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 given a dividend of 0.77 per share by the asset manager on Thursday, November 21st. This represents a $3.08 dividend on an annualized basis and a yield of 8.23%. The ex-dividend date of this dividend is Monday, November 4th. This is a positive change 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 payout ratio of 84.2% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect AllianceBernstein to earn $3.56 per share next year, which means the company should continue to be able to cover its $3.08 annual dividend with an expected future payout ratio of 86.5%.

AllianceBernstein Stock Performance

AB opened at $37.43 on Friday. AllianceBernstein has a one year low of $25.83 and a one year high of $38.96. The company has a market cap of $4.31 billion, a P/E ratio of 10.72, a PEG ratio of 0.85 and a beta of 1.24. The business’s 50-day simple moving average is $35.44 and its 200-day simple moving average is $34.29.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of research firms have weighed in on AB. TD Cowen raised their price objective on shares of AllianceBernstein from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Monday, July 29th. The Goldman Sachs Group lifted their price target on shares of AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Barclays upped their price objective on shares of AllianceBernstein from $36.00 to $39.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. Finally, Evercore ISI lifted their target price on AllianceBernstein from $38.00 to $39.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $41.80.

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.