AllianceBernstein (NYSE:AB) Hits New 52-Week Low - What's Next?

Key Points

• AllianceBernstein hit a new 52-week low, trading as low as $33.75, below its previous close of $34.90.
• Analysts maintain a mostly cautious outlook: the consensus rating is Hold, with a $36.50 average price target.
• The firm beat quarterly EPS estimates ($0.88 versus $0.86), though revenue missed forecasts. It also raised its quarterly dividend to $0.88, equivalent to a 10.4% annualized yield.

AllianceBernstein Holding L.P. (NYSE:AB - Get Free Report)'s share price reached a new 52-week low during trading on Friday. The stock traded as low as $33.75 and last traded at $33.9050, with a volume of 52,403 shares changing hands. The stock had previously closed at $34.90.

Analysts Set New Price Targets

Several research analysts have recently weighed in on AB shares. Evercore set a $39.00 price objective on shares of AllianceBernstein in a report on Friday, July 10th. Barclays lowered their target price on shares of AllianceBernstein from $39.00 to $37.00 and set an "equal weight" rating for the company in a report on Wednesday, October 14th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of AllianceBernstein in a research report on Friday, October 30th. Sanford C. Bernstein reaffirmed a "hold" rating and set a $35.00 price target on shares of AllianceBernstein in a research note on Wednesday, October 28th. Finally, TD Cowen cut their price target on shares of AllianceBernstein from $36.00 to $35.00 and set a "hold" rating on the stock in a research note on Wednesday, October 28th. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $36.50.

AllianceBernstein Price Performance

The firm has a 50-day simple moving average of $35.54 and a 200 day simple moving average of $37.44. The company has a market capitalization of $3.16 billion, a PE ratio of 10.07, a price-to-earnings-growth ratio of 1.34 and a beta of 0.74.

AllianceBernstein (NYSE:AB - Get Free Report) last issued its earnings results on Tuesday, October 27th. The asset manager reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.02. The company had revenue of $904.25 million during the quarter, compared to the consensus estimate of $913.82 million. AllianceBernstein had a return on equity of 25.97% and a net margin of 6.47%. The company's revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.86 earnings per share. Equities research analysts expect that AllianceBernstein Holding L.P. will post 3.45 EPS for the current fiscal year.

AllianceBernstein Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Friday, November 6th will be issued a $0.88 dividend. The ex-dividend date is Friday, November 6th. This represents a $3.52 dividend on an annualized basis and a yield of 10.4%. This is a boost from AllianceBernstein's previous quarterly dividend of $0.82. AllianceBernstein's dividend payout ratio (DPR) is currently 97.04%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company acquired a new stake in AllianceBernstein during the 2nd quarter valued at $1,908,000. SMH Capital Advisors Inc. purchased a new stake in AllianceBernstein during the 2nd quarter worth $395,000. Bank of America Corp DE purchased a new stake in AllianceBernstein during the 2nd quarter worth $522,000. Ameritas Advisory Services LLC acquired a new position in AllianceBernstein in the 2nd quarter worth $762,000. Finally, Kestra Advisory Services LLC lifted its holdings in AllianceBernstein by 114.6% in the 1st quarter. Kestra Advisory Services LLC now owns 74,211 shares of the asset manager's stock worth $2,778,000 after buying an additional 39,636 shares in the last quarter. 19.25% of the stock is owned by institutional investors and hedge funds.

AllianceBernstein Company Profile

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 equities, fixed income, multi-asset portfolios and alternative investments.

AllianceBernstein offers actively managed and customized portfolios, along with mutual funds, separately managed accounts, institutional mandates and other investment vehicles.

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