AllianceBernstein (NYSE:AB) Shares Cross Below Two Hundred Day Moving Average – Here’s Why

AllianceBernstein Holding L.P. (NYSE:AB) crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $39.26 and traded as low as $36.81. AllianceBernstein shares last traded at $36.9760, with a volume of 241,242 shares.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on AB shares. Sanford C. Bernstein reaffirmed a “buy” rating on shares of AllianceBernstein in a research note on Wednesday, April 29th. Zacks Research lowered shares of AllianceBernstein from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 21st. TD Cowen reduced their target price on shares of AllianceBernstein from $39.50 to $39.00 and set a “hold” rating for the company in a research note on Wednesday, April 29th. Weiss Ratings downgraded shares of AllianceBernstein from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, May 29th. Finally, Evercore restated an “outperform” rating and set a $42.00 price objective on shares of AllianceBernstein in a research report on Wednesday, April 29th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $40.25.

AllianceBernstein Price Performance

The business’s 50-day moving average price is $38.19 and its two-hundred day moving average price is $39.22. The company has a market capitalization of $3.44 billion, a price-to-earnings ratio of 11.32, a P/E/G ratio of 1.74 and a beta of 0.80.

AllianceBernstein (NYSE:AB) last released its quarterly earnings results on Tuesday, April 28th. The asset manager reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.04). AllianceBernstein had a net margin of 6.69% and a return on equity of 23.11%. The business had revenue of $871.14 million during the quarter, compared to analyst estimates of $894.70 million. During the same quarter in the previous year, the firm posted $0.80 earnings per share. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. As a group, research analysts predict that AllianceBernstein Holding L.P. will post 3.46 EPS for the current year.

AllianceBernstein Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Friday, May 8th were given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 9.0%. The ex-dividend date was Friday, May 8th. AllianceBernstein’s payout ratio is presently 102.15%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC increased its holdings in shares of AllianceBernstein by 2.5% during the fourth quarter. NewEdge Advisors LLC now owns 10,849 shares of the asset manager’s stock worth $417,000 after buying an additional 264 shares in the last quarter. Fortis Capital Advisors LLC increased its holdings in shares of AllianceBernstein by 3.6% during the fourth quarter. Fortis Capital Advisors LLC now owns 7,836 shares of the asset manager’s stock worth $302,000 after buying an additional 272 shares in the last quarter. HighTower Advisors LLC increased its holdings in AllianceBernstein by 0.8% in the third quarter. HighTower Advisors LLC now owns 32,841 shares of the asset manager’s stock valued at $1,255,000 after purchasing an additional 273 shares during the period. Stratos Wealth Partners LTD. increased its holdings in AllianceBernstein by 2.2% in the third quarter. Stratos Wealth Partners LTD. now owns 13,190 shares of the asset manager’s stock valued at $504,000 after purchasing an additional 289 shares during the period. Finally, Allworth Financial LP increased its holdings in AllianceBernstein by 4.5% in the third quarter. Allworth Financial LP now owns 6,915 shares of the asset manager’s stock valued at $264,000 after purchasing an additional 300 shares during the period. 19.25% of the stock is currently owned by institutional investors and hedge funds.

AllianceBernstein Company Profile

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.