AllianceBernstein (NYSE:AB) Price Target Cut to $36.00 by Analysts at Barclays

AllianceBernstein (NYSE:AB) had its price target decreased by stock analysts at Barclays from $39.00 to $36.00 in a report released on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the asset manager’s stock. Barclays‘s target price suggests a potential upside of 1.12% from the stock’s previous close.

AB has been the topic of several other reports. The Goldman Sachs Group raised their price target on AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Evercore ISI boosted their target price 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 stock. Based on data from MarketBeat.com, AllianceBernstein presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.40.

AllianceBernstein Price Performance

Shares of NYSE AB opened at $35.60 on Monday. The company’s 50 day simple moving average is $36.47 and its 200 day simple moving average is $34.84. AllianceBernstein has a fifty-two week low of $28.50 and a fifty-two week high of $38.96. The firm has a market capitalization of $4.10 billion, a P/E ratio of 10.20, a P/E/G ratio of 0.82 and a beta of 1.21.

Insiders Place Their Bets

In other news, insider Equitable Holdings, Inc. purchased 500,000 shares of the business’s 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 in the company, valued at approximately $104,824,522.84. This trade represents a 19.48 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On AllianceBernstein

Several hedge funds have recently made changes to their positions in the business. NBC Securities Inc. increased its holdings in AllianceBernstein by 80.8% during the third quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock worth $25,000 after buying 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 about $31,000. FSA Wealth Management LLC acquired a new stake in AllianceBernstein in the 3rd quarter valued at about $36,000. Farther Finance Advisors LLC increased its position in AllianceBernstein by 115.4% during the third quarter. Farther Finance Advisors LLC now owns 1,426 shares of the asset manager’s stock worth $50,000 after buying an additional 764 shares during the last quarter. Finally, Larson Financial Group LLC bought a new stake in AllianceBernstein in the second quarter valued at approximately $51,000. 19.25% of the stock is owned by institutional investors.

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.