Stratos Wealth Partners LTD. decreased its holdings in shares of AllianceBernstein Holding L.P. (NYSE:AB - Free Report) by 56.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,247 shares of the asset manager's stock after selling 17,234 shares during the period. Stratos Wealth Partners LTD.'s holdings in AllianceBernstein were worth $508,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in AB. Chilton Capital Management LLC raised its stake in AllianceBernstein by 2.8% during the 1st quarter. Chilton Capital Management LLC now owns 31,190 shares of the asset manager's stock valued at $1,195,000 after acquiring an additional 838 shares during the last quarter. Concurrent Investment Advisors LLC increased its holdings in shares of AllianceBernstein by 13.3% in the first quarter. Concurrent Investment Advisors LLC now owns 16,791 shares of the asset manager's stock valued at $643,000 after purchasing an additional 1,976 shares during the period. OneDigital Investment Advisors LLC purchased a new stake in shares of AllianceBernstein during the first quarter worth approximately $548,000. Fiduciary Group LLC raised its stake in shares of AllianceBernstein by 7.7% during the first quarter. Fiduciary Group LLC now owns 6,965 shares of the asset manager's stock worth $267,000 after purchasing an additional 500 shares during the last quarter. Finally, DAVENPORT & Co LLC lifted its holdings in shares of AllianceBernstein by 1.9% during the first quarter. DAVENPORT & Co LLC now owns 36,722 shares of the asset manager's stock worth $1,407,000 after purchasing an additional 700 shares during the period. Hedge funds and other institutional investors own 19.25% of the company's stock.
AllianceBernstein Trading Up 0.6%
Shares of AB traded up $0.25 during trading hours on Thursday, reaching $41.14. The company had a trading volume of 166,827 shares, compared to its average volume of 437,011. AllianceBernstein Holding L.P. has a 12-month low of $30.57 and a 12-month high of $41.99. The firm has a 50 day simple moving average of $40.40 and a 200-day simple moving average of $38.55. The company has a market capitalization of $4.55 billion, a price-to-earnings ratio of 11.06, a PEG ratio of 1.58 and a beta of 0.82.
AllianceBernstein (NYSE:AB - Get Free Report) last issued its earnings results on Thursday, April 24th. The asset manager reported $0.80 earnings per share 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 company had revenue of $838.21 million for the quarter, compared to analyst estimates of $859.36 million. During the same period in the prior year, the business posted $0.73 earnings per share. The firm's revenue for the quarter was down 5.2% compared to the same quarter last year. Sell-side analysts forecast that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current year.
AllianceBernstein Cuts Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 5th were given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 7.78%. The ex-dividend date was Monday, May 5th. AllianceBernstein's dividend payout ratio is presently 86.02%.
Insider Buying and Selling
In related news, Director Charles G.T. Stonehill sold 5,000 shares of the stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $41.18, for a total value of $205,900.00. Following the completion of the transaction, the director owned 20,923 shares of the company's stock, valued at approximately $861,609.14. This represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Daniel G. Kaye sold 4,825 shares of the firm's stock in a transaction that occurred 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 sale, the director directly owned 39,877 shares of the company's stock, valued at $1,626,981.60. The trade was a 10.79% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.70% of the company's stock.
Analysts Set New Price Targets
AB has been the topic of several recent research reports. TD Cowen dropped their price objective on shares of AllianceBernstein from $37.50 to $34.00 and set a "hold" rating on the stock in a research note on Wednesday, April 9th. The Goldman Sachs Group downgraded shares of AllianceBernstein from a "buy" rating to a "neutral" rating and lowered their target price for the company from $42.25 to $40.00 in a report on Friday, June 27th. Barclays boosted their price target on shares of AllianceBernstein from $37.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Bank of America downgraded shares of AllianceBernstein from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $42.00 to $38.00 in a research report on Thursday, April 3rd. Finally, Wall Street Zen raised AllianceBernstein from a "sell" rating to a "hold" rating in a report on Saturday, May 10th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, AllianceBernstein has a consensus rating of "Hold" and an average target price of $38.00.
Check Out Our Latest Analysis on AB
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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