AllianceBernstein (NYSE:AB) Reaches New 12-Month High on Better-Than-Expected Earnings

Shares of AllianceBernstein Holding L.P. (NYSE:AB - Get Free Report) hit a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $41.15 and last traded at $40.69, with a volume of 34668 shares traded. The stock had previously closed at $39.89.

The asset manager reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.18. AllianceBernstein had a return on equity of 17.77% and a net margin of 9.46%.

AllianceBernstein Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th will be paid a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a yield of 11.71%. This is a boost from AllianceBernstein's previous quarterly dividend of $0.77. The ex-dividend date of this dividend is Tuesday, February 18th. AllianceBernstein's payout ratio is presently 82.80%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on AB shares. Evercore ISI upped their price target on shares of AllianceBernstein from $43.00 to $45.00 and gave the company an "outperform" rating in a report on Thursday, November 7th. Barclays decreased their price target on AllianceBernstein from $39.00 to $36.00 and set an "equal weight" rating for the company in a report on Monday, December 9th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, AllianceBernstein presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.40.

Institutional Investors Weigh In On AllianceBernstein

Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its holdings in shares of AllianceBernstein by 12.1% during the third quarter. JPMorgan Chase & Co. now owns 2,454,364 shares of the asset manager's stock valued at $85,633,000 after acquiring an additional 265,844 shares during the last quarter. Crestwood Advisors Group LLC lifted its holdings in AllianceBernstein by 1,019.7% in the 3rd quarter. Crestwood Advisors Group LLC now owns 280,961 shares of the asset manager's stock valued at $9,803,000 after purchasing an additional 255,868 shares in the last quarter. Citigroup Inc. boosted its stake in AllianceBernstein by 59.1% during the 3rd quarter. Citigroup Inc. now owns 645,685 shares of the asset manager's stock worth $22,528,000 after purchasing an additional 239,941 shares during the last quarter. Four Tree Island Advisory LLC purchased a new stake in shares of AllianceBernstein during the fourth quarter worth $8,695,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of AllianceBernstein in the fourth quarter valued at about $6,683,000. Institutional investors and hedge funds own 19.25% of the company's stock.

AllianceBernstein Price Performance

The stock has a market capitalization of $4.13 billion, a PE ratio of 9.64, a P/E/G ratio of 0.73 and a beta of 1.21. The company's 50 day moving average price is $37.24 and its two-hundred day moving average price is $36.03.

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.