AllianceBernstein Holding LP (AB) Sees Strong Trading Volume
Shares of AllianceBernstein Holding LP (NYSE:AB) saw strong trading volume on Tuesday . 209,859 shares were traded during mid-day trading, an increase of 17% from the previous session’s volume of 180,012 shares.The stock last traded at $22.92 and had previously closed at $23.57.
A number of equities research analysts recently commented on the stock. Zacks Investment Research raised shares of AllianceBernstein Holding from a “sell” rating to a “hold” rating and set a $27.00 price target on the stock in a report on Monday, April 11th. Sanford C. Bernstein reaffirmed a “sell” rating and issued a $30.07 price target on shares of AllianceBernstein Holding in a report on Thursday, May 5th. Jefferies Group lifted their price target on shares of AllianceBernstein Holding to $21.50 in a report on Tuesday, April 12th. Citigroup Inc. lowered their price target on shares of AllianceBernstein Holding from $28.00 to $27.00 and set a “buy” rating on the stock in a report on Friday. Finally, Sandler O’Neill boosted their target price on shares of AllianceBernstein Holding from $27.00 to $28.00 in a report on Tuesday, April 12th. 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’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $25.26.
The stock has a market capitalization of $2.17 billion and a PE ratio of 11.67. The company’s 50-day moving average price is $23.28 and its 200-day moving average price is $22.14.
AllianceBernstein Holding (NYSE:AB) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.40 EPS for the quarter, missing the Zacks’ consensus estimate of $0.44 by $0.04. The firm had revenue of $725.80 million for the quarter, compared to analysts’ expectations of $701.98 million. During the same quarter last year, the firm posted $0.48 EPS. The firm’s revenue was down 8.4% on a year-over-year basis. Equities research analysts anticipate that AllianceBernstein Holding LP will post $1.76 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 25th. Stockholders of record on Monday, August 8th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 7.13%. The ex-dividend date of this dividend is Thursday, August 4th.
In related news, Director Weston M. Hicks sold 10,842 shares of the firm’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 sale, the director now owns 13,540 shares in the company, valued at $316,294.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Edward J. Farrell sold 5,000 shares of the firm’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 transaction of $118,050.00. Following the completion of the sale, the senior vice president now owns 32,945 shares in the company, valued at approximately $777,831.45. The disclosure for this sale can be found here.
A number of large investors recently modified their holdings of AB. 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 in the last quarter. 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 in the last quarter. 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 in 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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