Evercore ISI Boosts AllianceBernstein (NYSE:AB) Price Target to $45.00

AllianceBernstein (NYSE:AB) had its price target lifted by Evercore ISI from $43.00 to $45.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the asset manager’s stock.

AB has been the topic of a number of other reports. TD Cowen raised their price objective on AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Monday, July 29th. The Goldman Sachs Group lifted their price target on shares of AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Finally, Barclays upped their price objective on shares of AllianceBernstein from $36.00 to $39.00 and gave the stock an “equal weight” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, AllianceBernstein currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

AllianceBernstein Stock Performance

Shares of AB opened at $36.71 on Thursday. The firm has a market cap of $4.23 billion, a PE ratio of 10.52, a PEG ratio of 0.87 and a beta of 1.23. AllianceBernstein has a twelve month low of $25.83 and a twelve month high of $38.96. The firm’s 50 day moving average price is $35.69 and its 200 day moving average price is $34.44.

AllianceBernstein Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Monday, November 4th will be issued a dividend of $0.77 per share. The ex-dividend date of this dividend is Monday, November 4th. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.71. This represents a $3.08 dividend on an annualized basis and a dividend yield of 8.39%. AllianceBernstein’s payout ratio is 88.25%.

Insider Activity

In related news, insider Equitable Holdings, Inc. bought 500,000 shares of the company’s stock in a transaction that occurred on 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. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, 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 acquisition, the insider now owns 3,066,838 shares in the company, valued at $104,824,522.84. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles G.T. Stonehill sold 4,000 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were 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 of the company’s stock, valued at $903,935.01. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

Institutional Trading of AllianceBernstein

Several institutional investors have recently modified their holdings of AB. Crestwood Advisors Group LLC boosted its position in shares of AllianceBernstein by 1,019.7% during the 3rd quarter. Crestwood Advisors Group LLC now owns 280,961 shares of the asset manager’s stock valued at $9,803,000 after acquiring an additional 255,868 shares in the last quarter. American Century Companies Inc. boosted its holdings in AllianceBernstein by 8.9% during the second quarter. American Century Companies Inc. now owns 2,873,324 shares of the asset manager’s stock valued at $97,090,000 after purchasing an additional 234,253 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of AllianceBernstein by 426.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 273,695 shares of the asset manager’s stock valued at $9,248,000 after purchasing an additional 221,736 shares during the period. Manning & Napier Advisors LLC acquired a new position in shares of AllianceBernstein in the 2nd quarter worth approximately $4,477,000. Finally, Jennison Associates LLC lifted its position in shares of AllianceBernstein by 12.2% during the 3rd quarter. Jennison Associates LLC now owns 878,323 shares of the asset manager’s stock worth $30,645,000 after buying an additional 95,847 shares during the period. 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.