AllianceBernstein Holding L.P. (NYSE:AB) Receives $39.33 Average Price Target from Analysts

Shares of AllianceBernstein Holding L.P. (NYSE:AB) have been given an average rating of “Hold” by the eight ratings firms that are covering the company, MarketBeat reports. Six research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $40.6667.

AB has been the topic of a number of analyst reports. Barclays increased their price objective on shares of AllianceBernstein from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Friday, July 25th. Bank of America boosted their price objective on AllianceBernstein from $41.00 to $42.00 and gave the stock a “neutral” rating in a report on Thursday. Zacks Research downgraded AllianceBernstein from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Evercore ISI reduced their price target on shares of AllianceBernstein from $46.00 to $44.00 and set an “outperform” rating for the company in a research report on Friday, September 5th. Finally, The Goldman Sachs Group lowered shares of AllianceBernstein from a “buy” rating to a “neutral” rating and cut their price objective for the company from $42.25 to $40.00 in a research report on Friday, June 27th.

Institutional Investors Weigh In On AllianceBernstein

A number of hedge funds have recently added to or reduced their stakes in the stock. SVB Wealth LLC acquired a new position in AllianceBernstein during the 1st quarter valued at about $32,000. Mountain Hill Investment Partners Corp. acquired a new position in AllianceBernstein during the first quarter valued at approximately $38,000. Harbor Investment Advisory LLC bought a new stake in AllianceBernstein during the 1st quarter worth approximately $48,000. Costello Asset Management INC bought a new stake in AllianceBernstein during the 1st quarter worth approximately $73,000. Finally, Zions Bancorporation National Association UT acquired a new position in AllianceBernstein during the 1st quarter worth approximately $77,000. Institutional investors own 19.25% of the company’s stock.

AllianceBernstein Price Performance

Shares of NYSE AB opened at $38.45 on Monday. The company has a market capitalization of $4.25 billion, a price-to-earnings ratio of 11.41, a PEG ratio of 1.23 and a beta of 0.82. The business has a 50-day moving average of $39.38 and a 200-day moving average of $39.44. AllianceBernstein has a 1-year low of $32.28 and a 1-year high of $43.30.

AllianceBernstein (NYSE:AB) last released its quarterly earnings results on Thursday, July 24th. The asset manager reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.01). AllianceBernstein had a return on equity of 18.63% and a net margin of 8.35%.The company had revenue of $844.43 million for the quarter, compared to analyst estimates of $853.64 million. During the same period in the previous year, the business posted $0.71 EPS. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. Research analysts expect that AllianceBernstein will post 3.58 EPS for the current fiscal year.

AllianceBernstein Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 4th were paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 7.9%. The ex-dividend date was Monday, August 4th. AllianceBernstein’s payout ratio is currently 90.21%.

About AllianceBernstein

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.