AllianceBernstein Holding L.P. (NYSE:AB) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• Analysts maintain a “Hold” consensus on AllianceBernstein, with four hold ratings and two buys. The average 12-month price target is $38.88 versus the stock’s recent price of $35.27.
• AllianceBernstein’s latest quarterly results slightly missed expectations, reporting $0.82 in EPS versus $0.83 expected and revenue of $887.55 million versus $907.67 million. Revenue still increased 7.5% year over year.
• The company reduced its quarterly dividend from $0.83 to $0.82, resulting in an annualized dividend of $3.28 and a high 9.3% yield; its payout ratio stands at 97.04%.

AllianceBernstein Holding L.P. (NYSE:AB - Get Free Report) has earned an average rating of "Hold" from the six analysts that are covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $38.88.

A number of equities analysts have recently commented on AB shares. Evercore set a $39.00 price objective on AllianceBernstein in a research note on Friday, July 10th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of AllianceBernstein in a report on Friday, July 10th. Zacks Research raised AllianceBernstein from a "strong sell" rating to a "hold" rating in a research report on Monday, June 29th. Weiss Ratings lowered AllianceBernstein from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, August 3rd. Finally, TD Cowen increased their price objective on AllianceBernstein from $37.00 to $38.00 and gave the company a "hold" rating in a research report on Monday, July 20th.

AllianceBernstein Trading Up 0.5%

NYSE AB opened at $35.27 on Friday. AllianceBernstein has a 1 year low of $34.58 and a 1 year high of $44.11. The company has a fifty day simple moving average of $36.26 and a 200 day simple moving average of $37.08. The company has a market cap of $3.28 billion, a P/E ratio of 10.43, a P/E/G ratio of 1.14 and a beta of 0.79.

AllianceBernstein (NYSE:AB - Get Free Report) last announced its earnings results on Tuesday, July 28th. The asset manager reported $0.82 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.01). AllianceBernstein had a return on equity of 25.94% and a net margin of 6.60%.The firm had revenue of $887.55 million during the quarter, compared to the consensus estimate of $907.67 million. During the same quarter last year, the business earned $0.76 EPS. The business's revenue was up 7.5% compared to the same quarter last year. Equities research analysts forecast that AllianceBernstein will post 3.45 EPS for the current fiscal year.

AllianceBernstein Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Wednesday, August 12th were issued a $0.82 dividend. This is a drop from AllianceBernstein's previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $3.28 dividend on an annualized basis and a yield of 9.3%. AllianceBernstein's payout ratio is currently 97.04%.

Insider Transactions at AllianceBernstein

In other AllianceBernstein news, Director Charles Stonehill sold 5,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $37.17, for a total value of $185,850.00. Following the sale, the director directly owned 24,573 shares in the company, valued at $913,378.41. This trade represents a 16.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Mallini Complete Financial Planning LLC increased its stake in AllianceBernstein by 6.0% during the third quarter. Mallini Complete Financial Planning LLC now owns 10,979 shares of the asset manager's stock valued at $383,000 after acquiring an additional 622 shares during the period. Parrish Capital LLC raised its holdings in AllianceBernstein by 10.5% in the 3rd quarter. Parrish Capital LLC now owns 53,743 shares of the asset manager's stock valued at $1,875,000 after acquiring an additional 5,107 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of AllianceBernstein in the 2nd quarter worth approximately $1,908,000. Sequoia Financial Advisors LLC lifted its position in shares of AllianceBernstein by 4.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,293 shares of the asset manager's stock worth $715,000 after acquiring an additional 829 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of AllianceBernstein during the 2nd quarter worth approximately $420,000. Institutional investors and hedge funds own 19.25% of the company's stock.

About AllianceBernstein

AllianceBernstein Holding L.P. NYSE: AB is a global investment management and research firm serving institutional investors, retail clients and private-wealth customers. The company provides investment strategies and advisory services across public and private markets, including equities, fixed income, multi-asset portfolios, alternatives and sustainable investing.

AllianceBernstein's offerings include actively managed mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and private-market solutions.

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