Barclays Issues Pessimistic Forecast for AllianceBernstein (NYSE:AB) Stock Price

AllianceBernstein (NYSE:AB) had its price target dropped by stock analysts at Barclays from $39.00 to $36.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the asset manager’s stock. Barclays‘s price target points to a potential upside of 0.45% from the company’s current price.

Several other brokerages also recently weighed in 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 report on Thursday, October 3rd. Evercore ISI upped their price objective on AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.40.

AllianceBernstein Stock Performance

AB opened at $35.84 on Monday. The firm has a market cap of $4.13 billion, a P/E ratio of 10.27, a price-to-earnings-growth ratio of 0.82 and a beta of 1.21. AllianceBernstein has a 52-week low of $28.68 and a 52-week high of $38.96. The business’s fifty day moving average is $36.53 and its 200-day moving average is $34.87.

Insider Buying and Selling

In other news, insider Equitable Holdings, Inc. acquired 500,000 shares of AllianceBernstein stock in a transaction on Friday, September 20th. The stock was purchased at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the purchase, the insider now owns 3,066,838 shares of the company’s stock, valued at approximately $104,824,522.84. The trade was a 19.48 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. NBC Securities Inc. lifted its holdings in 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 purchased a new position in shares of AllianceBernstein in the third quarter valued at $31,000. FSA Wealth Management LLC purchased a new position in shares of AllianceBernstein in the third quarter valued at $36,000. Farther Finance Advisors LLC grew its position in shares of AllianceBernstein by 115.4% in the third quarter. Farther Finance Advisors LLC now owns 1,426 shares of the asset manager’s stock valued at $50,000 after purchasing an additional 764 shares in the last quarter. Finally, Larson Financial Group LLC purchased a new position in shares of AllianceBernstein in the second quarter valued at $51,000. Hedge funds and other 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.