AllianceBernstein (NYSE:AB) Price Target Increased to $39.00 by Analysts at Barclays

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

Several other brokerages also recently commented on AB. Evercore ISI boosted their target price on AllianceBernstein from $38.00 to $39.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. TD Cowen boosted their price objective on AllianceBernstein from $36.00 to $39.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, The Goldman Sachs Group increased their target price on AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.80.

AllianceBernstein Stock Performance

Shares of NYSE AB traded down $0.07 during midday trading on Friday, reaching $38.29. 324,540 shares of the company traded hands, compared to its average volume of 294,548. The stock’s 50-day simple moving average is $35.10 and its 200-day simple moving average is $34.11. AllianceBernstein has a 12 month low of $25.83 and a 12 month high of $38.96. The firm has a market cap of $4.41 billion, a PE ratio of 15.88, a PEG ratio of 0.66 and a beta of 1.24.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings results on Friday, July 26th. The asset manager reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.04. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the firm posted $0.61 EPS. On average, equities research analysts expect that AllianceBernstein will post 3.02 EPS for the current year.

Insider Transactions at AllianceBernstein

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

Institutional Trading of AllianceBernstein

Institutional investors and hedge funds have recently modified their holdings of the stock. Jennison Associates LLC acquired a new position in AllianceBernstein during the first quarter valued at approximately $23,660,000. American Century Companies Inc. grew its holdings in shares of AllianceBernstein by 8.9% in the 2nd quarter. American Century Companies Inc. now owns 2,873,324 shares of the asset manager’s stock valued at $97,090,000 after buying an additional 234,253 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of AllianceBernstein by 426.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 273,695 shares of the asset manager’s stock valued at $9,248,000 after buying an additional 221,736 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in AllianceBernstein during the 2nd quarter worth $4,477,000. Finally, Sei Investments Co. lifted its holdings in AllianceBernstein by 159.4% during the first quarter. Sei Investments Co. now owns 154,598 shares of the asset manager’s stock worth $5,371,000 after acquiring an additional 94,989 shares in the last quarter. 19.25% of the stock is owned by institutional investors.

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.