Citigroup Inc. Reiterates Neutral Rating for AllianceBernstein Holding (AB)
AllianceBernstein Holding (NYSE:AB)‘s stock had its “neutral” rating reaffirmed by equities researchers at Citigroup Inc. in a research report issued on Thursday. They currently have a $21.00 price target on the stock, up from their previous price target of $20.00. Citigroup Inc.’s target price would suggest a potential downside of 11.47% from the stock’s previous close.
The analysts wrote, “We maintain our Neutral rating but raise our target $1 to $21 on higher adjusted EPU estimates following modest 2Q EPU beat. We view the post quarter call as mixed around flows + margins, suggesting easier fundamental improvement now behind. At the margin, we believe attrition eased into July though see the update as more downbeat than robust improvements at WDR, IVZ, and AMG.”
Shares of AllianceBernstein Holding (NYSE:AB) traded down 0.63% on Thursday, hitting $23.72. 230,684 shares of the company’s stock traded hands. AllianceBernstein Holding has a 52-week low of $18.77 and a 52-week high of $26.69. The stock’s 50-day moving average is $24.82 and its 200-day moving average is $23.34. The company has a market cap of $2.283 billion and a price-to-earnings ratio of 13.98.
AllianceBernstein Holding (NYSE:AB) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.39 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.41 by $0.02. The company had revenue of $715.00 million for the quarter, compared to the consensus estimate of $723.35 million. During the same quarter in the prior year, the company posted $0.38 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. Analysts expect that AllianceBernstein Holding will post $1.73 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, May 22nd. Stockholders of record on Monday, May 12th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 6.58%. The ex-dividend date is Thursday, May 8th.
AllianceBernstein Holding L.P provides research, diversified investment management and related services globally to a range of clients through three buy-side distribution channels, Institutions, Retail and Private Client, and its sell-side business, Bernstein Research Services.
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