AllianceBernstein Holding LP (AB) Sees Unusually-High Trading Volume
Shares of AllianceBernstein Holding LP (NYSE:AB) saw unusually-high trading volume on Tuesday . Approximately 193,784 shares changed hands during trading, a decline of 3% from the previous session’s volume of 199,448 shares.The stock last traded at $23.51 and had previously closed at $23.82.
AB has been the subject of several analyst reports. Zacks Investment Research downgraded AllianceBernstein Holding from a “hold” rating to a “sell” rating in a research report on Tuesday, June 14th. Sanford C. Bernstein restated a “sell” rating and set a $30.07 target price on shares of AllianceBernstein Holding in a research report on Thursday, May 5th. Jefferies Group raised their target price on AllianceBernstein Holding to $21.50 in a research report on Tuesday, April 12th. TheStreet raised AllianceBernstein Holding from a “hold” rating to a “buy” rating in a report on Friday, April 8th. Finally, Sandler O’Neill raised their price target on AllianceBernstein Holding from $27.00 to $28.00 in a report on Tuesday, April 12th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $25.63.
The company’s 50 day moving average is $23.13 and its 200-day moving average is $21.95. The stock has a market capitalization of $2.34 billion and a P/E ratio of 11.93.
AllianceBernstein Holding (NYSE:AB) last posted its earnings results on Thursday, April 28th. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.42 by $0.02. The firm earned $590.10 million during the quarter, compared to the consensus estimate of $726.82 million. During the same quarter last year, the firm earned $0.45 earnings per share. The company’s revenue was down 6.9% compared to the same quarter last year. Equities analysts predict that AllianceBernstein Holding LP will post $1.82 earnings per share for the current fiscal year.
In other news, SVP Edward J. Farrell sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 8th. The stock was sold at an average price of $23.61, for a total value of $118,050.00. Following the transaction, the senior vice president now owns 32,945 shares of the company’s stock, valued at $777,831.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brugge Robert P. Van sold 30,595 shares of the business’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $23.03, for a total value of $704,602.85. Following the completion of the sale, the chief executive officer now owns 92,562 shares of the company’s stock, valued at $2,131,702.86. The disclosure for this sale can be found here.
Several large investors recently modified their holdings of AB. Morgan Stanley boosted its stake in shares of AllianceBernstein Holding by 32.1% in the fourth quarter. Morgan Stanley now owns 642,803 shares of the company’s stock valued at $15,331,000 after buying an additional 156,068 shares during the period. Wells Fargo & Company MN boosted its stake in shares of AllianceBernstein Holding by 20.6% in the fourth quarter. Wells Fargo & Company MN now owns 846,219 shares of the company’s stock valued at $20,182,000 after buying an additional 144,802 shares during the period. Finally, Foresters Investment Management Company Inc. boosted its stake in shares of AllianceBernstein Holding by 102.2% in the fourth quarter. Foresters Investment Management Company Inc. now owns 365,100 shares of the company’s stock valued at $8,708,000 after buying an additional 184,500 shares during the period.
AllianceBernstein Holding L.P. (AB Holding) is engaged in providing research, investment management and related services to a range of clients. The Company’s principal services include institutional services, retail services, private wealth management services and Bernstein research services. AB Holding owns 36.9% of limited partnership interest in AllianceBernstein L.P.
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