Gabelli Funds LLC raised its stake in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) by 84.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 195,000 shares of the asset manager's stock after acquiring an additional 89,000 shares during the quarter. Gabelli Funds LLC owned approximately 0.18% of AllianceBernstein worth $7,470,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of the stock. LPL Financial LLC boosted its position in AllianceBernstein by 2.6% in the 1st quarter. LPL Financial LLC now owns 380,837 shares of the asset manager's stock worth $14,590,000 after purchasing an additional 9,628 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in AllianceBernstein by 8.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 357,445 shares of the asset manager's stock worth $13,258,000 after purchasing an additional 26,577 shares in the last quarter. Invesco Ltd. boosted its position in AllianceBernstein by 45.1% in the 1st quarter. Invesco Ltd. now owns 325,018 shares of the asset manager's stock worth $12,451,000 after purchasing an additional 101,041 shares in the last quarter. CHURCHILL MANAGEMENT Corp purchased a new stake in AllianceBernstein in the 1st quarter worth approximately $12,309,000. Finally, Basswood Capital Management L.L.C. purchased a new stake in AllianceBernstein in the 4th quarter worth approximately $10,300,000. Hedge funds and other institutional investors own 19.25% of the company's stock.
AllianceBernstein Stock Down 0.3%
Shares of AB stock traded down $0.13 during trading hours on Monday, hitting $39.60. 106,838 shares of the company's stock were exchanged, compared to its average volume of 167,441. AllianceBernstein Holding L.P. has a fifty-two week low of $32.28 and a fifty-two week high of $43.30. The firm has a market cap of $4.38 billion, a P/E ratio of 11.75, a P/E/G ratio of 1.50 and a beta of 0.84. The firm has a 50 day moving average of $40.78 and a two-hundred day moving average of $39.25.
AllianceBernstein (NYSE:AB - Get Free Report) last issued 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 firm had revenue of $844.43 million for the quarter, compared to analysts' expectations of $853.64 million. During the same quarter in the previous year, the firm posted $0.71 earnings per share. The firm's revenue for the quarter was up 5.9% compared to the same quarter last year. On average, equities analysts forecast that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current fiscal year.
AllianceBernstein Cuts Dividend
The company also recently declared 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. This represents a $3.04 annualized dividend and a dividend yield of 7.7%. The ex-dividend date was Monday, August 4th. AllianceBernstein's payout ratio is presently 90.21%.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on the company. Barclays upped their price objective on AllianceBernstein from $40.00 to $42.00 and gave the stock an "equal weight" rating in a research report on Friday, July 25th. The Goldman Sachs Group lowered AllianceBernstein from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $42.25 to $40.00 in a research report on Friday, June 27th. Sanford C. Bernstein reaffirmed a "mixed" rating on shares of AllianceBernstein in a research note on Wednesday, July 16th. Wall Street Zen raised AllianceBernstein from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Finally, Evercore ISI upped their target price on AllianceBernstein from $44.00 to $46.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, AllianceBernstein has an average rating of "Hold" and a consensus price target of $39.67.
Get Our Latest Analysis on AB
About AllianceBernstein
(
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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