AllianceBernstein Holding L.P. (NYSE:AB) Shares Sold by Bank of America Corp DE

Bank of America Corp DE cut its holdings in shares of AllianceBernstein Holding L.P. (NYSE:AB - Free Report) by 2.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 818,423 shares of the asset manager's stock after selling 22,085 shares during the period. Bank of America Corp DE owned approximately 0.71% of AllianceBernstein worth $30,355,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Transce3nd LLC acquired a new position in shares of AllianceBernstein during the fourth quarter worth approximately $25,000. Luken Investment Analytics LLC acquired a new position in shares of AllianceBernstein during the fourth quarter worth approximately $37,000. Summit Securities Group LLC acquired a new position in shares of AllianceBernstein during the fourth quarter worth approximately $41,000. HHM Wealth Advisors LLC acquired a new position in shares of AllianceBernstein during the fourth quarter worth approximately $61,000. Finally, PNC Financial Services Group Inc. raised its holdings in AllianceBernstein by 19.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,929 shares of the asset manager's stock worth $72,000 after purchasing an additional 319 shares in the last quarter. 19.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AB. Barclays boosted their target price on AllianceBernstein from $36.00 to $37.00 and gave the stock an "equal weight" rating in a report on Friday, April 25th. Evercore ISI dropped their target price on AllianceBernstein from $41.00 to $38.00 and set an "outperform" rating on the stock in a report on Friday, April 11th. Bank of America cut AllianceBernstein from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $42.00 to $38.00 in a report on Thursday, April 3rd. StockNews.com raised AllianceBernstein from a "sell" rating to a "hold" rating in a report on Saturday, May 10th. Finally, Sanford C. Bernstein cut AllianceBernstein from a "buy" rating to a "neutral" rating and set a $38.00 target price on the stock. in a report on Thursday, April 3rd. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, AllianceBernstein currently has an average rating of "Hold" and a consensus price target of $37.67.

Insider Buying and Selling at AllianceBernstein

In other news, Director Charles G.T. Stonehill sold 5,000 shares of the business's stock in a transaction on Monday, May 5th. The shares were sold at an average price of $41.18, for a total transaction of $205,900.00. Following the transaction, the director now directly owns 20,923 shares in the company, valued at $861,609.14. The trade was a 19.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Daniel G. Kaye sold 4,825 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $40.80, for a total transaction of $196,860.00. Following the transaction, the director now owns 39,877 shares in the company, valued at approximately $1,626,981.60. This represents a 10.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.70% of the company's stock.

AllianceBernstein Stock Performance

NYSE AB opened at $40.78 on Friday. The stock has a market capitalization of $4.51 billion, a P/E ratio of 10.96, a P/E/G ratio of 0.78 and a beta of 0.85. AllianceBernstein Holding L.P. has a 1 year low of $30.57 and a 1 year high of $41.86. The business's fifty day moving average is $38.09 and its two-hundred day moving average is $37.38.

AllianceBernstein (NYSE:AB - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The asset manager reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.02. AllianceBernstein had a return on equity of 17.88% and a net margin of 9.46%. The company had revenue of $838.21 million for the quarter, compared to analysts' expectations of $859.36 million. During the same quarter in the prior year, the company earned $0.73 earnings per share. The firm's revenue was down 5.2% on a year-over-year basis. On average, research analysts forecast that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Monday, May 5th will be paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 7.85%. The ex-dividend date of this dividend is Monday, May 5th. AllianceBernstein's dividend payout ratio (DPR) is currently 86.02%.

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.

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