Cresset Asset Management LLC Has $18.37 Million Stock Holdings in AllianceBernstein Holding L.P. (NYSE:AB)

Cresset Asset Management LLC lowered its position in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) by 3.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 495,375 shares of the asset manager's stock after selling 16,490 shares during the quarter. Cresset Asset Management LLC owned 0.43% of AllianceBernstein worth $18,373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the business. FMR LLC raised its stake in shares of AllianceBernstein by 19.0% during the fourth quarter. FMR LLC now owns 3,110,304 shares of the asset manager's stock valued at $115,361,000 after acquiring an additional 496,923 shares during the last quarter. American Century Companies Inc. increased its holdings in AllianceBernstein by 1.1% in the fourth quarter. American Century Companies Inc. now owns 3,026,102 shares of the asset manager's stock valued at $112,238,000 after purchasing an additional 33,888 shares during the period. JPMorgan Chase & Co. raised its position in AllianceBernstein by 18.1% during the 4th quarter. JPMorgan Chase & Co. now owns 2,899,762 shares of the asset manager's stock worth $107,552,000 after purchasing an additional 445,398 shares during the last quarter. Jennison Associates LLC raised its position in AllianceBernstein by 7.0% during the 4th quarter. Jennison Associates LLC now owns 939,649 shares of the asset manager's stock worth $34,852,000 after purchasing an additional 61,326 shares during the last quarter. Finally, Natixis grew its position in shares of AllianceBernstein by 16.4% in the 4th quarter. Natixis now owns 660,700 shares of the asset manager's stock valued at $24,505,000 after buying an additional 93,300 shares during the last quarter. Institutional investors own 19.25% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on AB. TD Cowen cut their price objective on AllianceBernstein from $37.50 to $34.00 and set a "hold" rating on the stock in a research note on Wednesday, April 9th. StockNews.com lowered shares of AllianceBernstein from a "hold" rating to a "sell" rating in a report on Friday, May 2nd. Barclays upped their price objective on shares of AllianceBernstein from $36.00 to $37.00 and gave the company an "equal weight" rating in a research note on Friday, April 25th. Sanford C. Bernstein downgraded shares of AllianceBernstein from a "buy" rating to a "neutral" rating and set a $38.00 target price for the company. in a research note on Thursday, April 3rd. Finally, Evercore ISI cut their price target on shares of AllianceBernstein from $41.00 to $38.00 and set an "outperform" rating on the stock in a research report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $37.67.

AllianceBernstein Trading Down 1.4 %

NYSE:AB opened at $40.24 on Wednesday. AllianceBernstein Holding L.P. has a 12 month low of $30.57 and a 12 month high of $41.86. The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of 10.82, a PEG ratio of 0.78 and a beta of 0.85. The firm has a fifty day simple moving average of $37.60 and a two-hundred day simple moving average of $37.23.

AllianceBernstein (NYSE:AB - Get Free Report) last issued its earnings results on Thursday, April 24th. The asset manager reported $0.80 EPS 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 return on equity of 17.88% and a net margin of 9.46%. The firm's revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.73 EPS. Equities analysts predict 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 dividend on an annualized basis and a dividend yield of 7.95%. The ex-dividend date of this dividend is Monday, May 5th. AllianceBernstein's dividend payout ratio 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.