AllianceBernstein Holding L.P. (NYSE:AB) Stock Has Average Target Price of $38.88

Shares of AllianceBernstein Holding L.P. (NYSE:AB) have been assigned a consensus recommendation of “Hold” from the six brokerages that are covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $37.88.

Several equities research analysts have recently weighed in on the company. Evercore set a $39.00 price objective on AllianceBernstein in a research report on Friday, July 10th. Weiss Ratings lowered AllianceBernstein from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, August 3rd. Zacks Research upgraded AllianceBernstein from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. TD Cowen dropped their target price on shares of AllianceBernstein from $38.00 to $36.00 and set a “hold” rating on the stock in a research report on Monday. Finally, Barclays dropped their price objective on shares of AllianceBernstein from $39.00 to $37.00 and set an “equal weight” rating on the stock in a report on Wednesday.

Insider Activity at AllianceBernstein

In other news, Director Charles Stonehill sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $37.17, for a total value of $185,850.00. Following the transaction, the director owned 24,573 shares in the company, valued at $913,378.41. This trade represents a 16.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AllianceBernstein

Several institutional investors have recently modified their holdings of the business. Axiom Investment Management LLC bought a new stake in shares of AllianceBernstein in the 1st quarter worth approximately $28,000. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of AllianceBernstein in the fourth quarter valued at $28,000. Russell Investments Group Ltd. purchased a new stake in AllianceBernstein during the 2nd quarter worth about $28,000. Ascentis Independent Advisors purchased a new position in AllianceBernstein during the 1st quarter valued at about $30,000. Finally, NFSG Corp lifted its holdings in shares of AllianceBernstein by 800.0% in the first quarter. NFSG Corp now owns 900 shares of the asset manager’s stock worth $34,000 after buying an additional 800 shares in the last quarter. 19.25% of the stock is owned by institutional investors.

AllianceBernstein Trading Up 1.4%

NYSE AB opened at $34.80 on Friday. The firm’s 50 day simple moving average is $36.02 and its 200 day simple moving average is $37.00. The firm has a market capitalization of $3.24 billion, a price-to-earnings ratio of 9.89, a P/E/G ratio of 1.12 and a beta of 0.79. AllianceBernstein has a 1 year low of $33.90 and a 1 year high of $44.11.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings results on Tuesday, July 28th. The asset manager reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). The company had revenue of $887.55 million during the quarter, compared to analyst estimates of $907.67 million. AllianceBernstein had a net margin of 6.60% and a return on equity of 25.94%. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.76 earnings per share. On average, equities research analysts forecast that AllianceBernstein will post 3.45 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Wednesday, August 12th were paid a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 9.4%. This is a negative change from AllianceBernstein’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, August 12th. AllianceBernstein’s payout ratio is 97.04%.

About AllianceBernstein

AllianceBernstein Holding L.P. (NYSE:AB) is a global investment management and research firm serving institutional investors, retail clients and private-wealth customers. The company provides investment strategies and advisory services across public and private markets, including equities, fixed income, multi-asset portfolios, alternatives and sustainable investing.

AllianceBernstein’s offerings include actively managed mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and private-market solutions.