AllianceBernstein (AB) Hits New 12-Month High and Low at $28.60

AllianceBernstein (NYSE:AB)’s share price hit a new 52-week high and low during mid-day trading on Tuesday . The company traded as low as $28.60 and last traded at $28.45, with a volume of 509826 shares changing hands. The stock had previously closed at $28.05.

AB has been the topic of a number of recent analyst reports. Zacks Investment Research raised AllianceBernstein from a “hold” rating to a “strong-buy” rating and set a $30.00 target price on the stock in a research report on Wednesday, February 14th. ValuEngine lowered AllianceBernstein from a “buy” rating to a “hold” rating in a research report on Wednesday, April 18th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $29.67.

The stock has a market cap of $2.72 billion, a PE ratio of 12.37, a P/E/G ratio of 1.56 and a beta of 1.44.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings results on Thursday, April 26th. The asset manager reported $0.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.05. The business had revenue of $867.78 million for the quarter, compared to analyst estimates of $895.30 million. AllianceBernstein had a return on equity of 16.37% and a net margin of 6.53%. The business’s revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.46 EPS. analysts expect that AllianceBernstein will post 2.54 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, May 17th. Investors of record on Monday, May 7th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 10.26%. The ex-dividend date was Friday, May 4th. AllianceBernstein’s dividend payout ratio is currently 126.96%.

In related news, General Counsel Laurence E. Cranch sold 37,500 shares of the company’s stock in a transaction that occurred on Monday, March 5th. The stock was sold at an average price of $26.32, for a total transaction of $987,000.00. Following the sale, the general counsel now directly owns 150,707 shares of the company’s stock, valued at approximately $3,966,608.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Laurence E. Cranch sold 40,848 shares of the company’s stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $26.26, for a total value of $1,072,668.48. Following the sale, the general counsel now directly owns 134,269 shares in the company, valued at $3,525,903.94. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Synovus Financial Corp bought a new position in AllianceBernstein during the 1st quarter worth $100,000. Optimum Investment Advisors bought a new position in AllianceBernstein during the 1st quarter worth $120,000. Mission Wealth Management LP bought a new position in AllianceBernstein during the 1st quarter worth $205,000. American Asset Management Inc. bought a new position in AllianceBernstein during the 1st quarter worth $209,000. Finally, American National Insurance Co. TX bought a new position in AllianceBernstein during the 1st quarter worth $212,000. Hedge funds and other institutional investors own 22.62% of the company’s stock.

About AllianceBernstein

AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.

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