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

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

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

AllianceBernstein Price Performance

Shares of NYSE AB opened at $37.19 on Wednesday. The stock has a market capitalization of $4.28 billion, a P/E ratio of 10.65, a PEG ratio of 0.84 and a beta of 1.23. AllianceBernstein has a one year low of $27.58 and a one year high of $38.96. The firm’s 50 day simple moving average is $36.09 and its two-hundred day simple moving average is $34.58.

AllianceBernstein Increases Dividend

The firm 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 dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 8.28%. The ex-dividend date of this dividend is Monday, November 4th. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. AllianceBernstein’s payout ratio is currently 88.25%.

Insiders Place Their Bets

In related news, insider Equitable Holdings, Inc. acquired 500,000 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was acquired at an average cost 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 $104,824,522.84. This trade represents a 19.48 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On AllianceBernstein

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Second Line Capital LLC boosted its position 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 valued at $276,000 after purchasing an additional 443 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of AllianceBernstein in the 3rd quarter worth about $418,000. EP Wealth Advisors LLC bought a new position in shares of AllianceBernstein in the 3rd quarter worth about $322,000. Stifel Financial Corp lifted its position in AllianceBernstein by 2.6% during the 3rd quarter. Stifel Financial Corp now owns 208,120 shares of the asset manager’s stock valued at $7,261,000 after acquiring an additional 5,196 shares during the period. Finally, Phase 2 Partners LLC purchased a new position in AllianceBernstein during the 3rd quarter valued at about $2,125,000. Hedge funds and other 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.