AllianceBernstein Holding L.P. (NYSE:AB) Receives $39.50 Average PT from Brokerages

Shares of AllianceBernstein Holding L.P. (NYSE:AB) have earned a consensus rating of “Hold” from the seven ratings firms that are covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $39.50.

Several research analysts have weighed in on the company. TD Cowen upped their price target on AllianceBernstein from $37.00 to $38.00 and gave the stock a “hold” rating in a research note on Monday, July 20th. Evercore set a $39.00 price objective on shares of AllianceBernstein in a research report on Friday, July 10th. Barclays lowered their target price on shares of AllianceBernstein from $40.00 to $39.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 29th. Weiss Ratings cut shares of AllianceBernstein from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, June 29th. Finally, Zacks Research raised shares of AllianceBernstein from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th.

AllianceBernstein Stock Down 1.1%

Shares of AllianceBernstein stock opened at $36.72 on Friday. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of 10.86, a PEG ratio of 1.19 and a beta of 0.81. The stock’s 50-day simple moving average is $36.81 and its 200-day simple moving average is $38.31. AllianceBernstein has a 52 week low of $34.92 and a 52 week high of $44.11.

AllianceBernstein (NYSE:AB) last released its 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 for the quarter, compared to analysts’ expectations of $907.67 million. AllianceBernstein had a return on equity of 26.05% and a net margin of 6.60%.The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.76 EPS. On average, equities analysts expect that AllianceBernstein will post 3.5 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Wednesday, August 12th will be issued a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a dividend yield of 8.9%. The ex-dividend date of this dividend is Wednesday, August 12th. AllianceBernstein’s dividend payout ratio is 97.04%.

Institutional Investors Weigh In On AllianceBernstein

Several large investors have recently made changes to their positions in AB. Axiom Investment Management LLC bought a new position in AllianceBernstein during the first quarter valued at approximately $28,000. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in AllianceBernstein during the 4th quarter valued at approximately $28,000. Ascentis Independent Advisors bought a new stake in AllianceBernstein in the 1st quarter worth approximately $30,000. NFSG Corp increased its stake in AllianceBernstein by 800.0% in the 1st quarter. NFSG Corp now owns 900 shares of the asset manager’s stock worth $34,000 after acquiring an additional 800 shares during the last quarter. Finally, Garton & Associates Financial Advisors LLC purchased a new stake in shares of AllianceBernstein during the 4th quarter worth approximately $35,000. 19.25% of the stock is owned by institutional investors.

AllianceBernstein Company Profile

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.