AllianceBernstein Holding LP (NYSE:AB) announced a quarterly dividend on Thursday, February 13th, Wall Street Journal reports. Shareholders of record on Monday, February 24th will be given a dividend of 0.85 per share by the asset manager on Thursday, March 5th. This represents a $3.40 annualized dividend and a yield of 9.83%. The ex-dividend date of this dividend is Friday, February 21st. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.63.
AllianceBernstein has increased its dividend payment by an average of 5.8% annually over the last three years and has raised its dividend every year for the last 2 years. AllianceBernstein has a dividend payout ratio of 86.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect AllianceBernstein to earn $2.91 per share next year, which means the company should continue to be able to cover its $2.52 annual dividend with an expected future payout ratio of 86.6%.
Shares of NYSE AB opened at $34.60 on Friday. AllianceBernstein has a 12 month low of $26.29 and a 12 month high of $35.43. The company has a 50 day simple moving average of $32.54 and a two-hundred day simple moving average of $29.80. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 15.18, a PEG ratio of 1.65 and a beta of 1.16.
Several equities analysts recently issued reports on AB shares. Zacks Investment Research upgraded shares of AllianceBernstein from a “sell” rating to a “hold” rating and set a $34.00 target price for the company in a research note on Monday, December 23rd. Citigroup boosted their target price on shares of AllianceBernstein from $34.00 to $38.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Finally, Cfra boosted their target price on shares of AllianceBernstein from $32.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday.
AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.
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