Invesco Ltd. Acquires Shares of 223,977 AllianceBernstein Holding L.P. (NYSE:AB)

Invesco Ltd. acquired a new stake in shares of AllianceBernstein Holding L.P. (NYSE:AB - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 223,977 shares of the asset manager's stock, valued at approximately $8,307,000. Invesco Ltd. owned approximately 0.19% of AllianceBernstein at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of AB. Luken Investment Analytics LLC purchased a new stake in shares of AllianceBernstein in the 4th quarter valued at $37,000. Summit Securities Group LLC bought a new stake in AllianceBernstein during the fourth quarter worth about $41,000. HHM Wealth Advisors LLC purchased a new stake in AllianceBernstein in the fourth quarter worth about $61,000. PNC Financial Services Group Inc. increased its stake in shares of AllianceBernstein by 19.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,929 shares of the asset manager's stock valued at $72,000 after purchasing an additional 319 shares in the last quarter. Finally, Golden State Wealth Management LLC purchased a new position in shares of AllianceBernstein during the fourth quarter valued at approximately $96,000. Hedge funds and other institutional investors own 19.25% of the company's stock.

Wall Street Analysts Forecast Growth

AB has been the topic of a number of analyst reports. TD Cowen dropped their price target on AllianceBernstein from $37.50 to $34.00 and set a "hold" rating on the stock in a research report on Wednesday, April 9th. Sanford C. Bernstein cut AllianceBernstein from a "buy" rating to a "neutral" rating and set a $38.00 price target on the stock. in a research report on Thursday, April 3rd. Evercore ISI dropped their price target on AllianceBernstein from $41.00 to $38.00 and set an "outperform" rating on the stock in a research report on Friday, April 11th. Bank of America cut AllianceBernstein from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $42.00 to $38.00 in a research report on Thursday, April 3rd. Finally, Barclays boosted their price objective on shares of AllianceBernstein from $36.00 to $37.00 and gave the stock an "equal weight" rating in a report on Friday. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, AllianceBernstein currently has an average rating of "Hold" and an average price target of $37.67.

AllianceBernstein Stock Up 2.3 %

AB traded up $0.91 during mid-day trading on Tuesday, reaching $39.58. 104,890 shares of the company traded hands, compared to its average volume of 439,466. The stock has a market capitalization of $4.37 billion, a P/E ratio of 10.63, a P/E/G ratio of 0.78 and a beta of 0.97. The company's fifty day moving average price is $37.19 and its 200-day moving average price is $37.11. AllianceBernstein Holding L.P. has a 52-week low of $30.57 and a 52-week high of $41.37.

AllianceBernstein (NYSE:AB - Get Free Report) last announced its earnings results on Thursday, April 24th. The asset manager reported $0.80 earnings per share for the quarter, beating analysts' consensus estimates of $0.78 by $0.02. The business had revenue of $838.21 million during the quarter, compared to analyst estimates of $859.36 million. AllianceBernstein had a net margin of 9.46% and a return on equity of 17.88%. The company's quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.73 EPS. As a group, sell-side analysts forecast that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Monday, May 5th will be issued a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 8.09%. The ex-dividend date is Monday, May 5th. AllianceBernstein's dividend payout ratio is currently 86.02%.

AllianceBernstein 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.