Zacks Investment Research upgraded shares of AllianceBernstein (NYSE:AB) from a hold rating to a buy rating in a research note released on Tuesday, January 9th. Zacks Investment Research currently has $30.00 price target on the asset manager’s stock.
According to Zacks, “ALLIANCE CAP MANAGEMENT L.P. provides diversified investment management services, primarily to pension funds, endowments, foreign financial institutions, and to individual investors. “
Other analysts have also issued research reports about the stock. Citigroup upgraded shares of AllianceBernstein from a neutral rating to a buy rating and raised their price target for the company from $26.00 to $31.00 in a research report on Thursday, October 26th. ValuEngine upgraded shares of AllianceBernstein from a hold rating to a buy rating in a research report on Friday, December 1st. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $28.00.
AllianceBernstein (NYSE AB) traded down $0.65 during mid-day trading on Tuesday, reaching $26.60. 299,225 shares of the company traded hands, compared to its average volume of 255,303. The firm has a market capitalization of $2,490.00, a price-to-earnings ratio of 12.61, a PEG ratio of 1.30 and a beta of 1.51. AllianceBernstein has a 52 week low of $20.40 and a 52 week high of $28.00.
In other news, insider Axa Equitable Holdings, Inc. bought 124,983 shares of AllianceBernstein stock in a transaction on Friday, December 15th. The shares were bought at an average cost of $24.95 per share, with a total value of $3,118,325.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Brugge Robert P. Van sold 10,000 shares of AllianceBernstein stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $24.82, for a total transaction of $248,200.00. Following the transaction, the chairman now directly owns 101,609 shares in the company, valued at $2,521,935.38. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. WFG Advisors LP raised its stake in shares of AllianceBernstein by 24.2% in the 2nd quarter. WFG Advisors LP now owns 6,311 shares of the asset manager’s stock valued at $149,000 after acquiring an additional 1,228 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in shares of AllianceBernstein in the fourth quarter valued at approximately $200,000. Baker Ellis Asset Management LLC grew its holdings in shares of AllianceBernstein by 38.5% in the fourth quarter. Baker Ellis Asset Management LLC now owns 9,000 shares of the asset manager’s stock valued at $225,000 after purchasing an additional 2,500 shares in the last quarter. Whalerock Point Partners LLC acquired a new position in shares of AllianceBernstein in the fourth quarter valued at approximately $368,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of AllianceBernstein by 399.3% in the second quarter. Tower Research Capital LLC TRC now owns 14,980 shares of the asset manager’s stock valued at $354,000 after purchasing an additional 11,980 shares in the last quarter. 20.79% of the stock is currently owned by institutional investors and hedge funds.
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AllianceBernstein Company Profile
AllianceBernstein Holding L.P. is engaged in providing research, investment management and related services to a range of clients through its three buy-side distribution channels: Institutions, Retail and Private Wealth Management, and its sell-side business, Bernstein Research Services. The Company offers a range of investment services, including equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and equities; traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; passive management, including index and enhanced index strategies; alternative investments, including hedge funds, fund of funds and private equity, and multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds.
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