AllianceBernstein Holding L.P. (AB) Receives $26.33 Average Target Price from Analysts
AllianceBernstein Holding L.P. (NYSE:AB) has been assigned a consensus recommendation of “Buy” from the eight brokerages that are presently covering the company, Marketbeat reports. Four investment analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $26.33.
A number of brokerages have issued reports on AB. Zacks Investment Research downgraded AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a report on Friday, August 18th. BidaskClub raised AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Finally, Credit Suisse Group reissued a “neutral” rating on shares of AllianceBernstein Holding L.P. in a report on Friday, August 11th.
Shares of AllianceBernstein Holding L.P. (NYSE:AB) traded up 1.61% during trading on Friday, hitting $25.25. 198,299 shares of the stock traded hands. AllianceBernstein Holding L.P. has a 52-week low of $20.40 and a 52-week high of $26.15. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 11.60 and a beta of 1.51. The stock has a 50 day moving average of $24.03 and a 200 day moving average of $23.28.
AllianceBernstein Holding L.P. (NYSE:AB) last announced its quarterly 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 company had revenue of $802.31 million during the quarter, compared to the consensus estimate of $771.88 million. During the same period in the previous year, the company posted $0.39 earnings per share. AllianceBernstein Holding L.P.’s revenue for the quarter was up 10.5% on a year-over-year basis. Analysts expect that AllianceBernstein Holding L.P. will post $2.07 EPS for the current year.
In other AllianceBernstein Holding L.P. news, insider Axa America Holdings, Inc. bought 1,071,180 shares of AllianceBernstein Holding L.P. stock in a transaction dated Friday, September 1st. The stock was acquired at an average cost of $22.90 per share, with a total value of $24,530,022.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO John C. Weisenseel sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $23.25, for a total value of $46,500.00. Following the transaction, the chief financial officer now directly owns 44,869 shares of the company’s stock, valued at $1,043,204.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 587,832 shares of company stock valued at $14,169,534. Corporate insiders own 2.70% of the company’s stock.
Several hedge funds have recently made changes to their positions in AB. First Trust Advisors LP acquired a new position in shares of AllianceBernstein Holding L.P. during the 1st quarter worth approximately $496,000. JPMorgan Chase & Co. raised its stake in AllianceBernstein Holding L.P. by 12.6% in the 1st quarter. JPMorgan Chase & Co. now owns 44,807 shares of the asset manager’s stock valued at $1,023,000 after purchasing an additional 5,025 shares during the last quarter. Schroder Investment Management Group raised its stake in AllianceBernstein Holding L.P. by 5.3% in the 1st quarter. Schroder Investment Management Group now owns 73,589 shares of the asset manager’s stock valued at $1,656,000 after purchasing an additional 3,689 shares during the last quarter. Neuberger Berman Group LLC raised its stake in AllianceBernstein Holding L.P. by 18.0% in the 1st quarter. Neuberger Berman Group LLC now owns 13,100 shares of the asset manager’s stock valued at $299,000 after purchasing an additional 2,000 shares during the last quarter. Finally, California Public Employees Retirement System raised its stake in AllianceBernstein Holding L.P. by 1.5% in the 1st quarter. California Public Employees Retirement System now owns 174,000 shares of the asset manager’s stock valued at $3,976,000 after purchasing an additional 2,600 shares during the last quarter. 19.40% of the stock is owned by institutional investors and hedge funds.
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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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