AllianceBernstein Holding L.P. (NYSE:AB) Receives $39.95 Average Price Target from Brokerages

Shares of AllianceBernstein Holding L.P. (NYSE:AB) have been given a consensus rating of “Moderate Buy” by the five analysts that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $39.95.

Several research analysts recently weighed in on AB shares. Barclays assumed coverage on AllianceBernstein in a research note on Tuesday, August 27th. They set an “equal weight” rating and a $35.00 target price for the company. TD Cowen increased their price target on AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Finally, Evercore ISI restated a “buy” rating and issued a $38.00 target price on shares of AllianceBernstein in a report on Tuesday.

Insider Activity

In related news, insider Equitable Holdings, Inc. purchased 500,000 shares of AllianceBernstein stock in a transaction on Friday, September 20th. The stock was bought at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the transaction, the insider now directly owns 3,066,838 shares of the company’s stock, valued at $104,824,522.84. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In other AllianceBernstein news, insider Christopher Hogbin sold 12,781 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $34.87, for a total value of $445,673.47. Following the sale, the insider now owns 10,000 shares of the company’s stock, valued at approximately $348,700. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Equitable Holdings, Inc. bought 500,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were bought at an average cost of $34.18 per share, for a total transaction of $17,090,000.00. Following the transaction, the insider now directly owns 3,066,838 shares of the company’s stock, valued at approximately $104,824,522.84. The disclosure for this purchase can be found here. 2.70% of the stock is owned by insiders.

Institutional Investors Weigh In On AllianceBernstein

Several hedge funds have recently made changes to their positions in AB. American Century Companies Inc. raised its stake in AllianceBernstein by 8.9% during the second quarter. American Century Companies Inc. now owns 2,873,324 shares of the asset manager’s stock worth $97,090,000 after acquiring an additional 234,253 shares in the last quarter. UBS Group AG grew its stake in shares of AllianceBernstein by 39.9% during the fourth quarter. UBS Group AG now owns 851,533 shares of the asset manager’s stock valued at $26,423,000 after purchasing an additional 242,765 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of AllianceBernstein during the first quarter worth $23,660,000. The Manufacturers Life Insurance Company boosted its stake in shares of AllianceBernstein by 426.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 273,695 shares of the asset manager’s stock valued at $9,248,000 after purchasing an additional 221,736 shares during the last quarter. Finally, Nomura Holdings Inc. boosted its stake in shares of AllianceBernstein by 61.7% in the 4th quarter. Nomura Holdings Inc. now owns 230,600 shares of the asset manager’s stock valued at $7,156,000 after purchasing an additional 88,000 shares during the last quarter. Institutional investors own 19.25% of the company’s stock.

AllianceBernstein Price Performance

Shares of NYSE AB opened at $35.05 on Monday. AllianceBernstein has a 1-year low of $25.83 and a 1-year high of $35.67. The firm has a market capitalization of $4.04 billion, a PE ratio of 14.54, a P/E/G ratio of 0.74 and a beta of 1.24. The business’s fifty day moving average price is $34.27 and its two-hundred day moving average price is $33.84.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings data on Friday, July 26th. The asset manager reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.04. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $807.42 million. AllianceBernstein had a return on equity of 15.81% and a net margin of 7.68%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.61 EPS. Equities research analysts expect that AllianceBernstein will post 2.97 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 8.10%. The ex-dividend date of this dividend was Monday, August 5th. AllianceBernstein’s dividend payout ratio is 117.84%.

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.