AllianceBernstein (NYSE:AB) Price Target Raised to $45.00

AllianceBernstein (NYSE:AB) had its price objective raised by Evercore ISI from $43.00 to $45.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have an outperform rating on the asset manager’s stock.

Several other research firms have also commented on AB. TD Cowen lifted their price target on shares of AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Barclays upped their price target on AllianceBernstein from $36.00 to $39.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. Finally, 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 report on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

AllianceBernstein Stock Down 2.2 %

Shares of NYSE:AB opened at $36.71 on Thursday. AllianceBernstein has a 52-week low of $25.83 and a 52-week high of $38.96. The business has a fifty day moving average of $35.69 and a two-hundred day moving average of $34.43. The stock has a market cap of $4.23 billion, a P/E ratio of 10.52, a PEG ratio of 0.87 and a beta of 1.23.

AllianceBernstein Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Monday, November 4th will be issued a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 8.39%. The ex-dividend date of this dividend is Monday, November 4th. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. AllianceBernstein’s payout ratio is currently 88.25%.

Insider Activity at AllianceBernstein

In other AllianceBernstein news, insider Equitable Holdings, Inc. purchased 500,000 shares of AllianceBernstein stock in a transaction dated Friday, September 20th. The shares were acquired at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the transaction, the insider now owns 3,066,838 shares of the company’s stock, valued at $104,824,522.84. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Charles G.T. Stonehill sold 4,000 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $34.87, for a total transaction of $139,480.00. Following the completion of the transaction, the director now directly owns 25,923 shares of the company’s stock, valued at approximately $903,935.01. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Equitable Holdings, Inc. bought 500,000 shares of AllianceBernstein stock in a transaction that occurred 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 acquisition, the insider now owns 3,066,838 shares of the company’s stock, valued at $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. 2.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. NBC Securities Inc. grew its stake in shares of 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 purchasing an additional 329 shares in the last quarter. Geneos Wealth Management Inc. acquired a new position in shares of AllianceBernstein during the 1st quarter worth about $28,000. SJS Investment Consulting Inc. purchased a new position in shares of AllianceBernstein in the 2nd quarter valued at about $31,000. EverSource Wealth Advisors LLC raised its position in shares of AllianceBernstein by 1,354.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,454 shares of the asset manager’s stock worth $49,000 after acquiring an additional 1,354 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its stake 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 purchasing an additional 764 shares during the last quarter. Institutional investors and hedge funds own 19.25% of the company’s stock.

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.