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Evercore ISI Increases AllianceBernstein (NYSE:AB) Price Target to $46.00

AllianceBernstein logo with Finance background

Key Points

  • Evercore ISI raised its price target for AllianceBernstein (NYSE:AB) from $44.00 to $46.00, indicating a potential upside of 6.78% from its current price with an "outperform" rating.
  • Other analysts have differing views, with Bank of America downgrading the stock to "neutral" with a lowered price target of $38.00, while Barclays set a target of $40.00 with an "equal weight" rating.
  • AllianceBernstein recently reported $0.76 EPS for the last quarter, missing estimates by $0.01, with a 5.9% increase in revenue compared to the previous year.
  • The stock's recent trading price reached $43.08, and it has seen significant insider selling, indicating a possible shift in investor sentiment.
  • Want stock alerts on AllianceBernstein? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

AllianceBernstein (NYSE:AB - Free Report) had its target price upped by Evercore ISI from $44.00 to $46.00 in a research note published on Friday,Benzinga reports. The brokerage currently has an outperform rating on the asset manager's stock.

Other equities analysts also recently issued reports about the company. Barclays increased their target price on AllianceBernstein from $37.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. TD Cowen lowered their price target on AllianceBernstein from $37.50 to $34.00 and set a "hold" rating on the stock in a report on Wednesday, April 9th. The Goldman Sachs Group cut AllianceBernstein from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $42.25 to $40.00 in a report on Friday, June 27th. Wall Street Zen upgraded AllianceBernstein from a "sell" rating to a "hold" rating in a report on Saturday, May 10th. Finally, Sanford C. Bernstein restated a "mixed" rating on shares of AllianceBernstein in a report on Wednesday, July 16th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $39.67.

View Our Latest Analysis on AllianceBernstein

AllianceBernstein Stock Down 0.3%

AB traded down $0.11 on Friday, hitting $42.28. 55,709 shares of the company traded hands, compared to its average volume of 520,155. The company has a 50 day moving average of $40.61 and a 200-day moving average of $38.87. The stock has a market capitalization of $4.68 billion, a PE ratio of 12.58, a PEG ratio of 1.68 and a beta of 0.82. AllianceBernstein has a 12-month low of $30.57 and a 12-month high of $43.30.

AllianceBernstein (NYSE:AB - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The asset manager reported $0.76 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.01). The company had revenue of $844.43 million for the quarter, compared to analysts' expectations of $853.64 million. AllianceBernstein had a net margin of 8.35% and a return on equity of 18.63%. The firm's revenue was up 5.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.71 earnings per share. On average, research analysts anticipate that AllianceBernstein will post 3.58 EPS for the current year.

AllianceBernstein Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Monday, August 4th will be issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 7.19%. The ex-dividend date of this dividend is Monday, August 4th. AllianceBernstein's dividend payout ratio (DPR) is presently 94.96%.

Insider Buying and Selling at AllianceBernstein

In other news, Director Daniel G. Kaye sold 4,825 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $40.80, for a total transaction of $196,860.00. Following the sale, the director owned 39,877 shares in the company, valued at $1,626,981.60. This trade represents a 10.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles G.T. Stonehill sold 5,000 shares of the firm's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $41.18, for a total value of $205,900.00. Following the sale, the director owned 20,923 shares in the company, valued at $861,609.14. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AB. Transce3nd LLC purchased a new stake in shares of AllianceBernstein during the fourth quarter worth about $25,000. SVB Wealth LLC bought a new stake in shares of AllianceBernstein during the first quarter valued at approximately $32,000. Mountain Hill Investment Partners Corp. bought a new stake in shares of AllianceBernstein during the first quarter valued at approximately $38,000. Summit Securities Group LLC bought a new stake in AllianceBernstein during the fourth quarter worth approximately $41,000. Finally, Harbor Investment Advisory LLC bought a new stake in AllianceBernstein during the first quarter worth approximately $48,000. 19.25% of the stock is owned by hedge funds and other institutional investors.

About AllianceBernstein

(Get Free Report)

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.

See Also

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