AllianceBernstein (NYSE:AB) Share Price Passes Above 50-Day Moving Average – Should You Sell?

AllianceBernstein Holding L.P. (NYSE:AB)’s share price crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $36.76 and traded as high as $37.39. AllianceBernstein shares last traded at $37.1570, with a volume of 240,784 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on AB shares. Sanford C. Bernstein reiterated an “outperform” rating on shares of AllianceBernstein in a research note on Friday, July 10th. Weiss Ratings downgraded shares of AllianceBernstein from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday. Evercore set a $39.00 price objective on shares of AllianceBernstein in a report on Friday, July 10th. TD Cowen lifted their price objective on shares of AllianceBernstein from $37.00 to $38.00 and gave the stock a “hold” rating in a research report on Monday, July 20th. Finally, Zacks Research upgraded shares of AllianceBernstein from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, AllianceBernstein presently has an average rating of “Hold” and a consensus price target of $39.50.

AllianceBernstein Stock Up 0.5%

The stock has a 50-day simple moving average of $36.76 and a 200-day simple moving average of $38.27. The firm has a market capitalization of $3.47 billion, a PE ratio of 10.99, a P/E/G ratio of 1.19 and a beta of 0.80.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings results on Tuesday, July 28th. The asset manager reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). AllianceBernstein had a net margin of 6.60% and a return on equity of 25.94%. The firm had revenue of $887.55 million for the quarter, compared to analysts’ expectations of $907.67 million. During the same period in the prior year, the company earned $0.76 EPS. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. Equities analysts forecast that AllianceBernstein Holding L.P. will post 3.5 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Wednesday, August 12th will be paid a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a yield of 8.8%. The ex-dividend date is Wednesday, August 12th. AllianceBernstein’s payout ratio is currently 98.22%.

Institutional Investors Weigh In On AllianceBernstein

Several institutional investors have recently added to or reduced their stakes in the business. D.A. Davidson & CO. increased its stake in shares of AllianceBernstein by 10.7% in the fourth quarter. D.A. Davidson & CO. now owns 165,739 shares of the asset manager’s stock worth $6,378,000 after purchasing an additional 15,974 shares in the last quarter. Crestwood Advisors Group LLC lifted its stake in shares of AllianceBernstein by 1,243.9% during the 4th quarter. Crestwood Advisors Group LLC now owns 218,727 shares of the asset manager’s stock valued at $8,417,000 after buying an additional 202,451 shares in the last quarter. Kestra Advisory Services LLC lifted its stake in shares of AllianceBernstein by 114.6% during the 1st quarter. Kestra Advisory Services LLC now owns 74,211 shares of the asset manager’s stock valued at $2,778,000 after buying an additional 39,636 shares in the last quarter. MidFirst Bank bought a new position in AllianceBernstein in the 4th quarter worth approximately $1,491,000. Finally, Virtu Financial LLC bought a new position in AllianceBernstein in the 4th quarter worth approximately $1,190,000. 19.25% of the stock is owned by hedge funds and other institutional investors.

About AllianceBernstein

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.