Jefferies Group Analysts Reduce Earnings Estimates for AllianceBernstein Holding LP (AB)
AllianceBernstein Holding LP (NYSE:AB) – Stock analysts at Jefferies Group reduced their Q2 2017 EPS estimates for AllianceBernstein Holding in a research report issued on Tuesday. Jefferies Group analyst S. Thind now forecasts that the asset manager will post earnings per share of $0.46 for the quarter, down from their previous forecast of $0.47. Jefferies Group also issued estimates for AllianceBernstein Holding’s Q3 2017 earnings at $0.47 EPS, Q4 2017 earnings at $0.65 EPS, FY2017 earnings at $2.04 EPS and FY2018 earnings at $2.20 EPS.
AllianceBernstein Holding (NYSE:AB) last posted its quarterly earnings data on Thursday, April 27th. The asset manager reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.02. The business had revenue of $764.92 million during the quarter, compared to analysts’ expectations of $746.52 million. AllianceBernstein Holding had a net margin of 13.27% and a return on equity of 23.92%. The business’s revenue was down .5% on a year-over-year basis. During the same period last year, the firm posted $0.40 earnings per share. WARNING: “Jefferies Group Analysts Reduce Earnings Estimates for AllianceBernstein Holding LP (AB)” was originally published by American Banking News and is the sole property of of American Banking News. If you are accessing this article on another website, it was illegally copied and republished in violation of US and international trademark and copyright legislation. The original version of this article can be read at https://www.americanbankingnews.com/2017/05/26/jefferies-group-analysts-reduce-earnings-estimates-for-alliancebernstein-holding-lp-ab.html.
A number of other equities research analysts also recently weighed in on the stock. Bank of America Corp raised shares of AllianceBernstein Holding from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $24.00 to $25.00 in a research note on Wednesday, April 12th. Keefe, Bruyette & Woods raised shares of AllianceBernstein Holding from a “market perform” rating to an “outperform” rating and set a $26.00 price target for the company in a research note on Wednesday, April 12th. Finally, Zacks Investment Research raised shares of AllianceBernstein Holding from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research note on Tuesday, April 25th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $25.00.
Shares of AllianceBernstein Holding (NYSE:AB) opened at 21.25 on Friday. The company has a market capitalization of $2.05 billion, a PE ratio of 9.93 and a beta of 1.45. AllianceBernstein Holding has a one year low of $20.40 and a one year high of $25.12. The company’s 50-day moving average is $21.91 and its 200-day moving average is $22.79.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE boosted its position in AllianceBernstein Holding by 11.7% in the first quarter. Bank of America Corp DE now owns 1,512,976 shares of the asset manager’s stock valued at $34,571,000 after buying an additional 159,069 shares during the period. Morgan Stanley boosted its position in AllianceBernstein Holding by 166.0% in the first quarter. Morgan Stanley now owns 1,258,872 shares of the asset manager’s stock valued at $28,765,000 after buying an additional 785,538 shares during the period. UBS Group AG boosted its position in AllianceBernstein Holding by 107.5% in the first quarter. UBS Group AG now owns 408,841 shares of the asset manager’s stock valued at $9,342,000 after buying an additional 211,845 shares during the period. Foresters Investment Management Company Inc. boosted its position in AllianceBernstein Holding by 0.4% in the first quarter. Foresters Investment Management Company Inc. now owns 383,600 shares of the asset manager’s stock valued at $8,765,000 after buying an additional 1,500 shares during the period. Finally, Stifel Financial Corp boosted its position in AllianceBernstein Holding by 1.2% in the first quarter. Stifel Financial Corp now owns 237,007 shares of the asset manager’s stock valued at $5,418,000 after buying an additional 2,756 shares during the period. Hedge funds and other institutional investors own 25.70% of the company’s stock.
In related news, Director Lorie A. Slutsky sold 12,663 shares of the business’s stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $21.01, for a total transaction of $266,049.63. Following the completion of the transaction, the director now owns 20,166 shares in the company, valued at $423,687.66. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Deborah S. Hechinger sold 7,814 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $21.05, for a total transaction of $164,484.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 136,232 shares of company stock valued at $2,868,074. Corporate insiders own 3.40% of the company’s stock.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Investors of record on Monday, May 8th were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 8.66%. The ex-dividend date was Thursday, May 4th. AllianceBernstein Holding’s dividend payout ratio is currently 89.11%.
AllianceBernstein Holding Company Profile
AllianceBernstein Holding L.P. is engaged in providing research, investment management and related services to a range of clients through its three buy-side distribution channels: Institutions, Retail and Private Wealth Management, and its sell-side business, Bernstein Research Services. The Company offers a range of investment services, including equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and equities; traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; passive management, including index and enhanced index strategies; alternative investments, including hedge funds, fund of funds and private equity, and multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds.
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