Almitas Capital LLC Invests $1.38 Million in AllianceBernstein Holding L.P. $AB

Key Points

• Almitas Capital acquired 120,993 AllianceBernstein shares worth approximately $1.38 million, giving it a 0.13% stake. Several other institutional investors also initiated positions during the second quarter, while institutions collectively own 19.25% of the company.
• AllianceBernstein’s latest quarterly results slightly missed expectations, with EPS of $0.82 versus $0.83 expected and revenue of $887.55 million versus $907.67 million projected, despite 7.5% year-over-year revenue growth.
• The stock trades near $36.62, while analysts maintain a consensus “Hold” rating and an average price target of $39.50. The company paid a quarterly dividend of $0.82 per share, representing a 9.0% yield and a high 97.04% payout ratio.

Almitas Capital LLC acquired a new position in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 120,993 shares of the asset manager's stock, valued at approximately $1,381,000. Almitas Capital LLC owned about 0.13% of AllianceBernstein at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in AB. Bank of America Corp DE purchased a new stake in shares of AllianceBernstein in the 2nd quarter worth $522,000. Ancora Advisors LLC purchased a new position in AllianceBernstein during the second quarter valued at $176,000. Evolve Private Wealth LLC purchased a new position in AllianceBernstein during the second quarter valued at $297,000. Allworth Financial LP bought a new stake in AllianceBernstein during the second quarter valued at about $80,000. Finally, Balanced Wealth Group LLC purchased a new stake in AllianceBernstein in the second quarter worth about $279,000. 19.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other AllianceBernstein news, Director Charles G.T. Stonehill sold 5,000 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $37.17, for a total transaction of $185,850.00. Following the completion of the transaction, the director owned 24,573 shares of the company's stock, valued at $913,378.41. This represents a 16.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.70% of the company's stock.

AllianceBernstein Trading Down 0.6%

NYSE AB opened at $36.62 on Friday. AllianceBernstein Holding L.P. has a 12 month low of $34.92 and a 12 month high of $44.11. The stock has a market cap of $3.41 billion, a PE ratio of 10.84, a P/E/G ratio of 1.21 and a beta of 0.80. The stock's 50 day moving average is $36.72 and its 200 day moving average is $37.75.

AllianceBernstein (NYSE:AB - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The asset manager reported $0.82 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.83 by ($0.01). The company had revenue of $887.55 million for the quarter, compared to analysts' expectations of $907.67 million. AllianceBernstein had a net margin of 6.60% and a return on equity of 25.94%. The company's quarterly revenue was up 7.5% compared to the same quarter last year. During the same period last year, the business earned $0.76 earnings per share. On average, analysts forecast that AllianceBernstein Holding L.P. will post 3.47 EPS for the current fiscal year.

AllianceBernstein Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Wednesday, August 12th were paid a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 9.0%. The ex-dividend date of this dividend was Wednesday, August 12th. AllianceBernstein's dividend payout ratio (DPR) is presently 97.04%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Evercore set a $39.00 price objective on AllianceBernstein in a research note on Friday, July 10th. Weiss Ratings lowered shares of AllianceBernstein from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, August 3rd. Zacks Research upgraded shares of AllianceBernstein from a "strong sell" rating to a "hold" rating in a research note on Monday, June 29th. TD Cowen lifted their price target on shares of AllianceBernstein from $37.00 to $38.00 and gave the company a "hold" rating in a report on Monday, July 20th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of AllianceBernstein in a research report on Friday, July 10th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $39.50.

About AllianceBernstein

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm's roots date back to 1967 with the founding of Sanford C.

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