Brokerages Set AllianceBernstein Holding L.P. (NYSE:AB) PT at $39.50

Shares of AllianceBernstein Holding L.P. (NYSE:AB) have been given an average rating of “Hold” by the seven research firms that are presently covering the firm, Marketbeat.com reports. Five 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 updated their coverage on the stock in the last year is $39.50.

AB has been the subject of several research reports. Evercore set a $39.00 price objective on AllianceBernstein in a research report on Friday, July 10th. Barclays dropped their target price on shares of AllianceBernstein from $40.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 29th. Weiss Ratings cut shares of AllianceBernstein from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, August 3rd. TD Cowen increased their price target on shares of AllianceBernstein from $37.00 to $38.00 and gave the company a “hold” rating in a report on Monday, July 20th. Finally, Zacks Research upgraded shares of AllianceBernstein from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th.

AllianceBernstein Stock Performance

Shares of NYSE:AB opened at $36.43 on Thursday. The company has a market cap of $3.39 billion, a P/E ratio of 10.78, a P/E/G ratio of 1.19 and a beta of 0.80. The stock’s 50-day moving average is $36.69 and its 200-day moving average is $37.85. AllianceBernstein has a 52-week low of $34.92 and a 52-week high of $44.11.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings data on Friday, July 31st. The asset manager reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). The business had revenue of $887.55 million during the quarter, compared to the consensus estimate of $907.67 million. AllianceBernstein had a return on equity of 25.94% and a net margin of 6.60%.The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.76 earnings per share. As a group, equities analysts predict that AllianceBernstein will post 3.47 EPS for the current year.

AllianceBernstein Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Wednesday, August 12th will be paid a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 9.0%. The ex-dividend date is Wednesday, August 12th. AllianceBernstein’s dividend payout ratio (DPR) is presently 97.04%.

Insiders Place Their Bets

In related news, Director Charles G.T. Stonehill sold 5,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $37.17, for a total transaction of $185,850.00. Following the transaction, the director directly owned 24,573 shares in the company, valued at $913,378.41. The trade was a 16.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.70% of the stock is currently owned by company insiders.

Institutional Trading of AllianceBernstein

A number of hedge funds have recently modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in AllianceBernstein during the fourth quarter worth $28,000. Axiom Investment Management LLC acquired a new position in shares of AllianceBernstein in the 1st quarter valued at $28,000. Russell Investments Group Ltd. acquired a new position in shares of AllianceBernstein in the 2nd quarter valued at $28,000. Fifth Third Bancorp bought a new position in shares of AllianceBernstein during the 2nd quarter worth about $29,000. Finally, Ascentis Independent Advisors bought a new position in shares of AllianceBernstein during the 1st quarter worth about $30,000. Institutional investors own 19.25% of the company’s stock.

AllianceBernstein Company Profile

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.