Barclays Increases AllianceBernstein (NYSE:AB) Price Target to $39.00

AllianceBernstein (NYSE:AB) had its price objective hoisted by research 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 would suggest a potential upside of 1.62% from the stock’s previous close.

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

AllianceBernstein Trading Up 0.1 %

Shares of AllianceBernstein stock opened at $38.38 on Friday. AllianceBernstein has a twelve month low of $25.83 and a twelve month high of $38.96. The stock has a market capitalization of $4.42 billion, a price-to-earnings ratio of 15.93, a PEG ratio of 0.66 and a beta of 1.24. The business’s 50 day simple moving average is $35.17 and its 200-day simple moving average is $34.13.

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

Insider Activity

In other news, Director Charles G.T. Stonehill sold 4,000 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $34.87, for a total transaction of $139,480.00. Following the completion of the transaction, the director now owns 25,923 shares in the company, valued at approximately $903,935.01. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other AllianceBernstein news, Director Charles G.T. Stonehill sold 4,000 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $34.87, for a total value of $139,480.00. Following the transaction, the director now owns 25,923 shares of the company’s stock, valued at approximately $903,935.01. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher Hogbin sold 12,781 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $34.87, for a total value of $445,673.47. Following the sale, the insider now directly owns 10,000 shares of the company’s stock, valued at approximately $348,700. 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.

Hedge Funds Weigh In On AllianceBernstein

Institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC acquired a new stake in shares of AllianceBernstein in the first quarter worth $23,660,000. American Century Companies Inc. lifted its stake in AllianceBernstein by 8.9% in the 2nd quarter. American Century Companies Inc. now owns 2,873,324 shares of the asset manager’s stock worth $97,090,000 after acquiring an additional 234,253 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in AllianceBernstein by 426.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 273,695 shares of the asset manager’s stock worth $9,248,000 after acquiring an additional 221,736 shares during the period. Manning & Napier Advisors LLC purchased a new position in AllianceBernstein during the 2nd quarter valued at about $4,477,000. Finally, Sei Investments Co. increased its holdings in shares of AllianceBernstein by 159.4% in the 1st quarter. Sei Investments Co. now owns 154,598 shares of the asset manager’s stock valued at $5,371,000 after purchasing an additional 94,989 shares during the period. 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.