Key Points
- AllianceBernstein director Charles G.T. Stonehill sold 5,000 shares at an average price of $37.17, generating $185,850. After the transaction, he retained 24,573 shares, a 16.91% reduction in his direct ownership.
- AllianceBernstein reported quarterly EPS of $0.82, slightly below the $0.83 consensus estimate, while revenue rose 7.5% year over year to $887.55 million.
- The company declared a quarterly dividend of $0.82, equivalent to an annualized $3.28 payout and an 8.8% yield. Analysts maintain an overall “Hold” rating, with an average price target of $39.50.
AllianceBernstein Holding L.P. (NYSE:AB - Get Free Report) Director Charles G.T. Stonehill sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $37.17, for a total value of $185,850.00. Following the transaction, the director directly owned 24,573 shares in the company, valued at approximately $913,378.41. This trade represents a 16.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
AllianceBernstein Stock Performance
Shares of NYSE:AB opened at $37.12 on Friday. AllianceBernstein Holding L.P. has a 52-week low of $34.92 and a 52-week high of $44.11. The business's 50 day simple moving average is $36.76 and its two-hundred day simple moving average is $38.24. The firm has a market cap of $3.47 billion, a P/E ratio of 10.98, a PEG ratio of 1.21 and a beta of 0.80.
AllianceBernstein (NYSE:AB - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The asset manager reported $0.82 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.01). AllianceBernstein had a net margin of 6.60% and a return on equity of 25.94%. The firm had revenue of $887.55 million for the quarter, compared to the consensus estimate of $907.67 million. During the same quarter in the prior year, the firm earned $0.76 EPS. The company's revenue was up 7.5% compared to the same quarter last year. On average, equities analysts forecast that AllianceBernstein Holding L.P. will post 3.48 earnings per share for the current fiscal year.
AllianceBernstein Cuts Dividend
The firm also recently declared 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 of this dividend is Wednesday, August 12th. This represents a $3.28 annualized dividend and a yield of 8.8%. AllianceBernstein's dividend payout ratio (DPR) is presently 98.22%.
Hedge Funds Weigh In On AllianceBernstein
A number of hedge funds have recently bought and sold shares of AB. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of AllianceBernstein in the 4th quarter worth $28,000. Axiom Investment Management LLC bought a new position in shares of AllianceBernstein during the first quarter valued at about $28,000. Russell Investments Group Ltd. bought a new position in shares of AllianceBernstein during the second quarter valued at about $28,000. Fifth Third Bancorp purchased a new position in AllianceBernstein during the second quarter worth about $29,000. Finally, Ascentis Independent Advisors purchased a new position in AllianceBernstein during the first quarter worth about $30,000. 19.25% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
AB has been the topic of several research reports. Weiss Ratings downgraded shares of AllianceBernstein from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday. Barclays reduced their price objective on shares of AllianceBernstein from $40.00 to $39.00 and set an "equal weight" rating for the company in a report on Wednesday, April 29th. Sanford C. Bernstein reissued an "outperform" rating on shares of AllianceBernstein in a research report on Friday, July 10th. TD Cowen upped their target price on shares of AllianceBernstein from $37.00 to $38.00 and gave the stock a "hold" rating in a report on Monday, July 20th. Finally, Evercore set a $39.00 price target on shares of AllianceBernstein in a research report on Friday, July 10th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, AllianceBernstein currently has an average rating of "Hold" and an average price target of $39.50.
Check Out Our Latest Analysis on AllianceBernstein
AllianceBernstein Company Profile
(
Get Free Report)
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.
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