AllianceBernstein (NYSE:AB) Issues Earnings Results

AllianceBernstein (NYSE:AB - Get Free Report) announced its quarterly earnings results on Thursday. The asset manager reported $0.76 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.77 by ($0.01), Zacks reports. AllianceBernstein had a return on equity of 18.27% and a net margin of 9.44%. During the same period last year, the business posted $0.71 EPS. The company's revenue was up 5.9% on a year-over-year basis.

AllianceBernstein Stock Performance

Shares of NYSE:AB traded up $1.08 during trading on Thursday, hitting $42.85. 153,397 shares of the stock were exchanged, compared to its average volume of 528,078. AllianceBernstein has a 1-year low of $30.57 and a 1-year high of $43.10. The company has a market capitalization of $4.74 billion, a price-to-earnings ratio of 11.52, a price-to-earnings-growth ratio of 1.65 and a beta of 0.82. The company's fifty day simple moving average is $40.49 and its 200-day simple moving average is $38.71.

AllianceBernstein Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 5th were paid a dividend of $0.80 per share. The ex-dividend date was Monday, May 5th. This represents a $3.20 annualized dividend and a yield of 7.47%. AllianceBernstein's dividend payout ratio is 86.02%.

Insider Activity at AllianceBernstein

In other news, Director Daniel G. Kaye sold 4,825 shares of AllianceBernstein stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $40.80, for a total transaction of $196,860.00. Following the sale, the director owned 39,877 shares of the company's stock, valued at approximately $1,626,981.60. This trade represents a 10.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles G.T. Stonehill sold 5,000 shares of AllianceBernstein stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $41.18, for a total value of $205,900.00. Following the sale, the director directly owned 20,923 shares in the company, valued at $861,609.14. The trade was a 19.29% decrease in their position. 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 hedge fund recently raised its stake in AllianceBernstein stock. Focus Partners Wealth lifted its holdings in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) by 43.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,375 shares of the asset manager's stock after acquiring an additional 8,304 shares during the quarter. Focus Partners Wealth's holdings in AllianceBernstein were worth $1,049,000 at the end of the most recent reporting period. Institutional investors own 19.25% of the company's stock.

Wall Street Analyst Weigh In

AB has been the subject of several analyst reports. 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. Wall Street Zen raised AllianceBernstein from a "sell" rating to a "hold" rating in a report on Saturday, May 10th. Barclays upped their target price on AllianceBernstein from $37.00 to $40.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. The Goldman Sachs Group downgraded AllianceBernstein from a "buy" rating to a "neutral" rating and reduced their target price for the company from $42.25 to $40.00 in a report on Friday, June 27th. Finally, Sanford C. Bernstein reaffirmed a "mixed" rating on shares of AllianceBernstein in a report on Wednesday, July 16th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, AllianceBernstein currently has a consensus rating of "Hold" and a consensus price target of $38.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.