AllianceBernstein Holding L.P. (AB) Raised to “Buy” at Citigroup Inc.

Citigroup Inc. upgraded shares of AllianceBernstein Holding L.P. (NYSE:AB) from a neutral rating to a buy rating in a research report released on Thursday, Marketbeat Ratings reports. They currently have $31.00 price target on the asset manager’s stock, up from their previous price target of $26.00.

A number of other research analysts also recently commented on the company. Zacks Investment Research raised AllianceBernstein Holding L.P. from a hold rating to a buy rating and set a $27.00 target price on the stock in a report on Thursday, July 13th. BidaskClub raised AllianceBernstein Holding L.P. from a buy rating to a strong-buy rating in a report on Sunday, July 16th. Finally, Credit Suisse Group reaffirmed a neutral rating on shares of AllianceBernstein Holding L.P. in a report on Friday, August 11th. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. AllianceBernstein Holding L.P. currently has a consensus rating of Buy and a consensus target price of $27.60.

Shares of AllianceBernstein Holding L.P. (AB) opened at 26.30 on Thursday. The stock has a market cap of $2.46 billion, a PE ratio of 12.08 and a beta of 1.51. AllianceBernstein Holding L.P. has a 52 week low of $20.40 and a 52 week high of $26.60. The firm has a 50-day moving average price of $24.68 and a 200-day moving average price of $23.53.

AllianceBernstein Holding L.P. (NYSE:AB) last released its earnings results on Wednesday, October 25th. The asset manager reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). AllianceBernstein Holding L.P. had a return on equity of 13.72% and a net margin of 6.38%. The firm had revenue of $812.15 million for the quarter, compared to the consensus estimate of $786.74 million. During the same period in the prior year, the business earned $0.45 EPS. The company’s quarterly revenue was up 8.6% on a year-over-year basis. On average, analysts forecast that AllianceBernstein Holding L.P. will post $2.08 earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Thursday, November 16th. Investors of record on Monday, November 6th will be issued a $0.51 dividend. This is an increase from AllianceBernstein Holding L.P.’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $2.04 annualized dividend and a dividend yield of 7.76%. AllianceBernstein Holding L.P.’s dividend payout ratio (DPR) is 92.45%.

In related news, COO James A. Gingrich sold 21,000 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $24.40, for a total value of $512,400.00. Following the sale, the chief operating officer now directly owns 220,159 shares in the company, valued at approximately $5,371,879.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Axa America Holdings, Inc. bought 1,071,180 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was acquired at an average price of $22.90 per share, for a total transaction of $24,530,022.00. The disclosure for this purchase can be found here. In the last three months, insiders sold 479,491 shares of company stock worth $11,508,679. Company insiders own 2.70% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Seminole Management Co. Inc. acquired a new stake in AllianceBernstein Holding L.P. in the 3rd quarter valued at approximately $1,840,000. New England Research & Management Inc. increased its position in AllianceBernstein Holding L.P. by 3.1% in the 3rd quarter. New England Research & Management Inc. now owns 74,778 shares of the asset manager’s stock valued at $1,817,000 after acquiring an additional 2,250 shares during the period. WFG Advisors LP increased its position in AllianceBernstein Holding L.P. by 24.2% in the 2nd quarter. WFG Advisors LP now owns 6,311 shares of the asset manager’s stock valued at $149,000 after acquiring an additional 1,228 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in AllianceBernstein Holding L.P. by 70.0% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 75,524 shares of the asset manager’s stock valued at $1,786,000 after acquiring an additional 31,107 shares during the period. Finally, Tower Research Capital LLC TRC increased its position in AllianceBernstein Holding L.P. by 399.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 14,980 shares of the asset manager’s stock valued at $354,000 after acquiring an additional 11,980 shares during the period. Hedge funds and other institutional investors own 19.38% 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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