AllianceBernstein (NYSE:AB) Upgraded to Buy at Goldman Sachs Group
AllianceBernstein (NYSE:AB) was upgraded by stock analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a report released on Wednesday, BenzingaRatingsTable reports. The brokerage presently has a $35.00 target price on the asset manager’s stock, up from their previous target price of $31.50. Goldman Sachs Group’s price target would indicate a potential upside of 22.38% from the company’s previous close.
Separately, Zacks Investment Research raised shares of AllianceBernstein from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research report on Tuesday, April 16th.
Shares of NYSE:AB opened at $28.60 on Wednesday. AllianceBernstein has a 12 month low of $23.34 and a 12 month high of $31.42. The firm has a market cap of $2.70 billion, a P/E ratio of 10.71, a P/E/G ratio of 2.57 and a beta of 1.21.
Institutional investors have recently added to or reduced their stakes in the stock. Truvestments Capital LLC bought a new position in AllianceBernstein in the first quarter valued at $42,000. Cresset Asset Management LLC bought a new position in shares of AllianceBernstein in the 1st quarter valued at about $62,000. FTB Advisors Inc. grew its position in shares of AllianceBernstein by 44.1% in the 1st quarter. FTB Advisors Inc. now owns 2,450 shares of the asset manager’s stock valued at $71,000 after acquiring an additional 750 shares during the period. Synovus Financial Corp grew its position in shares of AllianceBernstein by 26.8% in the 4th quarter. Synovus Financial Corp now owns 4,729 shares of the asset manager’s stock valued at $130,000 after acquiring an additional 1,000 shares during the period. Finally, Osborn Williams & Donohoe LLC bought a new position in shares of AllianceBernstein in the 1st quarter valued at about $131,000. 16.69% of the stock is owned by institutional investors and hedge funds.
AllianceBernstein Company Profile
AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.
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