AllianceBernstein (NYSE:AB) Sets New 12-Month Low - Should You Sell?

Key Points

• AllianceBernstein shares hit a new 52-week low, trading as low as $33.56, below their 50- and 200-day moving averages.
• Analysts maintain a consensus “Hold” rating, with an average price target of $36.50; recent targets were lowered to $35–$37.
• Quarterly EPS of $0.88 beat estimates, while revenue fell short despite rising 7.8% year over year. The company raised its quarterly dividend to $0.88, equivalent to a stated annual yield of 10.5%.

AllianceBernstein Holding L.P. (NYSE:AB - Get Free Report)'s stock price reached a new 52-week low on Thursday. The stock traded as low as $33.56 and last traded at $33.6490, with a volume of 39,146 shares changing hands. The stock had previously closed at $33.88.

Wall Street Analysts Forecast Growth

AB has been the topic of several recent research reports. Barclays lowered their price objective on shares of AllianceBernstein from $39.00 to $37.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 14th. TD Cowen reduced their target price on shares of AllianceBernstein from $36.00 to $35.00 and set a "hold" rating for the company in a report on Wednesday, October 28th. Sanford C. Bernstein restated a "hold" rating and issued a $35.00 price target on shares of AllianceBernstein in a research report on Wednesday, October 28th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of AllianceBernstein in a report on Friday, October 30th. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $36.50.

AllianceBernstein Stock Down 0.7%

The firm's 50-day moving average price is $35.32 and its two-hundred day moving average price is $37.33. The firm has a market capitalization of $3.09 billion, a PE ratio of 9.96, a P/E/G ratio of 1.29 and a beta of 0.74.

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

AllianceBernstein Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Friday, November 6th will be issued a $0.88 dividend. The ex-dividend date is Friday, November 6th. This is an increase from AllianceBernstein's previous quarterly dividend of $0.82. This represents a $3.52 dividend on an annualized basis and a dividend yield of 10.5%. AllianceBernstein's dividend payout ratio is currently 104.14%.

Institutional Trading of AllianceBernstein

Several hedge funds and other institutional investors have recently modified their holdings of the business. Private Advisor Group LLC boosted its position in AllianceBernstein by 30.8% during the 3rd quarter. Private Advisor Group LLC now owns 17,272 shares of the asset manager's stock worth $602,000 after acquiring an additional 4,063 shares during the period. Western Wealth Management LLC increased its holdings in shares of AllianceBernstein by 3.7% in the 3rd quarter. Western Wealth Management LLC now owns 12,267 shares of the asset manager's stock valued at $428,000 after purchasing an additional 437 shares during the period. Virtus Advisers LLC increased its holdings in shares of AllianceBernstein by 7.3% in the 3rd quarter. Virtus Advisers LLC now owns 20,015 shares of the asset manager's stock valued at $698,000 after purchasing an additional 1,354 shares during the period. Moors & Cabot Inc. increased its holdings in shares of AllianceBernstein by 23.5% in the 3rd quarter. Moors & Cabot Inc. now owns 63,839 shares of the asset manager's stock valued at $2,227,000 after purchasing an additional 12,133 shares during the period. Finally, Allworth Financial LP lifted its position in shares of AllianceBernstein by 12.2% in the third quarter. Allworth Financial LP now owns 7,369 shares of the asset manager's stock worth $260,000 after purchasing an additional 804 shares in the last quarter. Institutional investors and hedge funds own 19.25% of the company's stock.

About AllianceBernstein

AllianceBernstein L.P. is a global investment management and research firm serving institutional and individual clients. Its offerings include active equity and fixed-income strategies, multi-asset solutions and alternative investments, as well as private wealth management services. The firm was formed in 2000 through the merger of Alliance Capital Management and Sanford C. Bernstein. Headquartered in Nashville, Tennessee, AllianceBernstein serves clients through offices and operations around the world.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.