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

AllianceBernstein (NYSE:AB - Free Report) had its price objective raised by Evercore ISI from $43.00 to $45.00 in a report published on Thursday,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 lifted their price target on AllianceBernstein from $40.75 to $41.00 and gave the company a "buy" rating in a report on Thursday, October 3rd. TD Cowen lifted their price target on AllianceBernstein from $36.00 to $39.00 and gave the company a "buy" rating in a report on Monday, July 29th. Finally, Barclays raised their price objective on AllianceBernstein from $36.00 to $39.00 and gave the company an "equal weight" rating in a research note 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 company. According to MarketBeat.com, AllianceBernstein presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.00.

AllianceBernstein Stock Performance

Shares of AllianceBernstein stock traded down $0.66 during trading on Thursday, hitting $37.55. 233,200 shares of the stock traded hands, compared to its average volume of 294,931. The stock has a market cap of $4.32 billion, a P/E ratio of 10.96, a PEG ratio of 0.86 and a beta of 1.23. AllianceBernstein has a twelve month low of $25.83 and a twelve month high of $38.96. The company has a fifty day moving average price of $35.58 and a two-hundred day moving average price of $34.38.

AllianceBernstein Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Monday, November 4th will be paid a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a dividend yield of 8.20%. This is an increase from AllianceBernstein's previous quarterly dividend of $0.71. The ex-dividend date is Monday, November 4th. AllianceBernstein's dividend payout ratio (DPR) is presently 88.25%.

Insider Activity at AllianceBernstein

In other AllianceBernstein news, Director Charles G.T. Stonehill sold 4,000 shares of AllianceBernstein stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $34.87, for a total value 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Equitable Holdings, Inc. acquired 500,000 shares of the stock in a transaction dated Friday, September 20th. The shares were acquired at an average cost of $34.18 per share, for a total transaction of $17,090,000.00. Following the completion of the transaction, the insider now owns 3,066,838 shares in the company, valued at approximately $104,824,522.84. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Charles G.T. Stonehill sold 4,000 shares of the business'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 approximately $903,935.01. This represents a 0.00 % decrease in their ownership of the stock. 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 bought and sold shares of AB. BNP Paribas Financial Markets boosted its stake in AllianceBernstein by 115.7% in the 1st quarter. BNP Paribas Financial Markets now owns 70,607 shares of the asset manager's stock valued at $2,453,000 after buying an additional 37,876 shares in the last quarter. Geneos Wealth Management Inc. acquired a new position in AllianceBernstein in the first quarter worth $28,000. Oppenheimer & Co. Inc. boosted its stake in AllianceBernstein by 39.4% in the first quarter. Oppenheimer & Co. Inc. now owns 28,437 shares of the asset manager's stock worth $988,000 after purchasing an additional 8,041 shares in the last quarter. Highland Capital Management LLC boosted its stake in AllianceBernstein by 42.3% in the first quarter. Highland Capital Management LLC now owns 38,433 shares of the asset manager's stock worth $1,335,000 after purchasing an additional 11,426 shares in the last quarter. Finally, Concurrent Investment Advisors LLC boosted its stake in AllianceBernstein by 18.2% in the first quarter. Concurrent Investment Advisors LLC now owns 11,783 shares of the asset manager's stock worth $409,000 after purchasing an additional 1,813 shares in the last quarter. 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.