AllianceBernstein (NYSE:AB) Shares Gap Up to $48.28

Shares of AllianceBernstein Holding L.P. (NYSE:AB) gapped up before the market opened on Tuesday . The stock had previously closed at $48.28, but opened at $50.02. AllianceBernstein shares last traded at $49.29, with a volume of 1,546 shares.

A number of brokerages have recently weighed in on AB. Zacks Investment Research lowered AllianceBernstein from a “buy” rating to a “hold” rating in a research note on Thursday, August 5th. Citigroup upped their target price on AllianceBernstein from $54.50 to $56.00 and gave the company a “buy” rating in a research report on Friday, September 10th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, AllianceBernstein has an average rating of “Hold” and a consensus price target of $44.57.

The stock has a 50-day moving average of $49.51 and a 200 day moving average of $45.28. The stock has a market cap of $4.93 billion, a PE ratio of 14.24 and a beta of 1.39.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings results on Wednesday, July 28th. The asset manager reported $0.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.09. AllianceBernstein had a return on equity of 20.93% and a net margin of 8.21%. The company had revenue of $881.64 million during the quarter, compared to the consensus estimate of $851.20 million. On average, equities analysts predict that AllianceBernstein Holding L.P. will post 3.44 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, August 19th. Shareholders of record on Monday, August 9th were issued a $0.91 dividend. The ex-dividend date of this dividend was Friday, August 6th. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.81. This represents a $3.64 dividend on an annualized basis and a yield of 7.37%. AllianceBernstein’s payout ratio is presently 125.09%.

A number of large investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC raised its stake in shares of AllianceBernstein by 15.9% during the 1st quarter. Commonwealth Equity Services LLC now owns 58,210 shares of the asset manager’s stock worth $2,327,000 after buying an additional 7,980 shares during the period. Aptus Capital Advisors LLC acquired a new position in shares of AllianceBernstein during the 1st quarter worth approximately $200,000. The PNC Financial Services Group Inc. raised its stake in shares of AllianceBernstein by 21.7% during the 1st quarter. The PNC Financial Services Group Inc. now owns 31,723 shares of the asset manager’s stock worth $1,268,000 after buying an additional 5,650 shares during the period. Strategic Wealth Advisors Group LLC raised its stake in shares of AllianceBernstein by 28.9% during the 1st quarter. Strategic Wealth Advisors Group LLC now owns 13,366 shares of the asset manager’s stock worth $535,000 after buying an additional 3,000 shares during the period. Finally, Cambridge Investment Research Advisors Inc. raised its stake in AllianceBernstein by 64.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 153,457 shares of the asset manager’s stock valued at $6,137,000 after purchasing an additional 60,223 shares during the last quarter. 13.21% of the stock is owned by institutional investors.

AllianceBernstein Company Profile (NYSE:AB)

AllianceBernstein Holding LP engages in the provision of research, diversified investment management and related services. It offers investment trusts, mutual funds, hedge funds and other investment vehicles. The company was founded in October 2000 and is headquartered in New York, NY.

See Also: Return on Equity (ROE)

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