AllianceBernstein (NYSE:AB) Price Target Raised to $41.00 at The Goldman Sachs Group

AllianceBernstein (NYSE:AB) had its price target lifted by stock analysts at The Goldman Sachs Group from $40.75 to $41.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the asset manager’s stock. The Goldman Sachs Group’s price target suggests a potential upside of 18.33% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. Barclays initiated coverage on shares of AllianceBernstein in a research note on Tuesday, August 27th. They issued an “equal weight” rating and a $35.00 price target on the stock. TD Cowen raised their target price on shares of AllianceBernstein from $36.00 to $39.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, Evercore ISI reiterated a “buy” rating and issued a $38.00 price target on shares of AllianceBernstein in a report on Tuesday, September 24th. Two analysts have rated the stock with a hold rating and four have issued 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 target price of $40.80.

AllianceBernstein Stock Performance

NYSE AB traded down $0.12 during trading on Thursday, hitting $34.65. The stock had a trading volume of 52,209 shares, compared to its average volume of 294,442. AllianceBernstein has a one year low of $25.83 and a one year high of $35.67. The stock has a 50 day simple moving average of $34.29 and a 200 day simple moving average of $33.87. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of 14.38, a P/E/G ratio of 0.74 and a beta of 1.24.

AllianceBernstein (NYSE:AB) last posted 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. AllianceBernstein had a return on equity of 15.81% and a net margin of 7.68%. The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $807.42 million. During the same quarter in the previous year, the business earned $0.61 EPS. AllianceBernstein’s revenue was up 1.9% compared to the same quarter last year. On average, sell-side analysts predict that AllianceBernstein will post 2.97 EPS for the current year.

Insider Buying and Selling at AllianceBernstein

In other AllianceBernstein news, insider Christopher Hogbin sold 12,781 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $34.87, for a total value of $445,673.47. Following the completion of the transaction, the insider now directly owns 10,000 shares in the company, valued at $348,700. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Charles G.T. Stonehill sold 4,000 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $34.87, for a total transaction of $139,480.00. Following the transaction, the director now directly owns 25,923 shares in the company, valued at approximately $903,935.01. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Christopher Hogbin sold 12,781 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $34.87, for a total value of $445,673.47. Following the completion of the sale, the insider now owns 10,000 shares of the company’s stock, valued at $348,700. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On AllianceBernstein

Several hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. purchased a new stake in AllianceBernstein during the 1st quarter worth approximately $28,000. SJS Investment Consulting Inc. purchased a new stake in shares of AllianceBernstein during the second quarter valued at $31,000. Register Financial Advisors LLC acquired a new position in shares of AllianceBernstein in the 1st quarter valued at $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 acquiring an additional 1,354 shares during the last quarter. Finally, Larson Financial Group LLC acquired a new stake in AllianceBernstein during the 2nd quarter worth 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.