Brokerages Set AllianceBernstein Holding L.P. (NYSE:AB) PT at $37.67

AllianceBernstein Holding L.P. (NYSE:AB) has received an average rating of “Hold” from the six ratings firms that are covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $37.67.

Several equities research analysts recently issued reports on the stock. TD Cowen dropped their target price on shares of AllianceBernstein from $37.50 to $34.00 and set a “hold” rating on the stock in a report on Wednesday, April 9th. StockNews.com downgraded AllianceBernstein from a “hold” rating to a “sell” rating in a research note on Friday, May 2nd. Bank of America cut AllianceBernstein from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $42.00 to $38.00 in a research report on Thursday, April 3rd. Barclays raised their target price on AllianceBernstein from $36.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Friday, April 25th. Finally, Sanford C. Bernstein lowered shares of AllianceBernstein from a “buy” rating to a “neutral” rating and set a $38.00 price target for the company. in a research report on Thursday, April 3rd.

Institutional Trading of AllianceBernstein

A number of institutional investors have recently made changes to their positions in AB. Kestra Private Wealth Services LLC lifted its holdings in AllianceBernstein by 4.6% in the first quarter. Kestra Private Wealth Services LLC now owns 5,904 shares of the asset manager’s stock valued at $226,000 after acquiring an additional 257 shares during the period. Joel Isaacson & Co. LLC raised its stake in AllianceBernstein by 2.8% in the 1st quarter. Joel Isaacson & Co. LLC now owns 10,177 shares of the asset manager’s stock valued at $390,000 after purchasing an additional 281 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in AllianceBernstein by 19.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,929 shares of the asset manager’s stock valued at $72,000 after acquiring an additional 319 shares during the last quarter. Jump Financial LLC raised its holdings in shares of AllianceBernstein by 1.5% during the 4th quarter. Jump Financial LLC now owns 29,600 shares of the asset manager’s stock worth $1,098,000 after acquiring an additional 427 shares during the period. Finally, JBR Co Financial Management Inc grew its stake in shares of AllianceBernstein by 4.0% in the 1st quarter. JBR Co Financial Management Inc now owns 12,033 shares of the asset manager’s stock valued at $461,000 after buying an additional 462 shares during the period. Institutional investors and hedge funds own 19.25% of the company’s stock.

AllianceBernstein Stock Performance

AB stock opened at $40.24 on Friday. AllianceBernstein has a 52 week low of $30.57 and a 52 week high of $41.86. The firm’s fifty day moving average is $37.60 and its 200 day moving average is $37.23. The firm has a market cap of $4.45 billion, a P/E ratio of 10.82, a P/E/G ratio of 0.78 and a beta of 0.85.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings data on Thursday, April 24th. The asset manager reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.02. AllianceBernstein had a return on equity of 17.88% and a net margin of 9.46%. The firm had revenue of $838.21 million for the quarter, compared to analyst estimates of $859.36 million. During the same period last year, the company earned $0.73 EPS. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. As a group, analysts forecast that AllianceBernstein will post 3.58 EPS for the current year.

AllianceBernstein Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Monday, May 5th will be given a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 7.95%. The ex-dividend date of this dividend is Monday, May 5th. AllianceBernstein’s payout ratio is 86.02%.

AllianceBernstein Company Profile

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.