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

AllianceBernstein (NYSE:AB) had its target price hoisted by TD Cowen to $41.00 in a report released on Wednesday,Stock Target Advisor reports. The firm currently has a buy rating on the asset manager’s stock.

Several other research firms have also recently weighed in on AB. The Goldman Sachs Group increased their price objective on AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Evercore ISI increased their price objective on AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, Barclays increased their price objective on AllianceBernstein from $36.00 to $39.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, AllianceBernstein has a consensus rating of “Moderate Buy” and a consensus price target of $43.40.

AllianceBernstein Stock Down 3.1 %

Shares of AB stock opened at $35.59 on Wednesday. AllianceBernstein has a 12 month low of $27.58 and a 12 month high of $38.96. The business’s 50 day moving average is $36.21 and its two-hundred day moving average is $34.62. The company has a market cap of $4.10 billion, a PE ratio of 10.15, a price-to-earnings-growth ratio of 0.83 and a beta of 1.23.

AllianceBernstein Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Monday, November 4th were given a $0.77 dividend. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.71. This represents a $3.08 annualized dividend and a yield of 8.65%. The ex-dividend date of this dividend was Monday, November 4th. AllianceBernstein’s dividend payout ratio (DPR) is 88.25%.

Insider Buying and Selling

In related news, insider Equitable Holdings, Inc. acquired 500,000 shares of the company’s stock in a transaction on Friday, September 20th. The stock was purchased at an average cost of $34.18 per share, for a total transaction of $17,090,000.00. Following the completion of the purchase, the insider now directly owns 3,066,838 shares of the company’s stock, valued at $104,824,522.84. The trade was a 19.48 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of AB. Crestwood Advisors Group LLC increased its stake in shares of AllianceBernstein by 1,019.7% in the third quarter. Crestwood Advisors Group LLC now owns 280,961 shares of the asset manager’s stock valued at $9,803,000 after buying an additional 255,868 shares in the last quarter. Citigroup Inc. increased its stake in shares of AllianceBernstein by 59.1% in the third quarter. Citigroup Inc. now owns 645,685 shares of the asset manager’s stock valued at $22,528,000 after buying an additional 239,941 shares in the last quarter. American Century Companies Inc. increased its stake in shares of AllianceBernstein by 8.9% in the second 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 in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of AllianceBernstein by 426.8% in the second 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. Finally, FMR LLC increased its stake in shares of AllianceBernstein by 6.3% in the third quarter. FMR LLC now owns 2,613,381 shares of the asset manager’s stock valued at $91,181,000 after buying an additional 154,039 shares in the last quarter. 19.25% of the stock is currently owned by institutional investors and hedge funds.

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.