AllianceBernstein Holding L.P. (AB) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of AllianceBernstein Holding L.P. (NYSE:AB) from a hold rating to a buy rating in a research report released on Friday. The brokerage currently has $26.00 target price on the asset manager’s stock.

According to Zacks, “ALLIANCE CAP MANAGEMENT L.P. provides diversified investment management services, primarily to pension funds, endowments, foreign financial institutions, and to individual investors. “

Other analysts have also recently issued reports about the company. Credit Suisse Group restated a neutral rating on shares of AllianceBernstein Holding L.P. in a research report on Friday, August 11th. BidaskClub upgraded AllianceBernstein Holding L.P. from a buy rating to a strong-buy rating in a research report on Sunday, July 16th. Sidoti assumed coverage on AllianceBernstein Holding L.P. in a research report on Monday, June 5th. They issued a buy rating and a $28.00 target price on the stock. Finally, ValuEngine cut AllianceBernstein Holding L.P. from a buy rating to a hold rating in a research report on Friday, June 2nd. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. AllianceBernstein Holding L.P. has a consensus rating of Buy and a consensus price target of $26.25.

AllianceBernstein Holding L.P. (NYSE:AB) opened at 23.60 on Friday. AllianceBernstein Holding L.P. has a one year low of $20.40 and a one year high of $26.15. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 10.84 and a beta of 1.52. The company’s 50-day moving average price is $23.93 and its 200-day moving average price is $23.02.

AllianceBernstein Holding L.P. (NYSE:AB) last posted its earnings results on Thursday, July 27th. The asset manager reported $0.49 EPS for the quarter, beating the consensus estimate of $0.47 by $0.02. AllianceBernstein Holding L.P. had a return on equity of 13.28% and a net margin of 6.74%. The firm had revenue of $802.31 million for the quarter, compared to analysts’ expectations of $771.88 million. During the same period last year, the firm earned $0.39 EPS. The firm’s revenue was up 10.5% compared to the same quarter last year. On average, analysts anticipate that AllianceBernstein Holding L.P. will post $2.07 EPS for the current year.

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The company also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Monday, August 7th were given a dividend of $0.49 per share. The ex-dividend date of this dividend was Thursday, August 3rd. This is a boost from AllianceBernstein Holding L.P.’s previous quarterly dividend of $0.46. This represents a $1.96 annualized dividend and a dividend yield of 8.31%. AllianceBernstein Holding L.P.’s dividend payout ratio (DPR) is 89.91%.

In other news, insider Axa America Holdings, Inc. purchased 1,071,180 shares of the stock in a transaction dated Friday, September 1st. The shares were bought at an average cost of $22.90 per share, for a total transaction of $24,530,022.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO James A. Gingrich sold 21,000 shares of AllianceBernstein Holding L.P. stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $23.08, for a total value of $484,680.00. Following the completion of the transaction, the chief operating officer now owns 367,081 shares in the company, valued at $8,472,229.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 608,705 shares of company stock worth $14,521,456. 2.70% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. American Century Companies Inc. grew its holdings in shares of AllianceBernstein Holding L.P. by 6.0% in the 2nd quarter. American Century Companies Inc. now owns 2,518,953 shares of the asset manager’s stock worth $59,573,000 after acquiring an additional 141,736 shares during the last quarter. Meiji Yasuda Life Insurance Co acquired a new position in shares of AllianceBernstein Holding L.P. in the 2nd quarter worth $37,556,000. Bank of America Corp DE grew its holdings in shares of AllianceBernstein Holding L.P. by 11.7% in the 1st quarter. Bank of America Corp DE now owns 1,512,976 shares of the asset manager’s stock worth $34,571,000 after acquiring an additional 159,069 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of AllianceBernstein Holding L.P. by 25.4% in the 2nd quarter. Franklin Resources Inc. now owns 1,474,636 shares of the asset manager’s stock worth $34,874,000 after acquiring an additional 299,008 shares during the last quarter. Finally, Morgan Stanley grew its holdings in shares of AllianceBernstein Holding L.P. by 166.0% in the 1st quarter. Morgan Stanley now owns 1,258,872 shares of the asset manager’s stock worth $28,765,000 after acquiring an additional 785,538 shares during the last quarter. Institutional investors and hedge funds own 19.41% of the company’s stock.

AllianceBernstein Holding L.P. Company Profile

AllianceBernstein Holding L.P. is engaged in providing research, investment management and related services to a range of clients through its three buy-side distribution channels: Institutions, Retail and Private Wealth Management, and its sell-side business, Bernstein Research Services. The Company offers a range of investment services, including equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and equities; traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; passive management, including index and enhanced index strategies; alternative investments, including hedge funds, fund of funds and private equity, and multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds.

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