Brokerages Set AllianceBernstein Holding L.P. (AB) Price Target at $26.33
AllianceBernstein Holding L.P. (NYSE:AB) has been given a consensus recommendation of “Buy” by the eight research firms that are currently covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $26.33.
A number of equities research analysts have weighed in on AB shares. Zacks Investment Research raised AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a report on Tuesday, April 25th. Sidoti started coverage on AllianceBernstein Holding L.P. in a report on Monday, June 5th. They issued a “buy” rating and a $28.00 price objective on the stock. BidaskClub raised AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. ValuEngine lowered AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Credit Suisse Group reaffirmed a “neutral” rating on shares of AllianceBernstein Holding L.P. in a report on Friday, August 11th.
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In other news, SVP Edward J. Farrell sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $23.15, for a total transaction of $231,500.00. Following the sale, the senior vice president now owns 29,147 shares of the company’s stock, valued at approximately $674,753.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John C. Weisenseel sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $23.08, for a total value of $138,480.00. Following the sale, the chief financial officer now directly owns 50,869 shares in the company, valued at approximately $1,174,056.52. The disclosure for this sale can be found here. Insiders sold a total of 547,121 shares of company stock worth $13,022,510 in the last ninety days. 2.70% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in the company. Advocacy Wealth Management Services LLC raised its stake in shares of AllianceBernstein Holding L.P. by 29.0% in the first quarter. Advocacy Wealth Management Services LLC now owns 4,450 shares of the asset manager’s stock valued at $102,000 after buying an additional 1,000 shares during the period. Baker Ellis Asset Management LLC purchased a new stake in shares of AllianceBernstein Holding L.P. during the second quarter valued at approximately $118,000. TCI Wealth Advisors Inc. raised its stake in shares of AllianceBernstein Holding L.P. by 28.8% in the first quarter. TCI Wealth Advisors Inc. now owns 5,556 shares of the asset manager’s stock valued at $127,000 after buying an additional 1,244 shares during the period. WFG Advisors LP raised its stake in shares of AllianceBernstein Holding L.P. by 24.2% in the second quarter. WFG Advisors LP now owns 6,311 shares of the asset manager’s stock valued at $149,000 after buying an additional 1,228 shares during the period. Finally, Snow Capital Management LP purchased a new stake in shares of AllianceBernstein Holding L.P. during the first quarter valued at approximately $200,000. 23.67% of the stock is currently owned by institutional investors and hedge funds.
Shares of AllianceBernstein Holding L.P. (NYSE AB) traded up 1.07% during mid-day trading on Friday, hitting $23.60. The stock had a trading volume of 242,437 shares. The firm has a market cap of $2.21 billion, a PE ratio of 10.84 and a beta of 1.56. AllianceBernstein Holding L.P. has a 52-week low of $20.40 and a 52-week high of $26.15. The firm has a 50 day moving average price of $24.27 and a 200 day moving average price of $23.06.
AllianceBernstein Holding L.P. (NYSE:AB) last issued its quarterly earnings results on Thursday, July 27th. The asset manager reported $0.49 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.02. The firm had revenue of $802.31 million for the quarter, compared to analysts’ expectations of $771.88 million. AllianceBernstein Holding L.P. had a return on equity of 13.28% and a net margin of 6.74%. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 EPS. Equities analysts predict that AllianceBernstein Holding L.P. will post $2.07 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Monday, August 7th will be issued a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 8.31%. The ex-dividend date is Thursday, August 3rd. This is a positive change from AllianceBernstein Holding L.P.’s previous quarterly dividend of $0.46. AllianceBernstein Holding L.P.’s payout ratio is currently 89.91%.
AllianceBernstein Holding L.P. Company Profile
AllianceBernstein Holding L.P. is engaged in providing research, investment management and related services to a range of clients through its three buy-side distribution channels: Institutions, Retail and Private Wealth Management, and its sell-side business, Bernstein Research Services. The Company offers a range of investment services, including equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and equities; traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; passive management, including index and enhanced index strategies; alternative investments, including hedge funds, fund of funds and private equity, and multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds.
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