AllianceBernstein Holding L.P. (NYSE:AB) Receives $39.33 Average PT from Brokerages

AllianceBernstein Holding L.P. (NYSE:AB) has been assigned a consensus rating of “Hold” from the seven brokerages that are currently covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $39.3333.

A number of equities analysts recently commented on AB shares. Sanford C. Bernstein reissued an “outperform” rating on shares of AllianceBernstein in a report on Friday, September 5th. Evercore ISI cut their target price on shares of AllianceBernstein from $46.00 to $44.00 and set an “outperform” rating on the stock in a report on Friday, September 5th. The Goldman Sachs Group cut shares of AllianceBernstein from a “buy” rating to a “neutral” rating and cut their target price for the stock from $42.25 to $40.00 in a report on Friday, June 27th. Barclays raised their target price on shares of AllianceBernstein from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Friday, July 25th. Finally, Zacks Research cut shares of AllianceBernstein from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th.

AllianceBernstein Stock Down 2.3%

Shares of AllianceBernstein stock opened at $37.33 on Monday. The firm has a market cap of $4.13 billion, a PE ratio of 11.08, a P/E/G ratio of 1.45 and a beta of 0.82. The business’s fifty day moving average is $39.57 and its two-hundred day moving average is $39.42. AllianceBernstein has a fifty-two week low of $32.28 and a fifty-two week high of $43.30.

AllianceBernstein (NYSE:AB) last released its quarterly earnings data on Thursday, July 24th. The asset manager reported $0.76 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.01). AllianceBernstein had a net margin of 8.35% and a return on equity of 18.63%. The company had revenue of $844.43 million during the quarter, compared to analysts’ expectations of $853.64 million. During the same period last year, the business earned $0.71 earnings per share. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. Equities research analysts anticipate that AllianceBernstein will post 3.58 EPS for the current year.

AllianceBernstein Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 4th were issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 8.1%. The ex-dividend date of this dividend was Monday, August 4th. AllianceBernstein’s payout ratio is 90.21%.

Institutional Investors Weigh In On AllianceBernstein

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AB. SVB Wealth LLC bought a new stake in AllianceBernstein during the first quarter worth approximately $32,000. Mountain Hill Investment Partners Corp. acquired a new position in AllianceBernstein in the first quarter worth approximately $38,000. Harbor Investment Advisory LLC acquired a new position in AllianceBernstein in the first quarter worth approximately $48,000. Costello Asset Management INC acquired a new position in AllianceBernstein in the first quarter worth approximately $73,000. Finally, Zions Bancorporation National Association UT acquired a new position in AllianceBernstein in the first quarter worth approximately $77,000. Institutional investors own 19.25% of the company’s stock.

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.