AllianceBernstein Holding L.P. (NYSE:AB) Raises Dividend to $0.77 Per Share

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 paid 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 a boost from AllianceBernstein’s previous quarterly dividend of $0.71.

AllianceBernstein has decreased its dividend payment by an average of 2.1% annually over the last three years. AllianceBernstein has a dividend 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 decline. Research 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 Trading Up 1.8 %

Shares of NYSE AB opened at $38.33 on Friday. The firm has a market cap of $4.41 billion, a P/E ratio of 15.90, a price-to-earnings-growth ratio of 0.66 and a beta of 1.24. The business’s 50 day moving average is $35.10 and its 200-day moving average is $34.11. AllianceBernstein has a 1-year low of $25.83 and a 1-year high of $38.96.

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

Analyst Ratings Changes

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

Insider Transactions at AllianceBernstein

In other news, insider Equitable Holdings, Inc. purchased 500,000 shares of the stock in a transaction on Friday, September 20th. The shares were acquired at an average price of $34.18 per share, for a total transaction of $17,090,000.00. Following the completion of the transaction, the insider now directly owns 3,066,838 shares of the company’s stock, valued at approximately $104,824,522.84. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. In related news, Director Charles G.T. Stonehill sold 4,000 shares of AllianceBernstein stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $34.87, for a total value of $139,480.00. Following the sale, the director now owns 25,923 shares in the company, valued at $903,935.01. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Equitable Holdings, Inc. acquired 500,000 shares of the business’s stock in a transaction on Friday, September 20th. The shares were purchased at an average cost of $34.18 per share, for a total transaction of $17,090,000.00. Following the completion of the transaction, the insider now owns 3,066,838 shares in the company, 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. Insiders own 2.70% of the company’s stock.

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.