AllianceBernstein (NYSE:AB) Reaches New 1-Year Low – Here’s What Happened

AllianceBernstein Holding L.P. (NYSE:AB) shares hit a new 52-week low during trading on Wednesday. The company traded as low as $34.80 and last traded at $34.8950, with a volume of 388723 shares. The stock had previously closed at $35.51.

Wall Street Analysts Forecast Growth

AB has been the topic of a number of recent analyst reports. TD Cowen boosted their price objective on AllianceBernstein from $37.00 to $38.00 and gave the stock a “hold” rating in a research note on Monday, July 20th. Weiss Ratings downgraded shares of AllianceBernstein from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, August 3rd. Sanford C. Bernstein reissued an “outperform” rating on shares of AllianceBernstein in a research note on Friday, July 10th. Zacks Research upgraded AllianceBernstein from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Finally, Evercore set a $39.00 target price on shares of AllianceBernstein in a research report on Friday, July 10th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $38.88.

AllianceBernstein Trading Up 0.3%

The firm’s 50-day moving average is $36.48 and its 200 day moving average is $37.17. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of 10.36, a P/E/G ratio of 1.14 and a beta of 0.79.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings results on Tuesday, July 28th. The asset manager reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.01). The business 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 business’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.76 EPS. Analysts predict that AllianceBernstein Holding L.P. will post 3.47 EPS for the current year.

AllianceBernstein Cuts Dividend

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

Insider Buying and Selling at AllianceBernstein

In related news, Director Charles Stonehill sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $37.17, for a total transaction of $185,850.00. Following the transaction, the director directly owned 24,573 shares of the company’s stock, valued at approximately $913,378.41. This trade represents a 16.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.70% of the company’s stock.

Institutional Trading of AllianceBernstein

Institutional investors and hedge funds have recently bought and sold shares of the company. Horizon Kinetics Asset Management LLC lifted its position in AllianceBernstein by 2.9% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 193,741 shares of the asset manager’s stock valued at $7,455,000 after purchasing an additional 5,485 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of AllianceBernstein by 3.3% during the first quarter. Cetera Investment Advisers now owns 156,695 shares of the asset manager’s stock valued at $5,867,000 after buying an additional 5,075 shares during the last quarter. Royal Bank of Canada lifted its holdings in AllianceBernstein by 5.8% during the 1st quarter. Royal Bank of Canada now owns 115,126 shares of the asset manager’s stock valued at $4,311,000 after buying an additional 6,263 shares in the last quarter. Kestra Advisory Services LLC raised its holdings in shares of AllianceBernstein by 114.6% in the 1st quarter. Kestra Advisory Services LLC now owns 74,211 shares of the asset manager’s stock valued at $2,778,000 after purchasing an additional 39,636 shares in the last quarter. Finally, Corient Private Wealth LP raised its stake in shares of AllianceBernstein by 26.3% during the 2nd quarter. Corient Private Wealth LP now owns 56,019 shares of the asset manager’s stock worth $1,973,000 after acquiring an additional 11,676 shares in the last quarter. 19.25% of the stock is currently owned by institutional investors.

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.