Brokerages Set AllianceBernstein Holding L.P. (NYSE:AB) Target Price at $26.50
Shares of AllianceBernstein Holding L.P. (NYSE:AB) have been assigned a consensus rating of “Buy” from the eight analysts that are currently covering the company, MarketBeat Ratings reports. Three investment 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 company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $26.50.
AB has been the topic of several research reports. Zacks Investment Research upgraded AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a report on Tuesday, April 25th. Sidoti assumed coverage on AllianceBernstein Holding L.P. in a report on Monday, June 5th. They issued a “buy” rating and a $28.00 target price on the stock. BidaskClub upgraded AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. ValuEngine cut AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Credit Suisse Group reiterated a “neutral” rating on shares of AllianceBernstein Holding L.P. in a report on Friday.
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In related news, Director Scott A. Schoen sold 15,627 shares of the company’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $20.91, for a total transaction of $326,760.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Scott A. Schoen sold 61,985 shares of the company’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $21.20, for a total value of $1,314,082.00. Following the sale, the director now owns 53,112 shares of the company’s stock, valued at approximately $1,125,974.40. The disclosure for this sale can be found here. Insiders have sold 567,462 shares of company stock worth $13,243,497 over the last ninety days. 3.40% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in shares of AllianceBernstein Holding L.P. by 12.6% in the first quarter. JPMorgan Chase & Co. now owns 44,807 shares of the asset manager’s stock worth $1,023,000 after buying an additional 5,025 shares during the period. HighTower Advisors LLC acquired a new position in shares of AllianceBernstein Holding L.P. during the first quarter worth about $1,136,000. New England Research & Management Inc. increased its position in shares of AllianceBernstein Holding L.P. by 9.4% in the first quarter. New England Research & Management Inc. now owns 76,128 shares of the asset manager’s stock worth $1,740,000 after buying an additional 6,540 shares during the period. M&T Bank Corp increased its position in shares of AllianceBernstein Holding L.P. by 51.8% in the first quarter. M&T Bank Corp now owns 27,729 shares of the asset manager’s stock worth $634,000 after buying an additional 9,461 shares during the period. Finally, Creative Planning increased its position in shares of AllianceBernstein Holding L.P. by 6.8% in the first quarter. Creative Planning now owns 18,162 shares of the asset manager’s stock worth $415,000 after buying an additional 1,160 shares during the period. Hedge funds and other institutional investors own 23.61% of the company’s stock.
Shares of AllianceBernstein Holding L.P. (AB) traded down 0.21% on Tuesday, hitting $23.75. 253,416 shares of the stock traded hands. The stock has a 50-day moving average price of $24.26 and a 200 day moving average price of $23.05. AllianceBernstein Holding L.P. has a 12-month low of $20.40 and a 12-month high of $26.15. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 10.91 and a beta of 1.56.
AllianceBernstein Holding L.P. (NYSE:AB) last released its quarterly earnings results on Thursday, July 27th. The asset manager reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.02. The company had revenue of $802.31 million for the quarter, compared to analysts’ expectations of $771.88 million. AllianceBernstein Holding L.P. had a return on equity of 13.28% and a net margin of 6.74%. The business’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.39 earnings per share. On average, analysts anticipate that AllianceBernstein Holding L.P. will post $2.06 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Monday, August 7th will be given a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 8.25%. This is a positive change from AllianceBernstein Holding L.P.’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Thursday, August 3rd. AllianceBernstein Holding L.P.’s dividend payout ratio is presently 89.91%.
About AllianceBernstein Holding L.P.
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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