AllianceBernstein Holding L.P. (NYSE:AB – Get Free Report) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 914,000 shares, a decrease of 15.4% from the August 15th total of 1,080,000 shares. Based on an average daily trading volume, of 277,600 shares, the short-interest ratio is currently 3.3 days.
AllianceBernstein Trading Down 0.1 %
Shares of AllianceBernstein stock traded down $0.02 on Monday, reaching $34.52. 186,244 shares of the company were exchanged, compared to its average volume of 301,320. The company has a market capitalization of $3.98 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 0.72 and a beta of 1.24. AllianceBernstein has a one year low of $25.83 and a one year high of $35.67. The company has a 50-day moving average of $34.07 and a 200 day moving average of $33.75.
AllianceBernstein (NYSE:AB – Get Free Report) last posted its quarterly earnings results on Friday, July 26th. The asset manager reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.04. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $807.42 million. During the same period in the prior year, the firm posted $0.61 earnings per share. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. Analysts predict that AllianceBernstein will post 2.97 earnings per share for the current year.
AllianceBernstein Cuts Dividend
Analysts Set New Price Targets
AB has been the topic of several research analyst reports. Barclays began coverage on AllianceBernstein in a research note on Tuesday, August 27th. They set an “equal weight” rating and a $35.00 price objective on the stock. Evercore ISI lowered their target price on AllianceBernstein from $40.00 to $38.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Finally, TD Cowen lifted their price target on shares of AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $39.95.
Insider Buying and Selling
In related news, insider Christopher Hogbin sold 12,781 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $34.87, for a total value of $445,673.47. Following the completion of the transaction, the insider now owns 10,000 shares in the company, valued at approximately $348,700. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Charles G.T. Stonehill sold 4,000 shares of AllianceBernstein stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $34.87, for a total transaction of $139,480.00. Following the completion of the sale, the director now directly owns 25,923 shares of the company’s stock, valued at $903,935.01. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Christopher Hogbin sold 12,781 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $34.87, for a total value of $445,673.47. Following the completion of the transaction, the insider now directly owns 10,000 shares in the company, valued at approximately $348,700. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.
Institutional Trading of AllianceBernstein
Several institutional investors and hedge funds have recently bought and sold shares of AB. Principal Securities Inc. bought a new stake in shares of AllianceBernstein during the 4th quarter worth about $26,000. Geneos Wealth Management Inc. acquired a new position in shares of AllianceBernstein in the first quarter valued at approximately $28,000. SJS Investment Consulting Inc. bought a new position in shares of AllianceBernstein during the second quarter worth approximately $31,000. Register Financial Advisors LLC acquired a new stake in AllianceBernstein during the 1st quarter worth approximately $42,000. Finally, Cape Investment Advisory Inc. boosted its stake in AllianceBernstein by 198.7% in the 4th quarter. Cape Investment Advisory Inc. now owns 1,428 shares of the asset manager’s stock valued at $44,000 after purchasing an additional 950 shares during the period. Institutional investors own 19.25% of the company’s stock.
About AllianceBernstein
AllianceBernstein Holding L.P. is a publicly owned investment manager. The firm is a related adviser The firm manages separate client focused portfolios for its clients. The firm primarily invests in common and preferred stocks, warrants and convertible securities, government and corporate fxed-income securities, commodities, currencies, real estate-related assets and infation-protected securities.
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