AllianceBernstein (NYSE:AB) Given New $39.00 Price Target at Barclays

AllianceBernstein (NYSE:AB - Get Free Report) had its target price upped by Barclays from $36.00 to $39.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an "equal weight" rating on the asset manager's stock. Barclays's price objective would suggest a potential upside of 1.56% from the stock's previous close.

A number of other analysts have also recently weighed in on AB. TD Cowen increased 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. Evercore ISI increased their target price on shares of AllianceBernstein from $38.00 to $39.00 and gave the stock an "outperform" rating in a report on Friday, October 4th. Finally, The Goldman Sachs Group increased their target price on shares of AllianceBernstein from $40.75 to $41.00 and gave the stock a "buy" rating in a report on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.80.

AllianceBernstein Stock Performance

Shares of AB stock traded up $0.04 on Friday, hitting $38.40. The stock had a trading volume of 433,325 shares, compared to its average volume of 295,102. The firm has a market capitalization of $4.42 billion, a price-to-earnings ratio of 15.93, a P/E/G ratio of 0.66 and a beta of 1.24. The stock's 50 day moving average is $35.17 and its 200-day moving average is $34.14. AllianceBernstein has a 52-week low of $25.83 and a 52-week high of $38.96.

AllianceBernstein (NYSE:AB - Get Free Report) last posted its quarterly earnings results on Friday, July 26th. The asset manager reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.04. The firm had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $807.42 million. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. The firm's quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.61 earnings per share. Equities analysts expect that AllianceBernstein will post 3.02 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Equitable Holdings, Inc. bought 500,000 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The stock was purchased at an average price of $34.18 per share, for a total transaction of $17,090,000.00. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Equitable Holdings, Inc. bought 500,000 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The stock was purchased at an average price of $34.18 per share, for a total transaction of $17,090,000.00. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christopher Hogbin sold 12,781 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $34.87, for a total transaction of $445,673.47. Following the completion of the transaction, the insider now owns 10,000 shares of the company's stock, valued at $348,700. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company's stock.

Hedge Funds Weigh In On AllianceBernstein

Large investors have recently made changes to their positions in the business. NBC Securities Inc. lifted its stake in AllianceBernstein by 80.8% during the third quarter. NBC Securities Inc. now owns 736 shares of the asset manager's stock valued at $25,000 after buying an additional 329 shares in the last quarter. Geneos Wealth Management Inc. purchased a new stake in shares of AllianceBernstein in the first quarter worth approximately $28,000. SJS Investment Consulting Inc. purchased a new stake in shares of AllianceBernstein in the second quarter worth approximately $31,000. Register Financial Advisors LLC purchased a new stake in shares of AllianceBernstein in the first quarter worth approximately $42,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of AllianceBernstein by 1,354.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,454 shares of the asset manager's stock worth $49,000 after purchasing an additional 1,354 shares in 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.