10Elms LLP Invests $592,000 in AllianceBernstein Holding L.P. (NYSE:AB)

10Elms LLP purchased a new stake in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 15,971 shares of the asset manager's stock, valued at approximately $592,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AB. Transce3nd LLC acquired a new position in shares of AllianceBernstein in the 4th quarter worth approximately $25,000. Luken Investment Analytics LLC acquired a new position in AllianceBernstein during the 4th quarter worth approximately $37,000. Summit Securities Group LLC acquired a new position in shares of AllianceBernstein during the 4th quarter worth about $41,000. HHM Wealth Advisors LLC acquired a new position in AllianceBernstein in the fourth quarter valued at approximately $61,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of AllianceBernstein by 19.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,929 shares of the asset manager's stock valued at $72,000 after buying an additional 319 shares in the last quarter. 19.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on AB shares. Evercore ISI reduced their target price on AllianceBernstein from $41.00 to $38.00 and set an "outperform" rating for the company in a report on Friday, April 11th. Wall Street Zen upgraded shares of AllianceBernstein from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Barclays increased their target price on AllianceBernstein from $36.00 to $37.00 and gave the stock an "equal weight" rating in a research note on Friday, April 25th. TD Cowen dropped their target price on shares of AllianceBernstein from $37.50 to $34.00 and set a "hold" rating for the company in a report on Wednesday, April 9th. Finally, Sanford C. Bernstein lowered shares of AllianceBernstein from a "buy" rating to a "neutral" rating and set a $38.00 price objective on the stock. in a research report on Thursday, April 3rd. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, AllianceBernstein has an average rating of "Hold" and a consensus target price of $37.67.

Insider Activity at AllianceBernstein

In other AllianceBernstein 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 value of $205,900.00. Following the transaction, the director now owns 20,923 shares in the company, valued at $861,609.14. The trade was a 19.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Daniel G. Kaye sold 4,825 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $40.80, for a total value of $196,860.00. Following the sale, the director now owns 39,877 shares of the company's stock, valued at $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. 2.70% of the stock is currently owned by insiders.

AllianceBernstein Price Performance

NYSE:AB traded up $0.39 during trading hours on Monday, reaching $39.23. 193,834 shares of the company traded hands, compared to its average volume of 443,102. The stock has a market cap of $4.34 billion, a P/E ratio of 10.55, a P/E/G ratio of 0.78 and a beta of 0.85. The firm's 50-day moving average is $38.37 and its 200-day moving average is $37.48. AllianceBernstein Holding L.P. has a 1-year low of $30.57 and a 1-year high of $41.86.

AllianceBernstein (NYSE:AB - Get Free Report) last released its earnings results on Thursday, April 24th. The asset manager reported $0.80 EPS for the quarter, beating the consensus estimate of $0.78 by $0.02. The firm 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 business's quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.73 earnings per share. As a group, research analysts predict that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Monday, May 5th were paid a dividend of $0.80 per share. The ex-dividend date was Monday, May 5th. This represents a $3.20 annualized dividend and a yield of 8.16%. AllianceBernstein's dividend payout ratio is presently 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.