Shares of AllianceBernstein Holding LP (NYSE:AB) have received an average recommendation of “Hold” from the nine brokerages that are currently covering the company. Two research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $25.85.
Several research firms recently issued reports on AB. Citigroup Inc. cut their price objective on shares of AllianceBernstein Holding from $28.00 to $27.00 and set a “buy” rating for the company in a research report on Friday, July 29th. Zacks Investment Research upgraded shares of AllianceBernstein Holding from a “sell” rating to a “hold” rating in a research report on Wednesday, July 13th. Finally, Jefferies Group raised their price objective on shares of AllianceBernstein Holding from $21.50 to $22.00 and gave the stock a “hold” rating in a research report on Monday, July 11th.
Shares of AllianceBernstein Holding (NYSE:AB) opened at 22.52 on Thursday. The stock has a 50 day moving average of $22.27 and a 200 day moving average of $22.93. AllianceBernstein Holding has a 12 month low of $16.11 and a 12 month high of $27.70. The stock has a market cap of $2.17 billion, a PE ratio of 11.70 and a beta of 1.31.
AllianceBernstein Holding (NYSE:AB) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by $0.04. AllianceBernstein Holding had a return on equity of 29.76% and a net margin of 16.18%. The business earned $725.80 million during the quarter, compared to analysts’ expectations of $701.98 million. During the same period in the prior year, the business posted $0.48 earnings per share. The business’s quarterly revenue was down 8.4% on a year-over-year basis. On average, equities analysts anticipate that AllianceBernstein Holding will post $1.73 earnings per share for the current fiscal year.
In related news, Director Weston M. Hicks sold 4,539 shares of AllianceBernstein Holding stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $21.50, for a total value of $97,588.50. Following the completion of the transaction, the director now owns 26,469 shares in the company, valued at $569,083.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.40% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in AB. Allianz Asset Management AG boosted its position in shares of AllianceBernstein Holding by 13.0% in the second quarter. Allianz Asset Management AG now owns 1,415,792 shares of the company’s stock worth $32,988,000 after buying an additional 163,000 shares during the period. NN Investment Partners Holdings N.V. boosted its position in shares of AllianceBernstein Holding by 2.7% in the second quarter. NN Investment Partners Holdings N.V. now owns 277,000 shares of the company’s stock worth $6,454,000 after buying an additional 7,200 shares during the period. Sadoff Investment Management LLC boosted its position in shares of AllianceBernstein Holding by 2.4% in the third quarter. Sadoff Investment Management LLC now owns 236,800 shares of the company’s stock worth $5,399,000 after buying an additional 5,450 shares during the period. Stifel Financial Corp boosted its position in shares of AllianceBernstein Holding by 0.4% in the second quarter. Stifel Financial Corp now owns 229,359 shares of the company’s stock worth $5,343,000 after buying an additional 890 shares during the period. Finally, UBS Group AG boosted its position in shares of AllianceBernstein Holding by 2.5% in the first quarter. UBS Group AG now owns 160,766 shares of the company’s stock worth $3,766,000 after buying an additional 3,919 shares during the period. Hedge funds and other institutional investors own 26.31% of the company’s stock.
About AllianceBernstein Holding
AllianceBernstein Holding L.P. provides research, investment management and related services to a range of clients through three buy-side distribution channels, institutions, retail and private wealth management, and its sell-side business, Bernstein Research Services. The Company’s principal services include institutional services, retail services, private wealth management services and Bernstein research services.
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