AllianceBernstein Holding L.P. (NYSE:AB) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of AllianceBernstein Holding L.P. (NYSE:AB) from a hold rating to a buy rating in a research note released on Thursday, July 13th. The brokerage currently has $27.00 price objective on the asset manager’s stock.
According to Zacks, “ALLIANCE CAP MANAGEMENT L.P. provides diversified investment management services, primarily to pension funds, endowments, foreign financial institutions, and to individual investors. “
Other analysts have also issued research reports about the company. Bank of America Corporation raised AllianceBernstein Holding L.P. from an underperform rating to a buy rating and lifted their price objective for the stock from $24.00 to $25.00 in a report on Wednesday, April 12th. BidaskClub upgraded AllianceBernstein Holding L.P. from a hold rating to a buy rating in a research report on Saturday, June 24th. Sidoti initiated coverage on AllianceBernstein Holding L.P. in a research report on Monday, June 5th. They set a buy rating and a $28.00 target price for the company. ValuEngine downgraded AllianceBernstein Holding L.P. from a buy rating to a hold rating in a research report on Friday, June 2nd. Finally, Keefe, Bruyette & Woods upgraded AllianceBernstein Holding L.P. from a market perform rating to an outperform rating and set a $26.00 target price for the company in a research report on Wednesday, April 12th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. AllianceBernstein Holding L.P. presently has an average rating of Buy and a consensus target price of $26.50.
Shares of AllianceBernstein Holding L.P. (NYSE:AB) opened at 24.70 on Thursday. The company’s 50 day moving average price is $24.12 and its 200 day moving average price is $23.01. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of 11.35 and a beta of 1.56. AllianceBernstein Holding L.P. has a 52-week low of $20.40 and a 52-week high of $26.15.
AllianceBernstein Holding L.P. (NYSE:AB) last released its earnings results on Thursday, July 27th. The asset manager reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. AllianceBernstein Holding L.P. had a return on equity of 13.28% and a net margin of 6.74%. The firm had revenue of $802.31 million for the quarter, compared to analyst estimates of $771.88 million. During the same quarter last year, the firm posted $0.39 EPS. The company’s revenue was up 10.5% on a year-over-year basis. Analysts forecast that AllianceBernstein Holding L.P. will post $2.06 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Monday, August 7th will be given a $0.49 dividend. This is an increase from AllianceBernstein Holding L.P.’s previous quarterly dividend of $0.46. The ex-dividend date is Thursday, August 3rd. This represents a $1.96 annualized dividend and a yield of 7.94%. AllianceBernstein Holding L.P.’s payout ratio is presently 89.91%.
In other AllianceBernstein Holding L.P. news, Director Lorie A. Slutsky sold 12,663 shares of AllianceBernstein Holding L.P. stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $21.01, for a total value of $266,049.63. Following the completion of the transaction, the director now owns 20,166 shares in the company, valued at approximately $423,687.66. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO James A. Gingrich sold 10,500 shares of the business’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $22.73, for a total value of $238,665.00. Following the sale, the chief operating officer now owns 386,331 shares of the company’s stock, valued at approximately $8,781,303.63. The disclosure for this sale can be found here. In the last quarter, insiders sold 559,125 shares of company stock valued at $12,996,097. Corporate insiders own 3.40% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Wade G W & Inc. purchased a new stake in AllianceBernstein Holding L.P. during the first quarter worth $203,000. Ramsey Quantitative Systems purchased a new stake in AllianceBernstein Holding L.P. during the first quarter worth $521,000. TCI Wealth Advisors Inc. increased its stake in AllianceBernstein Holding L.P. by 28.8% in the first quarter. TCI Wealth Advisors Inc. now owns 5,556 shares of the asset manager’s stock worth $127,000 after buying an additional 1,244 shares during the last quarter. First Trust Advisors LP purchased a new stake in AllianceBernstein Holding L.P. during the first quarter worth $496,000. Finally, Bridgecreek Investment Management LLC increased its stake in AllianceBernstein Holding L.P. by 4.4% in the first quarter. Bridgecreek Investment Management LLC now owns 164,175 shares of the asset manager’s stock worth $3,751,000 after buying an additional 6,950 shares during the last quarter. Institutional investors own 23.61% of the company’s stock.
AllianceBernstein Holding L.P. Company Profile
AllianceBernstein Holding L.P. is engaged in providing research, investment management and related services to a range of clients through its three buy-side distribution channels: Institutions, Retail and Private Wealth Management, and its sell-side business, Bernstein Research Services. The Company offers a range of investment services, including equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and equities; traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; passive management, including index and enhanced index strategies; alternative investments, including hedge funds, fund of funds and private equity, and multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds.
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