Evercore ISI Issues Positive Forecast for AllianceBernstein (NYSE:AB) Stock Price

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

A number of other equities analysts have also issued reports on the stock. The Goldman Sachs Group raised their target price on shares of AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Barclays upped their target price on shares of AllianceBernstein from $36.00 to $39.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. Finally, TD Cowen raised their price target on AllianceBernstein from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Monday, July 29th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $43.00.

AllianceBernstein Stock Down 2.2 %

Shares of NYSE AB opened at $36.71 on Thursday. The business has a 50-day moving average price of $35.69 and a 200 day moving average price of $34.43. The stock has a market cap of $4.23 billion, a PE ratio of 10.52, a price-to-earnings-growth ratio of 0.87 and a beta of 1.23. AllianceBernstein has a 52-week low of $25.83 and a 52-week high of $38.96.

AllianceBernstein Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Monday, November 4th will be given a $0.77 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.08 dividend on an annualized basis and a yield of 8.39%. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. AllianceBernstein’s dividend payout ratio (DPR) is presently 88.25%.

Insiders Place Their Bets

In other 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 stock was 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 trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Equitable Holdings, Inc. bought 500,000 shares of the company’s stock in a transaction on Friday, September 20th. The stock was bought at an average cost of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the acquisition, the insider now owns 3,066,838 shares in the company, 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 Securities & Exchange Commission, which is available through this link. Also, Director Charles G.T. Stonehill sold 4,000 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $34.87, for a total transaction of $139,480.00. Following the transaction, the director now owns 25,923 shares of the company’s stock, valued at $903,935.01. This trade 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 currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Cetera Investment Advisers grew 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 valued at $4,420,000 after buying an additional 88,875 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of AllianceBernstein by 115.7% during 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. boosted its stake in shares of AllianceBernstein by 24.3% during the first quarter. Epoch Investment Partners Inc. now owns 160,671 shares of the asset manager’s stock valued at $5,582,000 after acquiring an additional 31,399 shares during the last quarter. Osaic Holdings Inc. increased its position 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 in the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in AllianceBernstein in the 3rd quarter valued at about $671,000. 19.25% of the stock is 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.