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

AllianceBernstein Holding L.P. (NYSE:AB) has been given a consensus rating of “Hold” by the seven analysts that are currently covering the firm, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating and two have assigned 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.

A number of research analysts have issued reports on AB shares. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of AllianceBernstein in a report on Friday, July 10th. Zacks Research raised AllianceBernstein from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. TD Cowen raised their target price on AllianceBernstein from $37.00 to $38.00 and gave the stock a “hold” rating in a research note on Monday, July 20th. Barclays lowered their price target on AllianceBernstein from $40.00 to $39.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 29th. Finally, Weiss Ratings downgraded AllianceBernstein from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, August 3rd.

AllianceBernstein Stock Up 0.5%

NYSE AB opened at $36.81 on Thursday. AllianceBernstein has a 52 week low of $34.92 and a 52 week high of $44.11. The company has a 50 day moving average price of $36.71 and a 200 day moving average price of $37.77. The firm has a market cap of $3.43 billion, a PE ratio of 10.89, a price-to-earnings-growth ratio of 1.20 and a beta of 0.80.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings data on Friday, July 31st. The asset manager reported $0.82 earnings per share 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 analyst estimates of $907.67 million. AllianceBernstein had a return on equity of 25.94% and a net margin of 6.60%.The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.76 EPS. On average, equities research analysts anticipate that AllianceBernstein will post 3.47 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Wednesday, August 12th will be given a $0.82 dividend. The ex-dividend date is Wednesday, August 12th. This represents a $3.28 dividend on an annualized basis and a yield of 8.9%. AllianceBernstein’s dividend payout ratio is currently 97.04%.

Insider Buying and Selling

In related news, Director Charles G.T. Stonehill sold 5,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $37.17, for a total value of $185,850.00. Following the transaction, the director owned 24,573 shares in the company, valued at approximately $913,378.41. This represents a 16.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.70% of the stock is currently owned by corporate insiders.

Institutional Trading of AllianceBernstein

Several institutional investors and hedge funds have recently bought and sold shares of AB. Northwestern Mutual Wealth Management Co. boosted its position in AllianceBernstein by 17,664.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,640,896 shares of the asset manager’s stock worth $140,102,000 after purchasing an additional 3,620,401 shares in the last quarter. Morgan Stanley increased its holdings in shares of AllianceBernstein by 79.2% during the 4th quarter. Morgan Stanley now owns 1,412,548 shares of the asset manager’s stock valued at $54,355,000 after purchasing an additional 624,270 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of AllianceBernstein by 51.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 916,574 shares of the asset manager’s stock valued at $35,114,000 after purchasing an additional 312,878 shares during the period. Focus Partners Wealth lifted its stake in shares of AllianceBernstein by 1,154.2% in the 3rd quarter. Focus Partners Wealth now owns 336,502 shares of the asset manager’s stock valued at $12,861,000 after purchasing an additional 309,673 shares during the period. Finally, Crestwood Advisors Group LLC boosted its holdings in AllianceBernstein by 1,243.9% during the fourth quarter. Crestwood Advisors Group LLC now owns 218,727 shares of the asset manager’s stock worth $8,417,000 after buying an additional 202,451 shares in the last quarter. 19.25% of the stock is currently owned by institutional investors and hedge funds.

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.