AllianceBernstein (NYSE:AB) Sets New 12-Month High – Time to Buy?

AllianceBernstein Holding L.P. (NYSE:AB)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $43.93 and last traded at $42.1480, with a volume of 267598 shares trading hands. The stock had previously closed at $41.88.

Analysts Set New Price Targets

Several analysts recently weighed in on AB shares. Barclays decreased their price target on AllianceBernstein from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Thursday, January 15th. Sanford C. Bernstein reiterated a “negative” rating on shares of AllianceBernstein in a research report on Thursday, January 15th. Evercore ISI increased their target price on shares of AllianceBernstein from $44.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, December 5th. TD Cowen reaffirmed a “hold” rating on shares of AllianceBernstein in a research note on Wednesday, January 14th. Finally, Zacks Research downgraded shares of AllianceBernstein from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, AllianceBernstein currently has an average rating of “Hold” and a consensus price target of $41.83.

AllianceBernstein Stock Up 0.7%

The company’s 50 day simple moving average is $39.84 and its two-hundred day simple moving average is $39.72. The company has a market capitalization of $3.84 billion, a price-to-earnings ratio of 13.89, a P/E/G ratio of 1.13 and a beta of 0.86.

Institutional Investors Weigh In On AllianceBernstein

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. grew its stake in shares of AllianceBernstein by 51.8% during the first quarter. Goldman Sachs Group Inc. now owns 916,574 shares of the asset manager’s stock worth $35,114,000 after acquiring an additional 312,878 shares during the last quarter. Focus Partners Wealth boosted its stake in AllianceBernstein by 43.5% in the 1st quarter. Focus Partners Wealth now owns 27,375 shares of the asset manager’s stock worth $1,049,000 after purchasing an additional 8,304 shares in the last quarter. PFG Investments LLC grew its position in AllianceBernstein by 66.5% during the 2nd quarter. PFG Investments LLC now owns 9,923 shares of the asset manager’s stock worth $405,000 after purchasing an additional 3,965 shares during the last quarter. Chelsea Counsel Co. increased its stake in AllianceBernstein by 807.9% during the 2nd quarter. Chelsea Counsel Co. now owns 95,330 shares of the asset manager’s stock valued at $3,892,000 after purchasing an additional 84,830 shares in the last quarter. Finally, Highland Capital Management LLC increased its stake in AllianceBernstein by 112.5% during the 2nd quarter. Highland Capital Management LLC now owns 34,915 shares of the asset manager’s stock valued at $1,426,000 after purchasing an additional 18,482 shares in the last quarter. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

AllianceBernstein Company Profile

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.