AllianceBernstein (NYSE:AB) PT Raised to $36.00 at Barclays

AllianceBernstein (NYSE:AB) had its price objective hoisted by Barclays from $35.00 to $36.00 in a research note published on Monday, Benzinga reports. The firm currently has an equal weight rating on the asset manager’s stock.

Several other brokerages also recently commented on AB. The Goldman Sachs Group raised their price objective on AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Evercore ISI raised 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, TD Cowen lifted their price objective on AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a report on Monday, July 29th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.20.

AllianceBernstein Trading Up 1.8 %

AllianceBernstein stock opened at $38.41 on Monday. The firm has a market capitalization of $4.42 billion, a P/E ratio of 15.94, a PEG ratio of 0.66 and a beta of 1.24. The business has a 50-day moving average of $34.67 and a 200-day moving average of $33.98. AllianceBernstein has a 1 year low of $25.83 and a 1 year high of $38.45.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings data 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. The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $807.42 million. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.61 earnings per share. Research analysts anticipate that AllianceBernstein will post 3.02 EPS for the current fiscal year.

AllianceBernstein Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were issued a dividend of $0.71 per share. The ex-dividend date was Monday, August 5th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 7.39%. AllianceBernstein’s payout ratio is presently 117.84%.

Insiders Place Their Bets

In other AllianceBernstein news, insider Equitable Holdings, Inc. acquired 500,000 shares of the stock in a transaction dated 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 completion of the acquisition, the insider now directly owns 3,066,838 shares of the company’s stock, valued at approximately $104,824,522.84. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AllianceBernstein news, insider Christopher Hogbin sold 12,781 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $34.87, for a total transaction of $445,673.47. Following the transaction, the insider now owns 10,000 shares of the company’s stock, valued at $348,700. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Equitable Holdings, Inc. acquired 500,000 shares of the company’s stock in a transaction dated 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 purchase, the insider now owns 3,066,838 shares in the company, valued at approximately $104,824,522.84. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On AllianceBernstein

A number of institutional investors have recently added to or reduced their stakes in the company. NBC Securities Inc. lifted its position in shares of AllianceBernstein by 80.8% in the third quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock valued at $25,000 after buying an additional 329 shares during the last quarter. Karpas Strategies LLC raised its stake in AllianceBernstein by 2.2% in the 1st quarter. Karpas Strategies LLC now owns 18,517 shares of the asset manager’s stock valued at $643,000 after acquiring an additional 407 shares during the period. Creative Planning raised its stake in AllianceBernstein by 3.2% in the 3rd quarter. Creative Planning now owns 15,005 shares of the asset manager’s stock valued at $524,000 after acquiring an additional 469 shares during the period. Mission Wealth Management LP lifted its holdings in AllianceBernstein by 1.6% during the 1st quarter. Mission Wealth Management LP now owns 29,715 shares of the asset manager’s stock valued at $1,032,000 after purchasing an additional 480 shares during the last quarter. Finally, Raymond James Trust N.A. boosted its position in AllianceBernstein by 8.1% during the second quarter. Raymond James Trust N.A. now owns 9,546 shares of the asset manager’s stock worth $323,000 after purchasing an additional 713 shares during the period. 19.25% of the stock is currently owned by institutional investors and hedge funds.

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.