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

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

AB has been the subject of several other reports. The Goldman Sachs Group increased their price target on AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. 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 report on Monday, July 29th. Finally, Barclays lifted their target price on AllianceBernstein from $36.00 to $39.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, AllianceBernstein has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

AllianceBernstein Stock Down 2.2 %

AllianceBernstein stock traded down $0.84 during midday trading on Thursday, hitting $36.71. 437,663 shares of the stock were exchanged, compared to its average volume of 295,591. AllianceBernstein has a 52 week low of $25.83 and a 52 week high of $38.96. The stock has a market capitalization of $4.23 billion, a PE ratio of 10.77, a P/E/G ratio of 0.83 and a beta of 1.23. The company has a fifty day simple moving average of $35.65 and a two-hundred day simple moving average of $34.40.

AllianceBernstein Increases Dividend

The company also recently announced 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 represents a $3.08 dividend on an annualized basis and a dividend yield of 8.39%. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. AllianceBernstein’s dividend payout ratio (DPR) is currently 88.25%.

Insider Buying and Selling at AllianceBernstein

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

Hedge Funds Weigh In On AllianceBernstein

Several large investors have recently bought and sold shares of AB. Cetera Investment Advisers lifted its holdings in AllianceBernstein by 231.8% during the 1st quarter. Cetera Investment Advisers now owns 127,220 shares of the asset manager’s stock worth $4,420,000 after buying an additional 88,875 shares during the period. BNP Paribas Financial Markets boosted its holdings in AllianceBernstein by 115.7% in the first quarter. BNP Paribas Financial Markets now owns 70,607 shares of the asset manager’s stock valued at $2,453,000 after acquiring an additional 37,876 shares during the last quarter. Epoch Investment Partners Inc. increased its position in AllianceBernstein by 24.3% during the 1st quarter. Epoch Investment Partners Inc. now owns 160,671 shares of the asset manager’s stock valued at $5,582,000 after purchasing an additional 31,399 shares during the period. Osaic Holdings Inc. raised its holdings in AllianceBernstein by 13.1% during the 1st quarter. Osaic Holdings Inc. now owns 215,337 shares of the asset manager’s stock worth $7,481,000 after purchasing an additional 24,951 shares during the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of AllianceBernstein in the 3rd quarter worth approximately $671,000. 19.25% of the stock is currently owned by institutional investors.

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.