AllianceBernstein (NYSE:AB) Given New $36.00 Price Target at Barclays

AllianceBernstein (NYSE:AB) had its price objective cut by equities research analysts at Barclays from $39.00 to $36.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the asset manager’s stock. Barclays‘s price target would indicate a potential upside of 0.45% from the stock’s previous close.

Several other research firms have also recently commented on AB. 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. The Goldman Sachs Group boosted their target price on AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $42.40.

AllianceBernstein Stock Down 1.3 %

AllianceBernstein stock opened at $35.84 on Monday. AllianceBernstein has a 52 week low of $28.68 and a 52 week high of $38.96. The business has a 50-day simple moving average of $36.53 and a 200 day simple moving average of $34.87. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 10.27, a PEG ratio of 0.82 and a beta of 1.21.

Insider Transactions at AllianceBernstein

In related news, insider Equitable Holdings, Inc. bought 500,000 shares of the stock in a transaction dated Friday, September 20th. The stock was bought at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the purchase, the insider now owns 3,066,838 shares in the company, valued at approximately $104,824,522.84. The trade was a 19.48 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On AllianceBernstein

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC raised its position in AllianceBernstein by 0.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 177,472 shares of the asset manager’s stock valued at $5,997,000 after purchasing an additional 841 shares during the last quarter. Pure Financial Advisors LLC bought a new position in AllianceBernstein during the 2nd quarter valued at approximately $212,000. Oakworth Capital Inc. raised its position in AllianceBernstein by 93.3% during the 2nd quarter. Oakworth Capital Inc. now owns 2,900 shares of the asset manager’s stock valued at $98,000 after purchasing an additional 1,400 shares during the last quarter. Highland Capital Management LLC raised its position in AllianceBernstein by 40.2% during the 2nd quarter. Highland Capital Management LLC now owns 53,883 shares of the asset manager’s stock valued at $1,821,000 after purchasing an additional 15,450 shares during the last quarter. Finally, Raymond James Trust N.A. raised its position in AllianceBernstein by 8.1% during the 2nd quarter. Raymond James Trust N.A. now owns 9,546 shares of the asset manager’s stock valued at $323,000 after purchasing an additional 713 shares during the last quarter. Institutional investors 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.