Cary Street Partners Financial LLC Makes New Investment in AllianceBernstein Holding L.P. (NYSE:AB)

Cary Street Partners Financial LLC bought a new position in shares of AllianceBernstein Holding L.P. (NYSE:AB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 7,499 shares of the asset manager's stock, valued at approximately $278,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Crestwood Advisors Group LLC increased its position in shares of AllianceBernstein by 2.5% during the 4th quarter. Crestwood Advisors Group LLC now owns 288,032 shares of the asset manager's stock worth $10,683,000 after purchasing an additional 7,071 shares in the last quarter. Perigon Wealth Management LLC bought a new position in shares of AllianceBernstein in the 4th quarter valued at about $290,000. Atria Wealth Solutions Inc. bought a new position in shares of AllianceBernstein in the 4th quarter valued at about $277,000. Horizon Kinetics Asset Management LLC boosted its stake in AllianceBernstein by 175.5% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 71,287 shares of the asset manager's stock worth $2,644,000 after acquiring an additional 45,413 shares during the last quarter. Finally, Opal Wealth Advisors LLC bought a new position in AllianceBernstein during the 4th quarter worth approximately $264,000. Institutional investors own 19.25% of the company's stock.

AllianceBernstein Trading Down 2.5%

Shares of NYSE AB traded down $1.04 during midday trading on Wednesday, reaching $39.87. The company's stock had a trading volume of 198,176 shares, compared to its average volume of 442,816. AllianceBernstein Holding L.P. has a fifty-two week low of $30.57 and a fifty-two week high of $41.86. The stock has a market capitalization of $4.41 billion, a price-to-earnings ratio of 10.72, a PEG ratio of 0.78 and a beta of 0.85. The stock has a 50 day simple moving average of $37.94 and a 200-day simple moving average of $37.35.

AllianceBernstein (NYSE:AB - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The asset manager reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.02. AllianceBernstein had a net margin of 9.46% and a return on equity of 17.88%. The company had revenue of $838.21 million for the quarter, compared to the consensus estimate of $859.36 million. During the same period last year, the company earned $0.73 earnings per share. The firm's revenue was down 5.2% compared to the same quarter last year. As a group, equities analysts anticipate that AllianceBernstein Holding L.P. will post 3.58 EPS for the current 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 dividend of $0.80 per share. The ex-dividend date is Monday, May 5th. This represents a $3.20 dividend on an annualized basis and a yield of 8.03%. AllianceBernstein's payout ratio is 86.02%.

Insider Buying and Selling

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

Analyst Ratings Changes

AB has been the topic of several research analyst reports. TD Cowen dropped their target price on shares of AllianceBernstein from $37.50 to $34.00 and set a "hold" rating on the stock in a report on Wednesday, April 9th. Bank of America downgraded shares of 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. Evercore ISI dropped their target price on shares of AllianceBernstein from $41.00 to $38.00 and set an "outperform" rating on the stock in a report on Friday, April 11th. Sanford C. Bernstein downgraded shares of 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. Finally, Barclays raised their target price on shares of AllianceBernstein from $36.00 to $37.00 and gave the stock an "equal weight" rating in a report on Friday, April 25th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, AllianceBernstein currently has an average rating of "Hold" and an average target price of $37.67.

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.