AllianceBernstein (NYSE:AB) Hits New 1-Year High – Time to Buy?

AllianceBernstein Holding L.P. (NYSE:AB) reached a new 52-week high during trading on Tuesday . The stock traded as high as $39.02 and last traded at $39.34, with a volume of 105549 shares trading hands. The stock had previously closed at $38.30.

Analyst Ratings Changes

Several research firms have recently commented on AB. The Goldman Sachs Group upped their price objective on AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Evercore ISI upped their price target on AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Finally, Barclays decreased their price objective on AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $42.40.

AllianceBernstein Trading Up 1.3 %

The business’s 50 day simple moving average is $36.57 and its 200 day simple moving average is $35.57. The firm has a market capitalization of $4.64 billion, a PE ratio of 11.55, a PEG ratio of 0.80 and a beta of 1.20.

Institutional Investors Weigh In On AllianceBernstein

Hedge funds and other institutional investors have recently modified their holdings of the business. NBC Securities Inc. increased its position in shares of AllianceBernstein by 80.8% during the third quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock worth $25,000 after acquiring an additional 329 shares during the period. Truvestments Capital LLC bought a new stake in AllianceBernstein during the 3rd quarter valued at $31,000. FSA Wealth Management LLC bought a new stake in AllianceBernstein during the 3rd quarter valued at $36,000. Farther Finance Advisors LLC lifted its holdings in shares of AllianceBernstein by 115.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,426 shares of the asset manager’s stock worth $50,000 after buying an additional 764 shares during the period. Finally, CWM LLC grew its position in shares of AllianceBernstein by 740.7% during the 3rd quarter. CWM LLC now owns 2,270 shares of the asset manager’s stock worth $79,000 after buying an additional 2,000 shares in the last quarter. 19.25% of the stock is currently owned by hedge funds and other 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.