Shares of AllianceBernstein Holding L.P. (NYSE:AB - Get Free Report) reached a new 52-week high during trading on Tuesday . The stock traded as high as $42.10 and last traded at $41.88, with a volume of 75934 shares changing hands. The stock had previously closed at $41.49.
Analysts Set New Price Targets
A number of brokerages recently issued reports on AB. Wall Street Zen upgraded shares of AllianceBernstein from a "sell" rating to a "hold" rating in a research report on Saturday, May 10th. Bank of America lowered shares of AllianceBernstein from a "buy" rating to a "neutral" rating and lowered their price target for the company from $42.00 to $38.00 in a report on Thursday, April 3rd. Barclays increased their price target on AllianceBernstein from $37.00 to $40.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. TD Cowen decreased their price objective on shares of AllianceBernstein from $37.50 to $34.00 and set a "hold" rating for the company in a report on Wednesday, April 9th. Finally, The Goldman Sachs Group cut AllianceBernstein from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $42.25 to $40.00 in a research note on Friday, June 27th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $38.00.
Get Our Latest Research Report on AB
AllianceBernstein Stock Performance
The business has a 50 day moving average price of $40.42 and a 200-day moving average price of $38.66. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of 11.30, a P/E/G ratio of 1.61 and a beta of 0.82.
AllianceBernstein (NYSE:AB - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The asset manager reported $0.80 earnings per share for the quarter, beating analysts' consensus estimates of $0.78 by $0.02. The business had revenue of $838.21 million during the quarter, compared to analyst estimates of $859.36 million. AllianceBernstein had a net margin of 9.44% and a return on equity of 18.27%. AllianceBernstein's revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.73 EPS. As a group, equities analysts predict that AllianceBernstein Holding L.P. will post 3.58 EPS for the current fiscal year.
AllianceBernstein Cuts Dividend
The company also recently announced 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. This represents a $3.20 dividend on an annualized basis and a dividend yield of 7.62%. The ex-dividend date of this dividend was Monday, May 5th. AllianceBernstein's dividend payout ratio (DPR) is 86.02%.
Insiders Place Their Bets
In related news, Director Daniel G. Kaye sold 4,825 shares of AllianceBernstein stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $40.80, for a total transaction of $196,860.00. Following the completion of the sale, the director owned 39,877 shares of the company's stock, valued at $1,626,981.60. The trade was a 10.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles G.T. Stonehill sold 5,000 shares of the company'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 transaction, the director owned 20,923 shares of the company's stock, valued at $861,609.14. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On AllianceBernstein
A number of institutional investors have recently modified their holdings of AB. Transce3nd LLC purchased a new position in AllianceBernstein during the fourth quarter worth approximately $25,000. SVB Wealth LLC bought a new position in shares of AllianceBernstein during the first quarter valued at approximately $32,000. Mountain Hill Investment Partners Corp. acquired a new stake in shares of AllianceBernstein in the 1st quarter worth about $38,000. Summit Securities Group LLC bought a new stake in shares of AllianceBernstein during the 4th quarter worth about $41,000. Finally, Harbor Investment Advisory LLC bought a new stake in shares of AllianceBernstein in the 1st quarter worth approximately $48,000. 19.25% of the stock is owned by institutional investors and hedge funds.
About AllianceBernstein
(
Get Free Report)
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.
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