AllianceBernstein Holding LP (NYSE:AB) – Jefferies Group lifted their FY2018 earnings per share estimates for shares of AllianceBernstein in a report issued on Tuesday, Zacks Investment Research reports. Jefferies Group analyst S. Thind now anticipates that the asset manager will post earnings per share of $2.38 for the year, up from their previous forecast of $2.28.
AllianceBernstein (NYSE:AB) last posted its quarterly earnings data on Wednesday, October 25th. The asset manager reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.01). The company had revenue of $812.15 million during the quarter, compared to the consensus estimate of $786.74 million. AllianceBernstein had a net margin of 6.38% and a return on equity of 13.72%. The company’s revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the business earned $0.45 earnings per share.
AB has been the subject of several other reports. Citigroup raised shares of AllianceBernstein from a “neutral” rating to a “buy” rating and increased their target price for the company from $26.00 to $31.00 in a research note on Thursday, October 26th. Zacks Investment Research lowered shares of AllianceBernstein from a “buy” rating to a “hold” rating in a research note on Monday, September 11th. ValuEngine lowered shares of AllianceBernstein from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Finally, Credit Suisse Group reissued a “neutral” rating on shares of AllianceBernstein in a research note on Friday, August 11th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $27.80.
AllianceBernstein (AB) traded up $0.45 during trading on Friday, hitting $25.30. 209,308 shares of the stock traded hands, compared to its average volume of 329,682. AllianceBernstein has a twelve month low of $20.40 and a twelve month high of $26.65. The company has a market capitalization of $2,370.00, a PE ratio of 11.67, a PEG ratio of 1.57 and a beta of 1.59.
Institutional investors have recently added to or reduced their stakes in the business. FMR LLC increased its stake in AllianceBernstein by 2.3% in the 2nd quarter. FMR LLC now owns 680,041 shares of the asset manager’s stock valued at $16,083,000 after buying an additional 15,041 shares during the period. JPMorgan Chase & Co. increased its stake in shares of AllianceBernstein by 12.6% during the 1st quarter. JPMorgan Chase & Co. now owns 44,807 shares of the asset manager’s stock worth $1,023,000 after purchasing an additional 5,025 shares during the last quarter. GSA Capital Partners LLP increased its stake in shares of AllianceBernstein by 437.1% during the 2nd quarter. GSA Capital Partners LLP now owns 67,200 shares of the asset manager’s stock worth $1,589,000 after purchasing an additional 54,688 shares during the last quarter. American Century Companies Inc. increased its stake in shares of AllianceBernstein by 6.0% during the 2nd quarter. American Century Companies Inc. now owns 2,518,953 shares of the asset manager’s stock worth $59,573,000 after purchasing an additional 141,736 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of AllianceBernstein by 399.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 14,980 shares of the asset manager’s stock worth $354,000 after purchasing an additional 11,980 shares during the last quarter. Hedge funds and other institutional investors own 20.79% of the company’s stock.
In related news, Chairman Brugge Robert P. Van sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $24.82, for a total value of $248,200.00. Following the completion of the sale, the chairman now owns 101,609 shares in the company, valued at approximately $2,521,935.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO James A. Gingrich sold 21,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $23.32, for a total transaction of $489,720.00. Following the completion of the sale, the chief operating officer now owns 146,659 shares of the company’s stock, valued at approximately $3,420,087.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 242,070 shares of company stock valued at $5,889,312. 2.70% of the stock is owned by insiders.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 16th. Investors of record on Monday, November 6th were given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 8.06%. The ex-dividend date was Friday, November 3rd. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.49. AllianceBernstein’s dividend payout ratio is 96.68%.
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AllianceBernstein 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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