AllianceBernstein (NYSE:AB) Hits New 12-Month High – What’s Next?

AllianceBernstein Holding L.P. (NYSE:AB) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $39.02 and last traded at $39.34, with a volume of 105549 shares trading hands. The stock had previously closed at $38.30.

Analysts Set New Price Targets

Several analysts have issued reports on the company. The Goldman Sachs Group increased their target price on AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Barclays cut their target price on AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. Finally, Evercore ISI raised their price target on shares of AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.40.

AllianceBernstein Stock Up 1.3 %

The company has a market capitalization of $4.64 billion, a PE ratio of 11.55, a PEG ratio of 0.80 and a beta of 1.20. The business has a 50 day simple moving average of $36.57 and a 200 day simple moving average of $35.57.

Institutional Investors Weigh In On AllianceBernstein

Several institutional investors and hedge funds have recently made changes to their positions in the stock. NBC Securities Inc. raised its position in AllianceBernstein by 80.8% during the 3rd quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock worth $25,000 after buying an additional 329 shares during the last quarter. Captrust Financial Advisors raised its holdings in shares of AllianceBernstein by 4.9% during the third quarter. Captrust Financial Advisors now owns 7,587 shares of the asset manager’s stock worth $265,000 after purchasing an additional 355 shares during the last quarter. Second Line Capital LLC lifted its position in AllianceBernstein by 5.9% during the third quarter. Second Line Capital LLC now owns 7,907 shares of the asset manager’s stock valued at $276,000 after purchasing an additional 443 shares during the period. Creative Planning boosted its holdings in AllianceBernstein by 3.2% in the third quarter. Creative Planning now owns 15,005 shares of the asset manager’s stock valued at $524,000 after purchasing an additional 469 shares during the last quarter. Finally, Sanctuary Advisors LLC grew its position in AllianceBernstein by 3.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 19,071 shares of the asset manager’s stock worth $679,000 after purchasing an additional 549 shares during the period. 19.25% of the stock is currently owned by institutional investors and hedge funds.

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.