Brokerages Set AllianceBernstein Holding L.P. (AB) Target Price at $27.50
Shares of AllianceBernstein Holding L.P. (NYSE:AB) have earned an average recommendation of “Buy” from the eight research firms that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have covered the stock in the last year is $27.50.
Several research firms have recently weighed in on AB. Zacks Investment Research cut shares of AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a report on Friday, August 18th. Credit Suisse Group reaffirmed a “neutral” rating on shares of AllianceBernstein Holding L.P. in a report on Friday, August 11th. Finally, BidaskClub raised shares of AllianceBernstein Holding L.P. from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 16th.
AllianceBernstein Holding L.P. (NYSE AB) traded down $0.45 during trading on Thursday, hitting $25.00. 230,528 shares of the stock traded hands, compared to its average volume of 210,052. The company has a market capitalization of $2,360.00, a PE ratio of 12.04, a P/E/G ratio of 1.63 and a beta of 1.60. AllianceBernstein Holding L.P. has a 52-week low of $20.40 and a 52-week high of $26.65.
AllianceBernstein Holding L.P. (NYSE:AB) last released its quarterly earnings results on Wednesday, October 25th. The asset manager reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). The firm had revenue of $812.15 million during the quarter, compared to the consensus estimate of $786.74 million. AllianceBernstein Holding L.P. had a return on equity of 13.72% and a net margin of 6.38%. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 EPS. research analysts expect that AllianceBernstein Holding L.P. will post 2.09 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 16th. Investors of record on Monday, November 6th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 8.16%. The ex-dividend date of this dividend is Friday, November 3rd. This is a boost from AllianceBernstein Holding L.P.’s previous quarterly dividend of $0.49. AllianceBernstein Holding L.P.’s dividend payout ratio is currently 96.68%.
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In other news, COO James A. Gingrich sold 5,659 shares of the firm’s stock in a transaction dated Tuesday, October 17th. The stock was sold at an average price of $25.00, for a total transaction of $141,475.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO James A. Gingrich sold 30,000 shares of the firm’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $25.01, for a total value of $750,300.00. The disclosure for this sale can be found here. In the last three months, insiders sold 417,070 shares of company stock worth $9,981,342. 2.70% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in the company. Foundry Partners LLC grew its stake in shares of AllianceBernstein Holding L.P. by 25.3% during the third quarter. Foundry Partners LLC now owns 369,235 shares of the asset manager’s stock valued at $8,972,000 after buying an additional 74,537 shares during the last quarter. Seminole Management Co. Inc. bought a new position in shares of AllianceBernstein Holding L.P. during the third quarter valued at about $1,840,000. New England Research & Management Inc. grew its stake in shares of AllianceBernstein Holding L.P. by 3.1% during the third quarter. New England Research & Management Inc. now owns 74,778 shares of the asset manager’s stock valued at $1,817,000 after buying an additional 2,250 shares during the last quarter. WFG Advisors LP grew its stake in shares of AllianceBernstein Holding L.P. by 24.2% during the second quarter. WFG Advisors LP now owns 6,311 shares of the asset manager’s stock valued at $149,000 after buying an additional 1,228 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its stake in shares of AllianceBernstein Holding L.P. by 70.0% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 75,524 shares of the asset manager’s stock valued at $1,786,000 after buying an additional 31,107 shares during the last quarter. 19.42% of the stock is currently owned by hedge funds and other institutional investors.
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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