AllianceBernstein (NYSE:AB) Stock Price Crosses Below 200 Day Moving Average – Should You Sell?

AllianceBernstein Holding L.P. (NYSE:AB) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $38.42 and traded as low as $37.27. AllianceBernstein shares last traded at $37.5990, with a volume of 208,834 shares changing hands.

Analysts Set New Price Targets

AB has been the topic of a number of recent research reports. TD Cowen decreased their target price on AllianceBernstein from $39.50 to $39.00 and set a “hold” rating on the stock in a report on Wednesday, April 29th. Weiss Ratings cut AllianceBernstein from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, June 29th. Sanford C. Bernstein restated an “outperform” rating on shares of AllianceBernstein in a report on Friday. Evercore set a $39.00 price objective on shares of AllianceBernstein in a research note on Friday. Finally, Zacks Research raised shares of AllianceBernstein from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $39.70.

AllianceBernstein Stock Up 0.7%

The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 1.24 and a beta of 0.81. The firm has a 50-day moving average of $37.08 and a two-hundred day moving average of $38.42.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings data on Tuesday, April 28th. The asset manager reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.04). The business had revenue of $871.13 million for the quarter, compared to analyst estimates of $894.70 million. AllianceBernstein had a return on equity of 23.11% and a net margin of 6.69%.The company’s revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.80 earnings per share. As a group, sell-side analysts predict that AllianceBernstein Holding L.P. will post 3.49 EPS for the current year.

AllianceBernstein Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Friday, May 8th were paid a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 8.8%. The ex-dividend date was Friday, May 8th. AllianceBernstein’s dividend payout ratio is currently 102.15%.

Hedge Funds Weigh In On AllianceBernstein

Several institutional investors and hedge funds have recently modified their holdings of AB. Payne Capital Management LLC bought a new stake in shares of AllianceBernstein in the 3rd quarter valued at approximately $1,055,000. D.A. Davidson & CO. increased its holdings in AllianceBernstein by 10.7% in the fourth quarter. D.A. Davidson & CO. now owns 165,739 shares of the asset manager’s stock worth $6,378,000 after buying an additional 15,974 shares during the last quarter. Crestwood Advisors Group LLC raised its position in AllianceBernstein by 1,243.9% during the fourth quarter. Crestwood Advisors Group LLC now owns 218,727 shares of the asset manager’s stock valued at $8,417,000 after acquiring an additional 202,451 shares in the last quarter. Virtu Financial LLC bought a new position in AllianceBernstein during the fourth quarter valued at approximately $1,190,000. Finally, MidFirst Bank acquired a new stake in AllianceBernstein in the fourth quarter valued at approximately $1,491,000. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

About AllianceBernstein

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.