AllianceBernstein Holding L.P. (NYSE:AB – Get Free Report) has earned an average rating of “Hold” from the six brokerages that are presently covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $37.67.
A number of research analysts have issued reports on the company. Bank of America cut AllianceBernstein from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $42.00 to $38.00 in a research note on Thursday, April 3rd. Wall Street Zen upgraded AllianceBernstein from a “sell” rating to a “hold” rating in a research note on Saturday, May 10th. Sanford C. Bernstein cut AllianceBernstein from a “buy” rating to a “neutral” rating and set a $38.00 price objective for the company. in a research note on Thursday, April 3rd. TD Cowen lowered their price objective on AllianceBernstein from $37.50 to $34.00 and set a “hold” rating for the company in a research note on Wednesday, April 9th. Finally, Evercore ISI lowered their price objective on AllianceBernstein from $41.00 to $38.00 and set an “outperform” rating for the company in a research note on Friday, April 11th.
Get Our Latest Research Report on AB
AllianceBernstein Stock Up 0.2%
AllianceBernstein (NYSE:AB – Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The asset manager reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. The business had revenue of $838.21 million during the quarter, compared to analysts’ expectations of $859.36 million. AllianceBernstein had a return on equity of 18.27% and a net margin of 9.44%. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.73 earnings per share. On average, research analysts anticipate that AllianceBernstein will post 3.58 earnings per share for the current year.
AllianceBernstein Cuts Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 5th were issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 7.91%. The ex-dividend date was Monday, May 5th. AllianceBernstein’s payout ratio is currently 86.02%.
Insider Activity
In other AllianceBernstein news, Director Daniel G. Kaye sold 4,825 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $40.80, for a total value of $196,860.00. Following the transaction, the director now owns 39,877 shares of the company’s stock, valued at approximately $1,626,981.60. This represents a 10.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles G.T. Stonehill sold 5,000 shares of the stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $41.18, for a total value of $205,900.00. Following the completion of the transaction, the director now directly owns 20,923 shares in the company, valued at approximately $861,609.14. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of AB. 683 Capital Management LLC bought a new position in AllianceBernstein in the first quarter valued at about $20,144,000. FMR LLC lifted its holdings in AllianceBernstein by 19.0% in the fourth quarter. FMR LLC now owns 3,110,304 shares of the asset manager’s stock valued at $115,361,000 after acquiring an additional 496,923 shares during the period. JPMorgan Chase & Co. lifted its holdings in AllianceBernstein by 18.1% in the fourth quarter. JPMorgan Chase & Co. now owns 2,899,762 shares of the asset manager’s stock valued at $107,552,000 after acquiring an additional 445,398 shares during the period. CHURCHILL MANAGEMENT Corp purchased a new stake in AllianceBernstein in the first quarter worth about $12,309,000. Finally, Goldman Sachs Group Inc. increased its position in AllianceBernstein by 51.8% in the first quarter. Goldman Sachs Group Inc. now owns 916,574 shares of the asset manager’s stock worth $35,114,000 after buying an additional 312,878 shares in the last quarter. Institutional investors own 19.25% of the company’s stock.
AllianceBernstein Company Profile
AllianceBernstein Holding L.P. is a publicly owned investment manager. The firm is a related adviser The firm manages separate client focused portfolios for its clients. The firm primarily invests in common and preferred stocks, warrants and convertible securities, government and corporate fxed-income securities, commodities, currencies, real estate-related assets and infation-protected securities.
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