34.58. AllianceBernstein has a 12-month low of $27.58 and a 12-month high of $38.96.

AllianceBernstein Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Monday, November 4th will be issued a $0.77 dividend. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. This represents a $3.08 dividend on an annualized basis and a dividend yield of 8.28%. The ex-dividend date is Monday, November 4th. AllianceBernstein’s payout ratio is 88.25%.

Insider Activity

In other news, insider Equitable Holdings, Inc. acquired 500,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were acquired at an average cost of $34.18 per share, for a total transaction of $17,090,000.00. Following the purchase, the insider now owns 3,066,838 shares of the company’s stock, valued at approximately $104,824,522.84. The trade was a 19.48 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On AllianceBernstein

Several large investors have recently modified their holdings of AB. NBC Securities Inc. grew its position in shares of AllianceBernstein by 80.8% in the third quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 329 shares in the last quarter. Truvestments Capital LLC bought a new stake in AllianceBernstein during the 3rd quarter worth approximately $31,000. SJS Investment Consulting Inc. purchased a new stake in AllianceBernstein in the 2nd quarter worth approximately $31,000. FSA Wealth Management LLC purchased a new position in shares of AllianceBernstein during the 3rd quarter valued at $36,000. Finally, Farther Finance Advisors LLC grew its position in AllianceBernstein by 115.4% during the third quarter. Farther Finance Advisors LLC now owns 1,426 shares of the asset manager’s stock worth $50,000 after buying an additional 764 shares in the last quarter. 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.