Canton Hathaway LLC lifted its position in shares of AllianceBernstein Holding L.P. (NYSE:AB - Free Report) by 79.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,475 shares of the asset manager's stock after acquiring an additional 9,475 shares during the quarter. Canton Hathaway LLC's holdings in AllianceBernstein were worth $823,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC grew its position in AllianceBernstein by 19.0% during the fourth quarter. FMR LLC now owns 3,110,304 shares of the asset manager's stock worth $115,361,000 after buying an additional 496,923 shares during the period. American Century Companies Inc. boosted its stake in shares of AllianceBernstein by 1.1% during the 4th quarter. American Century Companies Inc. now owns 3,026,102 shares of the asset manager's stock worth $112,238,000 after acquiring an additional 33,888 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of AllianceBernstein by 18.1% in the 4th quarter. JPMorgan Chase & Co. now owns 2,899,762 shares of the asset manager's stock worth $107,552,000 after acquiring an additional 445,398 shares during the period. Natixis increased its stake in 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 purchasing an additional 93,300 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in AllianceBernstein by 1.3% during the fourth quarter. Wells Fargo & Company MN now owns 454,891 shares of the asset manager's stock worth $16,872,000 after purchasing an additional 5,835 shares during the last quarter. Institutional investors and hedge funds own 19.25% of the company's stock.
Analyst Ratings Changes
A number of research analysts have recently weighed in on AB shares. Bank of America cut AllianceBernstein from a "buy" rating to a "neutral" rating and dropped their price target for the company from $42.00 to $38.00 in a research 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 for the company in a report on Friday, April 11th. Barclays upped their price target on shares of AllianceBernstein from $36.00 to $37.00 and gave the company an "equal weight" rating in a report on Friday, April 25th. Wall Street Zen raised shares of AllianceBernstein from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Finally, Sanford C. Bernstein downgraded AllianceBernstein from a "buy" rating to a "neutral" rating and set a $38.00 price objective for the company. in a research report on Thursday, April 3rd. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $37.67.
View Our Latest Stock Analysis on AB
Insider Activity at AllianceBernstein
In related news, Director Daniel G. Kaye sold 4,825 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $40.80, for a total value 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles G.T. Stonehill sold 5,000 shares of the business's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $41.18, for a total value of $205,900.00. Following the sale, the director now directly owns 20,923 shares of the company's stock, valued at approximately $861,609.14. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.70% of the company's stock.
AllianceBernstein Trading Up 1.3%
Shares of AllianceBernstein stock traded up $0.51 during mid-day trading on Tuesday, hitting $40.41. 121,557 shares of the stock were exchanged, compared to its average volume of 441,924. The company has a 50-day simple moving average of $39.60 and a 200 day simple moving average of $38.03. The stock has a market capitalization of $4.47 billion, a price-to-earnings ratio of 10.86, a price-to-earnings-growth ratio of 3.13 and a beta of 0.83. AllianceBernstein Holding L.P. has a twelve month low of $30.57 and a twelve month 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, topping the consensus estimate of $0.78 by $0.02. AllianceBernstein had a net margin of 9.44% and a return on equity of 18.27%. The firm had revenue of $838.21 million during the quarter, compared to analysts' expectations of $859.36 million. During the same period in the previous year, the company earned $0.73 EPS. AllianceBernstein's revenue for the quarter was down 5.2% on a year-over-year basis. Equities research analysts forecast that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current fiscal year.
AllianceBernstein Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 5th were given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 7.92%. The ex-dividend date of this dividend was Monday, May 5th. AllianceBernstein's dividend payout ratio is currently 86.02%.
AllianceBernstein Company Profile
(
Free Report)
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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