AllianceBernstein Holding L.P. (NYSE:AB) Receives $37.50 Average Target Price from Analysts

Shares of AllianceBernstein Holding L.P. (NYSE:AB) have been assigned an average rating of “Hold” from the five research firms that are covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $38.00.

A number of equities analysts have commented on the stock. Barclays boosted their price target on shares of AllianceBernstein from $37.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday. The Goldman Sachs Group lowered shares of AllianceBernstein from a “buy” rating to a “neutral” rating and reduced their price target for the company from $42.25 to $40.00 in a research report on Friday, June 27th. Sanford C. Bernstein restated a “mixed” rating on shares of AllianceBernstein in a research report on Wednesday. TD Cowen reduced their price target on shares of AllianceBernstein from $37.50 to $34.00 and set a “hold” rating on the stock in a research report on Wednesday, April 9th. Finally, Bank of America lowered shares of AllianceBernstein from a “buy” rating to a “neutral” rating and reduced their price target for the company from $42.00 to $38.00 in a research report on Thursday, April 3rd.

Insider Buying and Selling

In related news, Director Daniel G. Kaye sold 4,825 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $40.80, for a total transaction of $196,860.00. Following the completion of the sale, the director directly owned 39,877 shares of the company’s stock, valued at $1,626,981.60. The trade was a 10.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Charles G.T. Stonehill sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $41.18, for a total transaction of $205,900.00. Following the sale, the director directly owned 20,923 shares of the company’s stock, valued at approximately $861,609.14. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AllianceBernstein

A number of institutional investors and hedge funds have recently modified their holdings of the business. PFG Investments LLC bought a new stake in AllianceBernstein in the first quarter valued at approximately $228,000. Raymond James Financial Inc. bought a new stake in AllianceBernstein in the fourth quarter valued at approximately $6,683,000. Brown Brothers Harriman & Co. bought a new stake in AllianceBernstein in the fourth quarter valued at approximately $246,000. Farther Finance Advisors LLC increased its stake in AllianceBernstein by 360.6% in the first quarter. Farther Finance Advisors LLC now owns 6,913 shares of the asset manager’s stock valued at $266,000 after purchasing an additional 5,412 shares in the last quarter. Finally, LPL Financial LLC increased its stake in AllianceBernstein by 4.8% in the fourth quarter. LPL Financial LLC now owns 371,209 shares of the asset manager’s stock valued at $13,768,000 after purchasing an additional 16,849 shares in the last quarter. 19.25% of the stock is owned by institutional investors.

AllianceBernstein Stock Up 0.7%

NYSE AB opened at $41.23 on Wednesday. The stock has a market cap of $4.56 billion, a P/E ratio of 11.08, a PEG ratio of 1.60 and a beta of 0.82. The company’s 50-day simple moving average is $40.41 and its 200 day simple moving average is $38.62. AllianceBernstein has a twelve month low of $30.57 and a twelve month high of $41.99.

AllianceBernstein (NYSE:AB) last posted its earnings results on Thursday, April 24th. The asset manager reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. The business had revenue of $838.21 million for the quarter, compared to analysts’ expectations of $859.36 million. AllianceBernstein had a net margin of 9.44% and a return on equity of 18.27%. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.73 earnings per share. Research analysts anticipate that AllianceBernstein will post 3.58 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 5th were given a dividend of $0.80 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 7.76%. AllianceBernstein’s payout ratio is 86.02%.

About AllianceBernstein

AllianceBernstein Holding L.P. is a publicly owned investment manager. The firm is a related adviser The firm manages separate client focused portfolios for its clients. The firm primarily invests in common and preferred stocks, warrants and convertible securities, government and corporate fxed-income securities, commodities, currencies, real estate-related assets and infation-protected securities.