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

Shares of AllianceBernstein Holding L.P. (NYSE:AB - Get Free Report) have been given an average rating of "Hold" by the six ratings firms that are currently covering the company, Marketbeat.com reports. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $38.00.

AB has been the subject of a number of analyst reports. The Goldman Sachs Group lowered shares of AllianceBernstein from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $42.25 to $40.00 in a report on Friday, June 27th. Bank of America downgraded AllianceBernstein from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $42.00 to $38.00 in a report on Thursday, April 3rd. TD Cowen reduced their target price on AllianceBernstein from $37.50 to $34.00 and set a "hold" rating for the company in a report on Wednesday, April 9th. Evercore ISI cut their price target on AllianceBernstein from $41.00 to $38.00 and set an "outperform" rating for the company in a research note on Friday, April 11th. Finally, Wall Street Zen upgraded AllianceBernstein from a "sell" rating to a "hold" rating in a research report on Saturday, May 10th.

AllianceBernstein Trading Up 1.3%

Shares of NYSE AB traded up $0.54 during mid-day trading on Wednesday, reaching $40.99. The company had a trading volume of 172,151 shares, compared to its average volume of 438,566. AllianceBernstein has a 52 week low of $30.57 and a 52 week high of $41.99. The business's 50-day moving average is $40.40 and its 200-day moving average is $38.54. The stock has a market cap of $4.54 billion, a price-to-earnings ratio of 11.02, a price-to-earnings-growth ratio of 1.61 and a beta of 0.82.

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

AllianceBernstein Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 5th were paid a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 7.81%. The ex-dividend date of this dividend was Monday, May 5th. AllianceBernstein's dividend payout ratio is currently 86.02%.

Insider Transactions at AllianceBernstein

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AB. Kingstone Capital Partners Texas LLC acquired a new stake in shares of AllianceBernstein during the 2nd quarter worth approximately $193,757,000. FMR LLC lifted its position in shares of AllianceBernstein by 19.0% during the 4th quarter. FMR LLC now owns 3,110,304 shares of the asset manager's stock worth $115,361,000 after buying an additional 496,923 shares during the period. American Century Companies Inc. lifted its position in shares of AllianceBernstein by 1.1% during the 4th quarter. American Century Companies Inc. now owns 3,026,102 shares of the asset manager's stock worth $112,238,000 after buying an additional 33,888 shares during the period. JPMorgan Chase & Co. lifted its position in shares of AllianceBernstein by 18.1% during the 4th quarter. JPMorgan Chase & Co. now owns 2,899,762 shares of the asset manager's stock worth $107,552,000 after buying an additional 445,398 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in shares of AllianceBernstein by 51.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 916,574 shares of the asset manager's stock worth $35,114,000 after buying an additional 312,878 shares during the period. Institutional investors and hedge funds own 19.25% of the company's stock.

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.