AllianceBernstein Holding L.P. (AB) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of AllianceBernstein Holding L.P. (NYSE:AB) from a buy rating to a hold rating in a research report report published on Monday.

According to Zacks, “ALLIANCE CAP MANAGEMENT L.P. provides diversified investment management services, primarily to pension funds, endowments, foreign financial institutions, and to individual investors. “

Several other research firms also recently weighed in on AB. Credit Suisse Group reaffirmed a neutral rating on shares of AllianceBernstein Holding L.P. in a research report on Friday, August 11th. BidaskClub raised AllianceBernstein Holding L.P. from a buy rating to a strong-buy rating in a research report on Sunday, July 16th. Sidoti began coverage on AllianceBernstein Holding L.P. in a research report on Monday, June 5th. They issued a buy rating and a $28.00 target price for the company. Finally, ValuEngine downgraded AllianceBernstein Holding L.P. from a buy rating to a hold rating in a research report on Friday, June 2nd. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. AllianceBernstein Holding L.P. presently has a consensus rating of Buy and an average target price of $26.50.

AllianceBernstein Holding L.P. (NYSE AB) opened at 23.85 on Monday. AllianceBernstein Holding L.P. has a one year low of $20.40 and a one year high of $26.15. The firm’s 50-day moving average is $23.83 and its 200 day moving average is $23.03. The company has a market capitalization of $2.23 billion, a PE ratio of 10.96 and a beta of 1.52.

AllianceBernstein Holding L.P. (NYSE:AB) last issued its quarterly earnings data on Thursday, July 27th. The asset manager reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.02. The firm had revenue of $802.31 million for the quarter, compared to analyst estimates of $771.88 million. AllianceBernstein Holding L.P. had a net margin of 6.74% and a return on equity of 13.28%. AllianceBernstein Holding L.P.’s revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.39 EPS. On average, equities analysts expect that AllianceBernstein Holding L.P. will post $2.07 EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Monday, August 7th were given a $0.49 dividend. This is an increase from AllianceBernstein Holding L.P.’s previous quarterly dividend of $0.46. This represents a $1.96 annualized dividend and a yield of 8.22%. The ex-dividend date of this dividend was Thursday, August 3rd. AllianceBernstein Holding L.P.’s payout ratio is currently 89.91%.

In other news, CFO John C. Weisenseel sold 8,000 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $23.99, for a total transaction of $191,920.00. Following the completion of the transaction, the chief financial officer now directly owns 64,869 shares of the company’s stock, valued at $1,556,207.31. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO James A. Gingrich sold 60,000 shares of the business’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $24.97, for a total value of $1,498,200.00. Following the transaction, the chief operating officer now directly owns 255,581 shares of the company’s stock, valued at $6,381,857.57. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 598,205 shares of company stock valued at $14,284,786. 2.70% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the company. American Century Companies Inc. grew its position in shares of AllianceBernstein Holding L.P. by 6.0% during the second quarter. American Century Companies Inc. now owns 2,518,953 shares of the asset manager’s stock worth $59,573,000 after buying an additional 141,736 shares in the last quarter. Meiji Yasuda Life Insurance Co acquired a new position in shares of AllianceBernstein Holding L.P. during the second quarter worth about $37,556,000. Bank of America Corp DE grew its position in shares of AllianceBernstein Holding L.P. by 11.7% during the first quarter. Bank of America Corp DE now owns 1,512,976 shares of the asset manager’s stock worth $34,571,000 after buying an additional 159,069 shares in the last quarter. Franklin Resources Inc. grew its position in shares of AllianceBernstein Holding L.P. by 25.4% during the second quarter. Franklin Resources Inc. now owns 1,474,636 shares of the asset manager’s stock worth $34,874,000 after buying an additional 299,008 shares in the last quarter. Finally, Morgan Stanley grew its position in shares of AllianceBernstein Holding L.P. by 166.0% during the first quarter. Morgan Stanley now owns 1,258,872 shares of the asset manager’s stock worth $28,765,000 after buying an additional 785,538 shares in the last quarter. 19.41% of the stock is owned by institutional investors and hedge funds.

AllianceBernstein Holding L.P. Company Profile

AllianceBernstein Holding L.P. is engaged in providing research, investment management and related services to a range of clients through its three buy-side distribution channels: Institutions, Retail and Private Wealth Management, and its sell-side business, Bernstein Research Services. The Company offers a range of investment services, including equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and equities; traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; passive management, including index and enhanced index strategies; alternative investments, including hedge funds, fund of funds and private equity, and multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds.

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