AllianceBernstein (NYSE:AB) Sets New 12-Month High on Better-Than-Expected Earnings

AllianceBernstein Holding L.P. (NYSE:AB) reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $41.15 and last traded at $40.69, with a volume of 34668 shares traded. The stock had previously closed at $39.89.

The asset manager reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.18. AllianceBernstein had a return on equity of 16.23% and a net margin of 9.22%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AB. Evercore ISI upped their price target on AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Barclays reduced their price target on AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.40.

Hedge Funds Weigh In On AllianceBernstein

Several institutional investors have recently added to or reduced their stakes in the company. NBC Securities Inc. lifted its stake in shares of AllianceBernstein by 80.8% in the 3rd quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 329 shares during the last quarter. Truvestments Capital LLC bought a new stake in shares of AllianceBernstein in the 3rd quarter valued at approximately $31,000. FSA Wealth Management LLC bought a new stake in shares of AllianceBernstein in the 3rd quarter valued at approximately $36,000. Luken Investment Analytics LLC bought a new stake in shares of AllianceBernstein in the 4th quarter valued at approximately $37,000. Finally, Farther Finance Advisors LLC lifted its stake in shares of AllianceBernstein by 115.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,426 shares of the asset manager’s stock valued at $50,000 after purchasing an additional 764 shares during the last quarter. Hedge funds and other institutional investors own 19.25% of the company’s stock.

AllianceBernstein Trading Down 9.8 %

The firm has a market capitalization of $4.15 billion, a P/E ratio of 10.31, a price-to-earnings-growth ratio of 0.81 and a beta of 1.21. The firm has a 50 day moving average price of $37.25 and a 200-day moving average price of $35.99.

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.