AllianceBernstein Holding L.P. (AB) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of AllianceBernstein Holding L.P. (NYSE:AB) from a hold rating to a buy rating in a research report released on Friday. Zacks Investment Research currently has $26.00 price target 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. “
A number of other research analysts have also recently commented on AB. ValuEngine cut AllianceBernstein Holding L.P. from a buy rating to a hold rating in a research note on Friday, June 2nd. Sidoti started coverage on AllianceBernstein Holding L.P. in a research note on Monday, June 5th. They set a buy rating and a $28.00 price target on the stock. BidaskClub upgraded AllianceBernstein Holding L.P. from a hold rating to a buy rating in a research note on Saturday, June 24th. Finally, Credit Suisse Group restated a neutral rating on shares of AllianceBernstein Holding L.P. in a research note on Friday, August 11th. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $26.25.
AllianceBernstein Holding L.P. (AB) opened at 23.40 on Friday. The stock has a market capitalization of $2.19 billion, a P/E ratio of 10.75 and a beta of 1.52. The firm’s 50-day moving average price is $23.96 and its 200 day moving average price is $23.04. AllianceBernstein Holding L.P. has a 12-month low of $20.40 and a 12-month high of $26.15.
AllianceBernstein Holding L.P. (NYSE:AB) last released its quarterly earnings data on Thursday, July 27th. The asset manager reported $0.49 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $771.88 million. During the same period in the prior year, the firm posted $0.39 earnings per share. The firm’s quarterly revenue was up 10.5% on a year-over-year basis. On average, equities analysts anticipate that AllianceBernstein Holding L.P. will post $2.07 EPS for the current year.
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The company also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Monday, August 7th were paid a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a yield of 8.38%. This is a boost from AllianceBernstein Holding L.P.’s previous quarterly dividend of $0.46. The ex-dividend date was Thursday, August 3rd. AllianceBernstein Holding L.P.’s dividend payout ratio is 89.91%.
In other AllianceBernstein Holding L.P. news, COO James A. Gingrich sold 20,284 shares of the company’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $23.41, for a total transaction of $474,848.44. Following the transaction, the chief operating officer now directly owns 136,159 shares in the company, valued at $3,187,482.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO James A. Gingrich sold 60,000 shares of the stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $24.97, for a total value of $1,498,200.00. Following the completion of the sale, the chief operating officer now owns 255,581 shares in the company, valued at $6,381,857.57. The disclosure for this sale can be found here. Insiders have sold 608,705 shares of company stock worth $14,521,456 over the last 90 days. 2.70% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Baker Ellis Asset Management LLC acquired a new stake in shares of AllianceBernstein Holding L.P. in the second quarter valued at $118,000. WFG Advisors LP raised its stake in shares of AllianceBernstein Holding L.P. by 24.2% in the second quarter. WFG Advisors LP now owns 6,311 shares of the asset manager’s stock valued at $149,000 after acquiring an additional 1,228 shares in the last quarter. Snow Capital Management LP acquired a new stake in shares of AllianceBernstein Holding L.P. in the first quarter valued at $200,000. National Planning Corp raised its stake in shares of AllianceBernstein Holding L.P. by 16.1% in the second quarter. National Planning Corp now owns 10,841 shares of the asset manager’s stock valued at $258,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Neuberger Berman Group LLC raised its stake in shares of AllianceBernstein Holding L.P. by 18.0% in the first quarter. Neuberger Berman Group LLC now owns 13,100 shares of the asset manager’s stock valued at $299,000 after acquiring an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 19.41% of the company’s stock.
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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