AllianceBernstein Holding L.P. (NYSE:AB) Stock Has Consensus Price Target of $38.88 According to Analysts

AllianceBernstein Holding L.P. (NYSE:AB) has been assigned a consensus rating of “Hold” from the six analysts that are currently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $38.88.

A number of equities research analysts recently issued reports on the company. Sanford C. Bernstein reissued an “outperform” rating on shares of AllianceBernstein in a research report on Friday. Zacks Research raised AllianceBernstein from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Weiss Ratings cut AllianceBernstein from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, August 3rd. Evercore set a $39.00 target price on AllianceBernstein in a research report on Friday, July 10th. Finally, TD Cowen upped their target price on AllianceBernstein from $37.00 to $38.00 and gave the company a “hold” rating in a research report on Monday, July 20th.

AllianceBernstein Trading Up 0.1%

Shares of AB opened at $34.94 on Friday. AllianceBernstein has a 12 month low of $34.58 and a 12 month high of $44.11. The firm’s 50 day moving average is $36.22 and its 200-day moving average is $37.06. The stock has a market capitalization of $3.25 billion, a PE ratio of 10.34, a P/E/G ratio of 1.14 and a beta of 0.79.

AllianceBernstein (NYSE:AB) last released its quarterly earnings results on Tuesday, July 28th. The asset manager reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). The business had revenue of $887.55 million during the quarter, compared to analyst estimates of $907.67 million. AllianceBernstein had a net margin of 6.60% and a return on equity of 25.94%. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.76 earnings per share. Equities research analysts predict that AllianceBernstein will post 3.46 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Wednesday, August 12th were given a $0.82 dividend. The ex-dividend date was Wednesday, August 12th. This is a decrease from AllianceBernstein’s previous quarterly dividend of $0.83. This represents a $3.28 dividend on an annualized basis and a dividend yield of 9.4%. AllianceBernstein’s dividend payout ratio (DPR) is 97.04%.

Insider Buying and Selling

In related news, Director Charles Stonehill sold 5,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $37.17, for a total value of $185,850.00. Following the completion of the transaction, the director owned 24,573 shares of the company’s stock, valued at $913,378.41. The trade was a 16.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AllianceBernstein

Several institutional investors and hedge funds have recently bought and sold shares of AB. Cetera Investment Advisers boosted its position in shares of AllianceBernstein by 3.3% during the 1st quarter. Cetera Investment Advisers now owns 156,695 shares of the asset manager’s stock worth $5,867,000 after acquiring an additional 5,075 shares in the last quarter. Almitas Capital LLC acquired a new position in AllianceBernstein during the second quarter valued at approximately $1,381,000. Royal Bank of Canada raised its position in AllianceBernstein by 5.8% during the first quarter. Royal Bank of Canada now owns 115,126 shares of the asset manager’s stock valued at $4,311,000 after purchasing an additional 6,263 shares in the last quarter. Kestra Advisory Services LLC raised its position in AllianceBernstein by 114.6% during the first quarter. Kestra Advisory Services LLC now owns 74,211 shares of the asset manager’s stock valued at $2,778,000 after purchasing an additional 39,636 shares in the last quarter. Finally, Corient Private Wealth LP lifted its stake in AllianceBernstein by 26.3% during the second quarter. Corient Private Wealth LP now owns 56,019 shares of the asset manager’s stock worth $1,973,000 after purchasing an additional 11,676 shares during the last quarter. Institutional investors own 19.25% of the company’s stock.

AllianceBernstein Company Profile

AllianceBernstein Holding L.P. (NYSE:AB) is a global investment management and research firm serving institutional investors, retail clients and private-wealth customers. The company provides investment strategies and advisory services across public and private markets, including equities, fixed income, multi-asset portfolios, alternatives and sustainable investing.

AllianceBernstein’s offerings include actively managed mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and private-market solutions.