AllianceBernstein Holding L.P. (NYSE:AB) Receives $37.67 Consensus Price Target from Brokerages

Shares of AllianceBernstein Holding L.P. (NYSE:AB - Get Free Report) have been given an average rating of "Hold" by the six brokerages that are presently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $37.67.

Several research analysts have weighed in on AB shares. Bank of America downgraded AllianceBernstein from a "buy" rating to a "neutral" rating and lowered their target price for the company from $42.00 to $38.00 in a research note on Thursday, April 3rd. Wall Street Zen upgraded AllianceBernstein from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Barclays lifted their target price on AllianceBernstein from $36.00 to $37.00 and gave the company an "equal weight" rating in a research note on Friday, April 25th. TD Cowen decreased their price target on AllianceBernstein from $37.50 to $34.00 and set a "hold" rating on the stock in a research note on Wednesday, April 9th. Finally, Evercore ISI cut their price objective on AllianceBernstein from $41.00 to $38.00 and set an "outperform" rating for the company in a research report on Friday, April 11th.

Insiders Place Their Bets

In other AllianceBernstein news, Director Charles G.T. Stonehill sold 5,000 shares of the business's stock in a transaction 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 now directly owns 20,923 shares in the company, valued at approximately $861,609.14. The trade was a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel G. Kaye sold 4,825 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $40.80, for a total value of $196,860.00. Following the sale, the director now owns 39,877 shares in the company, valued at approximately $1,626,981.60. The trade was a 10.79% 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 company insiders.

Institutional Trading of AllianceBernstein

A number of institutional investors have recently bought and sold shares of AB. 683 Capital Management LLC purchased a new stake in AllianceBernstein during the first quarter worth $20,144,000. FMR LLC raised its holdings in shares of AllianceBernstein by 19.0% in the fourth quarter. FMR LLC now owns 3,110,304 shares of the asset manager's stock worth $115,361,000 after acquiring an additional 496,923 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of AllianceBernstein by 18.1% in the fourth quarter. JPMorgan Chase & Co. now owns 2,899,762 shares of the asset manager's stock worth $107,552,000 after acquiring an additional 445,398 shares during the last quarter. CHURCHILL MANAGEMENT Corp acquired a new position in shares of AllianceBernstein in the first quarter worth $12,309,000. Finally, Goldman Sachs Group Inc. raised its holdings in shares of AllianceBernstein by 51.8% in the first quarter. Goldman Sachs Group Inc. now owns 916,574 shares of the asset manager's stock worth $35,114,000 after acquiring an additional 312,878 shares during the last quarter. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

AllianceBernstein Stock Up 1.1%

AB traded up $0.44 during trading on Friday, hitting $40.32. 469,042 shares of the stock were exchanged, compared to its average volume of 444,212. The firm has a market capitalization of $4.46 billion, a P/E ratio of 10.84, a PEG ratio of 3.13 and a beta of 0.83. AllianceBernstein has a 1-year low of $30.57 and a 1-year high of $41.86. The stock has a fifty day moving average price of $39.56 and a two-hundred day moving average price of $38.00.

AllianceBernstein (NYSE:AB - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The asset manager reported $0.80 EPS for the quarter, topping the consensus estimate of $0.78 by $0.02. AllianceBernstein had a return on equity of 18.27% and a net margin of 9.44%. The company had revenue of $838.21 million for the quarter, compared to analyst estimates of $859.36 million. During the same quarter in the previous year, the company posted $0.73 earnings per share. The firm's revenue was down 5.2% compared to the same quarter last year. Analysts predict that AllianceBernstein will post 3.58 EPS for the current year.

AllianceBernstein Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Monday, May 5th were given a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 7.94%. The ex-dividend date of this dividend was Monday, May 5th. AllianceBernstein's payout ratio is 86.02%.

AllianceBernstein Company Profile

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.