AllianceBernstein Holding L.P. $AB Shares Purchased by Chelsea Counsel Co.

Key Points

• Chelsea Counsel Co. significantly increased its holdings in AllianceBernstein Holding L.P. by 807.9% during the second quarter, now owning 95,330 shares valued at approximately $3.89 million.
• AllianceBernstein's most recent earnings report revealed $0.76 EPS, missing the estimate of $0.77, while revenue increased 5.9% year-over-year.
• The company's quarterly dividend was recently disclosed as $0.76 per share, with a current annualized yield of 8.0% and a payout ratio of 90.21%.

Chelsea Counsel Co. increased its position in shares of AllianceBernstein Holding L.P. (NYSE:AB - Free Report) by 807.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,330 shares of the asset manager's stock after acquiring an additional 84,830 shares during the quarter. AllianceBernstein accounts for about 1.9% of Chelsea Counsel Co.'s holdings, making the stock its 13th largest position. Chelsea Counsel Co. owned approximately 0.09% of AllianceBernstein worth $3,892,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Kestra Private Wealth Services LLC lifted its position in AllianceBernstein by 4.6% during the 1st quarter. Kestra Private Wealth Services LLC now owns 5,904 shares of the asset manager's stock valued at $226,000 after purchasing an additional 257 shares during the period. Joel Isaacson & Co. LLC lifted its position in shares of AllianceBernstein by 2.8% in the first quarter. Joel Isaacson & Co. LLC now owns 10,177 shares of the asset manager's stock worth $390,000 after purchasing an additional 281 shares in the last quarter. Cary Street Partners Financial LLC increased its holdings in shares of AllianceBernstein by 3.9% in the first quarter. Cary Street Partners Financial LLC now owns 7,792 shares of the asset manager's stock valued at $298,000 after purchasing an additional 293 shares during the last quarter. JBR Co Financial Management Inc grew its stake in shares of AllianceBernstein by 4.0% in the first quarter. JBR Co Financial Management Inc now owns 12,033 shares of the asset manager's stock valued at $461,000 after acquiring an additional 462 shares in the last quarter. Finally, Fiduciary Group LLC lifted its holdings in shares of AllianceBernstein by 7.7% during the 1st quarter. Fiduciary Group LLC now owns 6,965 shares of the asset manager's stock worth $267,000 after acquiring an additional 500 shares during the period. 19.25% of the stock is owned by institutional investors.

AllianceBernstein Stock Performance

Shares of AllianceBernstein stock opened at $38.15 on Wednesday. The stock has a market cap of $4.22 billion, a price-to-earnings ratio of 11.32, a price-to-earnings-growth ratio of 1.43 and a beta of 0.84. AllianceBernstein Holding L.P. has a one year low of $32.28 and a one year high of $43.30. The stock has a 50 day moving average price of $39.66 and a 200-day moving average price of $39.44.

AllianceBernstein (NYSE:AB - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The asset manager reported $0.76 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.01). AllianceBernstein had a return on equity of 18.63% and a net margin of 8.35%.The company had revenue of $844.43 million during the quarter, compared to the consensus estimate of $853.64 million. During the same period in the previous year, the firm posted $0.71 earnings per share. The company's revenue was up 5.9% on a year-over-year basis. Sell-side analysts predict that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 4th were given a dividend of $0.76 per share. The ex-dividend date was Monday, August 4th. This represents a $3.04 dividend on an annualized basis and a yield of 8.0%. AllianceBernstein's dividend payout ratio (DPR) is presently 90.21%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. The Goldman Sachs Group downgraded shares of AllianceBernstein from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $42.25 to $40.00 in a research report on Friday, June 27th. Zacks Research cut AllianceBernstein from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. Barclays boosted their price objective on AllianceBernstein from $40.00 to $42.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. Evercore ISI dropped their target price on AllianceBernstein from $46.00 to $44.00 and set an "outperform" rating for the company in a research report on Friday, September 5th. Finally, Sanford C. Bernstein restated an "outperform" rating on shares of AllianceBernstein in a report on Friday, September 5th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, AllianceBernstein has an average rating of "Hold" and a consensus price target of $39.33.

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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