AllianceBernstein Holding L.P. (NYSE:AB) Stock Has Average Target Price of $36.50

AllianceBernstein Holding L.P. (NYSE:AB) has been assigned an average rating of “Hold” from the six ratings firms that are covering the company, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $36.50.

Several analysts recently issued reports on AB shares. Sanford C. Bernstein reaffirmed a “hold” rating and issued a $35.00 price target on shares of AllianceBernstein in a report on Wednesday, October 28th. TD Cowen decreased their price objective on shares of AllianceBernstein from $36.00 to $35.00 and set a “hold” rating for the company in a report on Wednesday, October 28th. Barclays dropped their target price on shares of AllianceBernstein from $39.00 to $37.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 14th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of AllianceBernstein in a research note on Friday, October 30th.

Institutional Trading of AllianceBernstein

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Western Wealth Management LLC lifted its holdings in AllianceBernstein by 3.7% during the 3rd quarter. Western Wealth Management LLC now owns 12,267 shares of the asset manager’s stock worth $428,000 after buying an additional 437 shares during the last quarter. Virtus Advisers LLC increased its holdings in shares of AllianceBernstein by 7.3% in the 3rd quarter. Virtus Advisers LLC now owns 20,015 shares of the asset manager’s stock valued at $698,000 after acquiring an additional 1,354 shares during the last quarter. Moors & Cabot Inc. increased its holdings in shares of AllianceBernstein by 23.5% in the 3rd quarter. Moors & Cabot Inc. now owns 63,839 shares of the asset manager’s stock valued at $2,227,000 after acquiring an additional 12,133 shares during the last quarter. Allworth Financial LP increased its holdings in shares of AllianceBernstein by 12.2% in the 3rd quarter. Allworth Financial LP now owns 7,369 shares of the asset manager’s stock valued at $260,000 after acquiring an additional 804 shares during the last quarter. Finally, CENTRAL TRUST Co raised its position in shares of AllianceBernstein by 25.0% during the 3rd quarter. CENTRAL TRUST Co now owns 2,500 shares of the asset manager’s stock valued at $87,000 after acquiring an additional 500 shares in the last quarter. 19.25% of the stock is owned by institutional investors.

AllianceBernstein Stock Down 0.8%

Shares of NYSE AB opened at $33.81 on Tuesday. AllianceBernstein has a fifty-two week low of $33.75 and a fifty-two week high of $44.11. The business has a 50 day moving average price of $35.43 and a two-hundred day moving average price of $37.38. The firm has a market cap of $3.15 billion, a PE ratio of 10.11, a price-to-earnings-growth ratio of 1.34 and a beta of 0.74.

AllianceBernstein (NYSE:AB) last announced its earnings results on Tuesday, October 27th. The asset manager reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.02. The company had revenue of $904.25 million for the quarter, compared to analyst estimates of $913.82 million. AllianceBernstein had a return on equity of 25.97% and a net margin of 6.47%. AllianceBernstein’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.86 EPS. On average, analysts anticipate that AllianceBernstein will post 3.45 earnings per share for the current year.

AllianceBernstein Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Friday, November 6th will be paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 10.4%. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.82. The ex-dividend date is Friday, November 6th. AllianceBernstein’s payout ratio is 97.04%.

About AllianceBernstein

AllianceBernstein L.P. is a global investment management and research firm serving institutional and individual clients. Its offerings include active equity and fixed-income strategies, multi-asset solutions and alternative investments, as well as private wealth management services.

The firm was formed in 2000 through the merger of Alliance Capital Management and Sanford C. Bernstein. Headquartered in Nashville, Tennessee, AllianceBernstein serves clients through offices and operations around the world.

Seth Bernstein has served as AllianceBernstein’s president and chief executive officer since 2017.