AllianceBernstein (NYSE:AB) Coverage Initiated at StockNews.com

Posted by Linda Flegge on Mar 19th, 2023

StockNews.com started coverage on shares of AllianceBernstein (NYSE:AB – Get Rating) in a research report released on Thursday. The firm issued a hold rating on the asset manager’s stock.

Several other brokerages also recently weighed in on AB. Evercore ISI increased their target price on shares of AllianceBernstein to $44.00 in a research note on Friday, February 10th. Credit Suisse Group raised shares of AllianceBernstein from a neutral rating to an outperform rating and increased their target price for the company from $32.00 to $43.50 in a research note on Monday, February 13th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $43.70.

AllianceBernstein Stock Down 0.9 %

AB stock opened at $34.98 on Thursday. AllianceBernstein has a 52 week low of $31.31 and a 52 week high of $49.45. The firm has a market capitalization of $3.98 billion, a P/E ratio of 12.91 and a beta of 1.35. The company has a fifty day simple moving average of $38.43 and a two-hundred day simple moving average of $38.12.

AllianceBernstein (NYSE:AB – Get Rating) last announced its earnings results on Thursday, February 9th. The asset manager reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.13. AllianceBernstein had a net margin of 6.76% and a return on equity of 17.94%. The business had revenue of $990.18 million for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the firm posted $1.29 earnings per share. The business’s revenue for the quarter was down 21.7% on a year-over-year basis. As a group, analysts anticipate that AllianceBernstein will post 2.77 EPS for the current year.

AllianceBernstein Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 16th. Investors of record on Tuesday, February 21st were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 8.00%. The ex-dividend date was Friday, February 17th. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.64. AllianceBernstein’s dividend payout ratio (DPR) is currently 103.32%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. B. Riley Wealth Advisors Inc. increased its position in AllianceBernstein by 16.7% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 7,537 shares of the asset manager’s stock valued at $259,000 after purchasing an additional 1,077 shares during the period. Cascade Investment Group Inc. purchased a new position in AllianceBernstein during the 4th quarter valued at about $282,000. Natixis increased its position in AllianceBernstein by 248.9% during the 4th quarter. Natixis now owns 149,000 shares of the asset manager’s stock valued at $5,121,000 after purchasing an additional 106,300 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in AllianceBernstein by 19.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 8,699 shares of the asset manager’s stock valued at $299,000 after purchasing an additional 1,403 shares during the period. Finally, Alliancebernstein L.P. increased its position in AllianceBernstein by 1.6% during the 4th quarter. Alliancebernstein L.P. now owns 30,998 shares of the asset manager’s stock valued at $1,065,000 after purchasing an additional 488 shares during the period. Hedge funds and other institutional investors own 11.47% of the company’s stock.

AllianceBernstein Company Profile

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AllianceBernstein Holding LP engages in the provision of research, investment management, and related services. It offers investment trusts, mutual funds, hedge funds, and other investment vehicles. The company was founded in October 2000 and is headquartered in Nashville, TN.