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

AllianceBernstein Holding L.P. (NYSE:AB) has earned a consensus recommendation of “Hold” from the seven brokerages that are currently covering the stock, Marketbeat Ratings 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 target among brokers that have updated their coverage on the stock in the last year is $39.50.

Several analysts have recently commented on AB shares. Zacks Research upgraded AllianceBernstein from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Evercore set a $39.00 price target on AllianceBernstein in a research note on Friday, July 10th. Weiss Ratings lowered shares of AllianceBernstein from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, June 29th. TD Cowen boosted their target price on shares of AllianceBernstein from $37.00 to $38.00 and gave the stock a “hold” rating in a research report on Monday, July 20th. Finally, Barclays lowered their price objective on shares of AllianceBernstein from $40.00 to $39.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 29th.

Hedge Funds Weigh In On AllianceBernstein

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Axiom Investment Management LLC purchased a new position in AllianceBernstein during the 1st quarter worth approximately $28,000. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of AllianceBernstein in the 4th quarter valued at $28,000. Ascentis Independent Advisors acquired a new stake in shares of AllianceBernstein in the first quarter worth $30,000. NFSG Corp increased its stake in shares of AllianceBernstein by 800.0% in the first quarter. NFSG Corp now owns 900 shares of the asset manager’s stock worth $34,000 after acquiring an additional 800 shares during the period. Finally, Garton & Associates Financial Advisors LLC purchased a new position in shares of AllianceBernstein during the fourth quarter worth $35,000. Institutional investors and hedge funds own 19.25% of the company’s stock.

AllianceBernstein News Roundup

Here are the key news stories impacting AllianceBernstein this week:

• Positive Sentiment: Assets under management rose 9.2% year over year and 8.0% sequentially to a record $905.5 billion. The firm also generated $0.8 billion of net inflows, reversing $7.1 billion of outflows in the first quarter. AllianceBernstein Q2 results and AUM report
• Positive Sentiment: GAAP operating income increased 30.2% from the prior-year quarter to $289.2 million, while adjusted earnings per unit improved to $0.82 from $0.76. Retail and institutional channels posted net inflows, supporting the outlook for fee-based revenue. AllianceBernstein second-quarter results
• Positive Sentiment: AllianceBernstein declared a quarterly cash distribution of $0.82 per unit, payable August 27 to holders of record August 12. The distribution implies an indicated annualized yield of approximately 8.8%, which may attract income-focused investors.
• Neutral Sentiment: Second-quarter revenue increased 7.5% year over year, and adjusted earnings were broadly in line with expectations, although reports characterize revenue as below analyst forecasts. AllianceBernstein earnings and revenue report
• Negative Sentiment: Adjusted earnings of $0.82 per unit narrowly missed the $0.83 consensus estimate, while GAAP earnings declined sequentially to $0.77 from $0.92 in the first quarter. Private Wealth also recorded $0.7 billion of net outflows, highlighting some pressure beneath the headline AUM growth. AllianceBernstein earnings report

AllianceBernstein Stock Down 1.2%

Shares of AllianceBernstein stock opened at $37.44 on Friday. The company has a market cap of $3.50 billion, a P/E ratio of 11.52, a PEG ratio of 1.21 and a beta of 0.81. The firm’s 50 day moving average price is $36.87 and its 200-day moving average price is $38.33. AllianceBernstein has a 52-week low of $34.92 and a 52-week high of $44.11.

AllianceBernstein (NYSE:AB) last posted its earnings results on Tuesday, July 28th. The asset manager reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). AllianceBernstein had a net margin of 6.69% and a return on equity of 23.11%. The firm had revenue of $887.55 million for the quarter, compared to analysts’ expectations of $907.67 million. During the same period in the previous year, the company earned $0.76 EPS. The company’s revenue was up 7.5% on a year-over-year basis. As a group, equities research analysts forecast that AllianceBernstein will post 3.52 EPS 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 issued a dividend of $0.82 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 8.8%. AllianceBernstein’s payout ratio is 102.15%.

About AllianceBernstein

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.