AllianceBernstein Holding L.P. (NYSE:AB) Announces Quarterly Dividend of $0.77

AllianceBernstein Holding L.P. (NYSE:AB) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Shareholders of record on Monday, November 4th will be given a dividend of 0.77 per share by the asset manager on Sunday, November 24th. This represents a $3.08 annualized dividend and a yield of 8.04%. The ex-dividend date of this dividend is Monday, November 4th. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71.

AllianceBernstein has decreased its dividend by an average of 2.1% annually over the last three years. AllianceBernstein has a payout ratio of 78.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect AllianceBernstein to earn $3.58 per share next year, which means the company should continue to be able to cover its $2.84 annual dividend with an expected future payout ratio of 79.3%.

AllianceBernstein Stock Up 1.8 %

AllianceBernstein stock opened at $38.33 on Friday. The company has a market capitalization of $4.41 billion, a PE ratio of 15.90, a P/E/G ratio of 0.66 and a beta of 1.24. The firm has a fifty day simple moving average of $35.10 and a two-hundred day simple moving average of $34.11. AllianceBernstein has a twelve month low of $25.83 and a twelve month high of $38.96.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings results on Friday, July 26th. The asset manager reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.04. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $807.42 million. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.61 earnings per share. As a group, equities analysts expect that AllianceBernstein will post 3.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. TD Cowen boosted their price target on shares of AllianceBernstein from $36.00 to $39.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Evercore ISI increased their target price on shares of AllianceBernstein from $38.00 to $39.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. The Goldman Sachs Group increased their target price on shares of AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Finally, Barclays increased their target price on shares of AllianceBernstein from $35.00 to $36.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $41.20.

Insider Buying and Selling

In related news, insider Equitable Holdings, Inc. purchased 500,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was bought at an average cost of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the purchase, the insider now directly owns 3,066,838 shares in the company, valued at approximately $104,824,522.84. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other AllianceBernstein news, Director Charles G.T. Stonehill sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $34.87, for a total transaction of $139,480.00. Following the completion of the transaction, the director now owns 25,923 shares of the company’s stock, valued at approximately $903,935.01. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Equitable Holdings, Inc. bought 500,000 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were acquired at an average cost of $34.18 per share, with a total value of $17,090,000.00. Following the purchase, the insider now directly owns 3,066,838 shares of the company’s stock, valued at approximately $104,824,522.84. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 2.70% of the stock is owned by insiders.

AllianceBernstein Company Profile

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.