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

AllianceBernstein (NYSE:AB) had its target price raised by analysts at Evercore ISI from $38.00 to $39.00 in a report released on Friday, Marketbeat Ratings reports. The firm currently has an “outperform” rating on the asset manager’s stock. Evercore ISI’s price target would suggest a potential upside of 12.36% from the company’s previous close.

Several other analysts have also weighed in on AB. TD Cowen raised their price objective on shares of AllianceBernstein from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Barclays initiated coverage on AllianceBernstein in a report on Tuesday, August 27th. They set an “equal weight” rating and a $35.00 price objective on the stock. Finally, The Goldman Sachs Group lifted their price objective on AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, AllianceBernstein currently has an average rating of “Moderate Buy” and an average target price of $41.00.

AllianceBernstein Price Performance

Shares of AllianceBernstein stock opened at $34.71 on Friday. The company’s fifty day moving average price is $34.30 and its two-hundred day moving average price is $33.89. The firm has a market capitalization of $4.00 billion, a PE ratio of 14.40, a price-to-earnings-growth ratio of 0.74 and a beta of 1.24. AllianceBernstein has a 52-week low of $25.83 and a 52-week high of $35.67.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings results on Friday, July 26th. The asset manager reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.04. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $807.42 million. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.61 earnings per share. Analysts predict that AllianceBernstein will post 2.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Charles G.T. Stonehill sold 4,000 shares of the stock in a transaction on 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 sale, the director now owns 25,923 shares of the company’s stock, valued at $903,935.01. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Equitable Holdings, Inc. acquired 500,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was bought at an average price of $34.18 per share, for a total transaction of $17,090,000.00. Following the acquisition, the insider now directly owns 3,066,838 shares of the company’s stock, valued at approximately $104,824,522.84. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles G.T. Stonehill sold 4,000 shares of the business’s stock in a transaction that occurred 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 directly owns 25,923 shares in the company, valued at $903,935.01. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

Institutional Trading of AllianceBernstein

A number of large investors have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. acquired a new stake in AllianceBernstein during the 1st quarter valued at $28,000. SJS Investment Consulting Inc. acquired a new position in shares of AllianceBernstein in the second quarter valued at about $31,000. Register Financial Advisors LLC bought a new position in AllianceBernstein during the first quarter worth about $42,000. EverSource Wealth Advisors LLC raised its stake in AllianceBernstein by 1,354.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,454 shares of the asset manager’s stock worth $49,000 after purchasing an additional 1,354 shares in the last quarter. Finally, Larson Financial Group LLC bought a new stake in AllianceBernstein in the 2nd quarter valued at about $51,000. Institutional investors and hedge funds own 19.25% of the company’s stock.

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.