AllianceBernstein (NYSE:AB) Sets New 1-Year High – Still a Buy?

AllianceBernstein Holding L.P. (NYSE:AB)’s stock price reached a new 52-week high 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.

Wall Street Analyst Weigh In

Several equities research analysts have commented on AB shares. Sanford C. Bernstein reissued a “negative” rating on shares of AllianceBernstein in a research report on Thursday, January 15th. TD Cowen reiterated a “hold” rating on shares of AllianceBernstein in a research report on Wednesday, January 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of AllianceBernstein in a research report on Wednesday, October 8th. Zacks Research downgraded shares of AllianceBernstein from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Finally, Bank of America upped their price objective on AllianceBernstein from $41.00 to $42.00 and gave the company a “neutral” rating in a research note on Thursday, October 2nd. One analyst has rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $41.83.

AllianceBernstein Stock Down 2.9%

The company has a market capitalization of $3.76 billion, a P/E ratio of 13.59, a price-to-earnings-growth ratio of 1.22 and a beta of 0.86. The business’s 50-day moving average is $39.97 and its two-hundred day moving average is $39.75.

Hedge Funds Weigh In On AllianceBernstein

Large investors have recently modified their holdings of the company. Trust Co. of Vermont bought a new position in shares of AllianceBernstein during the third quarter valued at approximately $115,000. CWM LLC grew its stake in shares of AllianceBernstein by 4,164.8% in the third quarter. CWM LLC now owns 3,028 shares of the asset manager’s stock worth $116,000 after acquiring an additional 2,957 shares during the last quarter. Bessemer Group Inc. bought a new stake in AllianceBernstein during the 2nd quarter valued at about $163,000. Tyche Wealth Partners LLC bought a new position in shares of AllianceBernstein in the second quarter worth approximately $204,000. Finally, Joel Adams & Associates Inc. purchased a new stake in AllianceBernstein during the 2nd quarter valued at $204,000. 19.25% of the stock is 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.