According to Zacks, “ALLIANCE CAP MANAGEMENT L.P. provides diversified investment management services, primarily to pension funds, endowments, foreign financial institutions, and to individual investors. “
Separately, Citigroup dropped their price target on shares of AllianceBernstein from $37.00 to $33.00 and set a buy rating for the company in a research report on Tuesday, October 15th.
Shares of AB traded down $0.25 on Friday, hitting $29.45. 202,176 shares of the stock traded hands, compared to its average volume of 259,947. AllianceBernstein has a 1 year low of $23.34 and a 1 year high of $31.42. The stock’s 50 day moving average is $28.90 and its two-hundred day moving average is $28.93. The firm has a market capitalization of $2.85 billion, a P/E ratio of 11.03, a P/E/G ratio of 2.48 and a beta of 1.20.
AllianceBernstein (NYSE:AB) last issued its quarterly earnings results on Thursday, October 24th. The asset manager reported $0.63 EPS for the quarter, hitting the consensus estimate of $0.63. AllianceBernstein had a net margin of 6.55% and a return on equity of 15.18%. The firm had revenue of $877.87 million during the quarter, compared to analyst estimates of $880.27 million. During the same quarter in the prior year, the business posted $0.69 earnings per share. AllianceBernstein’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, sell-side analysts expect that AllianceBernstein will post 2.37 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were given a dividend of $0.63 per share. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.56. The ex-dividend date was Friday, November 1st. This represents a $2.52 annualized dividend and a yield of 8.56%. AllianceBernstein’s dividend payout ratio is 94.38%.
A number of hedge funds have recently modified their holdings of AB. HM Payson & Co. acquired a new stake in shares of AllianceBernstein in the second quarter worth $30,000. Advisory Services Network LLC increased its position in shares of AllianceBernstein by 168.3% in the second quarter. Advisory Services Network LLC now owns 1,441 shares of the asset manager’s stock worth $43,000 after acquiring an additional 904 shares in the last quarter. North Star Investment Management Corp. acquired a new stake in shares of AllianceBernstein in the third quarter worth $44,000. NEXT Financial Group Inc acquired a new stake in shares of AllianceBernstein in the second quarter worth $51,000. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of AllianceBernstein in the second quarter worth $112,000. 18.33% of the stock is owned by hedge funds and other institutional investors.
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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