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

AllianceBernstein (NYSE:AB) had its price objective hoisted by The Goldman Sachs Group from $40.75 to $41.00 in a research note released on Thursday, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the asset manager’s stock.

Other equities research analysts have also issued reports about the company. 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. Barclays started coverage on AllianceBernstein in a research report on Tuesday, August 27th. They issued an equal weight rating and a $35.00 price target for the company. Finally, Evercore ISI reissued a buy rating and issued a $38.00 target price on shares of AllianceBernstein in a research note on Tuesday, September 24th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, AllianceBernstein presently has a consensus rating of Moderate Buy and a consensus target price of $41.00.

AllianceBernstein Stock Performance

NYSE AB opened at $34.71 on Thursday. The stock has a 50 day moving average price of $34.30 and a 200-day moving average price of $33.89. AllianceBernstein has a one year low of $25.83 and a one year high of $35.67. The company has a market capitalization of $4.00 billion, a P/E ratio of 14.40, a P/E/G ratio of 0.74 and a beta of 1.24.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings data on Friday, July 26th. The asset manager reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.04. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $807.42 million. During the same period last year, the company posted $0.61 EPS. The business’s revenue was up 1.9% on a year-over-year basis. As a group, equities analysts predict that AllianceBernstein will post 2.97 EPS for the current fiscal year.

AllianceBernstein Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $2.84 annualized dividend and a dividend yield of 8.18%. AllianceBernstein’s dividend payout ratio (DPR) is 117.84%.

Insider Transactions at AllianceBernstein

In related news, insider Equitable Holdings, Inc. acquired 500,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was 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 directly owns 3,066,838 shares of the company’s stock, valued at $104,824,522.84. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, 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 value of $139,480.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Equitable Holdings, Inc. bought 500,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were acquired at an average price of $34.18 per share, for a total transaction of $17,090,000.00. Following the completion of the acquisition, the insider now owns 3,066,838 shares in the company, 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. Company insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On AllianceBernstein

Hedge funds have recently modified their holdings of the business. American Century Companies Inc. boosted its position 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. Jennison Associates LLC bought a new stake in shares of AllianceBernstein in the 1st quarter valued at about $23,660,000. The Manufacturers Life Insurance Company grew its position 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 worth $9,248,000 after buying an additional 221,736 shares during the last quarter. Nomura Holdings Inc. raised its stake in shares of AllianceBernstein by 61.7% during the 4th quarter. Nomura Holdings Inc. now owns 230,600 shares of the asset manager’s stock worth $7,156,000 after acquiring an additional 88,000 shares in the last quarter. Finally, Osaic Holdings Inc. lifted its position in AllianceBernstein by 13.1% during the first quarter. Osaic Holdings Inc. now owns 215,337 shares of the asset manager’s stock valued at $7,481,000 after acquiring an additional 24,951 shares during the last quarter. Hedge funds and other institutional investors 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.