Crestwood Advisors Group LLC Has $1.01 Million Stock Holdings in AllianceBernstein Holding L.P. (NYSE:AB)

Crestwood Advisors Group LLC reduced its holdings in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) by 90.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 26,423 shares of the asset manager's stock after selling 261,609 shares during the quarter. Crestwood Advisors Group LLC's holdings in AllianceBernstein were worth $1,012,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of AB. Transce3nd LLC acquired a new position in AllianceBernstein during the 4th quarter valued at approximately $25,000. Mountain Hill Investment Partners Corp. bought a new stake in AllianceBernstein in the first quarter valued at $38,000. Summit Securities Group LLC acquired a new position in shares of AllianceBernstein during the fourth quarter valued at $41,000. Harbor Investment Advisory LLC bought a new position in shares of AllianceBernstein during the first quarter worth about $48,000. Finally, PNC Financial Services Group Inc. grew its position in shares of AllianceBernstein by 19.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,929 shares of the asset manager's stock worth $72,000 after acquiring an additional 319 shares during the last quarter. 19.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. The Goldman Sachs Group downgraded shares of AllianceBernstein from a "buy" rating to a "neutral" rating and cut their price objective for the company from $42.25 to $40.00 in a research report on Friday, June 27th. Wall Street Zen upgraded shares of AllianceBernstein from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Sanford C. Bernstein reiterated a "mixed" rating on shares of AllianceBernstein in a research report on Wednesday, July 16th. Evercore ISI increased their price objective on AllianceBernstein from $44.00 to $46.00 and gave the stock an "outperform" rating in a report on Friday. Finally, Bank of America downgraded AllianceBernstein from a "buy" rating to a "neutral" rating and cut their target price for the company from $42.00 to $38.00 in a research note on Thursday, April 3rd. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $39.67.

Insider Transactions at AllianceBernstein

In other AllianceBernstein news, Director Charles G.T. Stonehill sold 5,000 shares of the company'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 completion of the sale, the director directly owned 20,923 shares of the company's stock, valued at approximately $861,609.14. This represents a 19.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction of $196,860.00. Following the transaction, the director owned 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 disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

AllianceBernstein Price Performance

Shares of AllianceBernstein stock traded up $0.14 on Friday, hitting $42.91. The company had a trading volume of 185,026 shares, compared to its average volume of 166,531. AllianceBernstein Holding L.P. has a 52 week low of $30.57 and a 52 week high of $43.30. The company has a market cap of $4.75 billion, a PE ratio of 12.73, a PEG ratio of 1.68 and a beta of 0.82. The business has a 50-day simple moving average of $40.58 and a 200-day simple moving average of $38.81.

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

AllianceBernstein Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 4th will be paid a dividend of $0.76 per share. The ex-dividend date is Monday, August 4th. This represents a $3.04 annualized dividend and a yield of 7.09%. AllianceBernstein's dividend payout ratio is currently 94.96%.

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.