AllianceBernstein Holding L.P. (NYSE:AB) Receives $41.20 Consensus Target Price from Brokerages

Shares of AllianceBernstein Holding L.P. (NYSE:AB) have earned an average recommendation of “Moderate Buy” from the five ratings firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $41.20.

A number of research analysts have commented on AB shares. Barclays increased their price target on shares of AllianceBernstein from $35.00 to $36.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. The Goldman Sachs Group increased their price target on shares of AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Evercore ISI increased their price target on shares of AllianceBernstein from $38.00 to $39.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Finally, TD Cowen increased their price target on shares of AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, July 29th.

Insider Buying and Selling

In other news, insider Equitable Holdings, Inc. bought 500,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were bought at an average cost of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the purchase, the insider now directly owns 3,066,838 shares in the company, valued at $104,824,522.84. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. In other AllianceBernstein news, insider Christopher Hogbin sold 12,781 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $34.87, for a total transaction of $445,673.47. Following the transaction, the insider now directly owns 10,000 shares of the company’s stock, valued at approximately $348,700. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Equitable Holdings, Inc. acquired 500,000 shares of AllianceBernstein stock in a transaction 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 completion of the transaction, the insider now owns 3,066,838 shares in the company, valued at approximately $104,824,522.84. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 2.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in AB. American Century Companies Inc. boosted its holdings in shares of AllianceBernstein by 8.9% during the 2nd quarter. American Century Companies Inc. now owns 2,873,324 shares of the asset manager’s stock valued at $97,090,000 after buying an additional 234,253 shares in the last quarter. Jennison Associates LLC bought a new stake in shares of AllianceBernstein during the 1st quarter valued at $23,660,000. The Manufacturers Life Insurance Company boosted its holdings in shares of AllianceBernstein by 426.8% during 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 buying an additional 221,736 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in shares of AllianceBernstein by 13.1% during the 1st quarter. Osaic Holdings Inc. now owns 215,337 shares of the asset manager’s stock valued at $7,481,000 after buying an additional 24,951 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of AllianceBernstein by 0.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 177,472 shares of the asset manager’s stock valued at $5,997,000 after buying an additional 841 shares in the last quarter. 19.25% of the stock is owned by hedge funds and other institutional investors.

AllianceBernstein Price Performance

Shares of AB opened at $38.69 on Friday. The firm’s 50 day simple moving average is $34.78 and its 200 day simple moving average is $34.00. The company has a market capitalization of $4.46 billion, a P/E ratio of 16.05, a P/E/G ratio of 0.66 and a beta of 1.24. AllianceBernstein has a 1-year low of $25.83 and a 1-year high of $38.96.

AllianceBernstein (NYSE:AB) last announced its earnings results on Friday, July 26th. The asset manager reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.04. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $807.42 million. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. AllianceBernstein’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the firm posted $0.61 earnings per share. On average, equities analysts anticipate that AllianceBernstein will post 3.02 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 7.34%. The ex-dividend date of this dividend was Monday, August 5th. AllianceBernstein’s 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.