AllianceBernstein Holding LP (AB) Stock Price Down 2%
AllianceBernstein Holding LP (NYSE:AB) shares traded down 2% on Wednesday . The company traded as low as $21.89 and last traded at $21.99, with a volume of 464,945 shares trading hands. The stock had previously closed at $22.45.
A number of research analysts have recently weighed in on the company. Sanford C. Bernstein reissued a “sell” rating and issued a $30.07 price objective on shares of AllianceBernstein Holding in a report on Thursday, May 5th. Zacks Investment Research raised AllianceBernstein Holding from a “sell” rating to a “hold” rating in a report on Wednesday, July 13th. Citigroup Inc. cut their price objective on AllianceBernstein Holding from $28.00 to $27.00 and set a “buy” rating on the stock in a report on Friday, July 29th. TheStreet raised AllianceBernstein Holding from a “hold” rating to a “buy” rating in a report on Friday, April 8th. Finally, Jefferies Group increased their price objective on AllianceBernstein Holding from $21.50 to $22.00 and gave the company a “hold” rating in a report on Monday, July 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $25.26.
The company has a 50 day moving average of $23.27 and a 200-day moving average of $22.14. The company has a market cap of $2.12 billion and a PE ratio of 11.43.
AllianceBernstein Holding (NYSE:AB) last released its earnings results on Thursday, July 28th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.44 by $0.04. During the same period in the previous year, the business posted $0.48 EPS. The company earned $725.80 million during the quarter, compared to analysts’ expectations of $701.98 million. The company’s revenue for the quarter was down 8.4% compared to the same quarter last year. On average, equities research analysts predict that AllianceBernstein Holding LP will post $1.76 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 25th. Investors of record on Monday, August 8th will be issued a $0.40 dividend. The ex-dividend date is Thursday, August 4th. This represents a $1.60 dividend on an annualized basis and a yield of 7.28%.
In related news, SVP Edward J. Farrell sold 5,000 shares of AllianceBernstein Holding stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 32,945 shares in the company, valued at $777,831.45. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Scott A. Schoen bought 11,500 shares of the firm’s stock in a transaction that occurred on Friday, May 20th. The stock was bought at an average price of $23.09 per share, with a total value of $265,535.00. Following the completion of the acquisition, the director now owns 68,112 shares of the company’s stock, valued at approximately $1,572,706.08. The disclosure for this purchase can be found here.
Other hedge funds have made changes to their positions in the company. Wells Fargo & Company MN increased 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 worth $20,182,000 after buying an additional 144,802 shares during the period. Morgan Stanley increased 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 worth $15,331,000 after buying an additional 156,068 shares during the period. Finally, Foresters Investment Management Company Inc. increased 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 worth $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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