AllianceBernstein Holding LP (AB) Stock Price Down 2%
AllianceBernstein Holding LP (NYSE:AB) fell 2% during trading on Tuesday . The stock traded as low as $23.98 and last traded at $24.11, with a volume of 104,652 shares changing hands. The stock had previously closed at $24.60.
Several research firms have commented on AB. Sandler O’Neill upped their price objective on shares of AllianceBernstein Holding from $27.00 to $28.00 in a report on Tuesday, April 12th. Jefferies Group upped their price target on AllianceBernstein Holding to $21.50 in a research report on Tuesday, April 12th. Zacks Investment Research upgraded AllianceBernstein Holding from a “sell” rating to a “hold” rating and set a $27.00 price target on the stock in a research report on Monday, April 11th. TheStreet upgraded AllianceBernstein Holding from a “hold” rating to a “buy” rating in a research report on Friday, April 8th. Finally, Sanford C. Bernstein reiterated a “sell” rating and set a $30.07 price target on shares of AllianceBernstein Holding in a research report on Thursday, May 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $25.63.
The firm has a 50-day moving average of $23.25 and a 200-day moving average of $22.02. The company has a market cap of $2.37 billion and a P/E ratio of 12.11.
AllianceBernstein Holding (NYSE:AB) last released its quarterly earnings results on Thursday, April 28th. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by $0.02. During the same quarter in the prior year, the company posted $0.45 EPS. The company earned $590.10 million during the quarter, compared to analyst estimates of $726.82 million. AllianceBernstein Holding’s revenue for the quarter was down 6.9% on a year-over-year basis. On average, equities analysts anticipate that AllianceBernstein Holding LP will post $1.83 EPS for the current year.
In related news, CEO Brugge Robert P. Van sold 30,595 shares of the company’s stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $23.03, for a total value of $704,602.85. Following the sale, the chief executive officer now owns 92,562 shares of the company’s stock, valued at approximately $2,131,702.86. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Weston M. Hicks sold 10,842 shares of the company’s stock in a transaction that occurred on Tuesday, May 10th. The shares were sold at an average price of $23.36, for a total value of $253,269.12. Following the completion of the sale, the director now directly owns 13,540 shares in the company, valued at approximately $316,294.40. The disclosure for this sale can be found here.
Other large investors recently bought and sold shares of the company. Foresters Investment Management Company Inc. raised its stake in AllianceBernstein Holding by 102.2% in the fourth quarter. Foresters Investment Management Company Inc. now owns 365,100 shares of the company’s stock worth $8,708,000 after buying an additional 184,500 shares during the last quarter. Wells Fargo & Company MN raised its stake in AllianceBernstein Holding by 20.6% in the fourth quarter. Wells Fargo & Company MN now owns 846,219 shares of the company’s stock worth $20,182,000 after buying an additional 144,802 shares during the last quarter. Finally, Morgan Stanley raised its stake in AllianceBernstein Holding by 32.1% in the fourth quarter. Morgan Stanley now owns 642,803 shares of the company’s stock worth $15,331,000 after buying an additional 156,068 shares during the last quarter.
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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