HFG Advisors Inc. Invests $264,000 in AllianceBernstein Holding L.P. (NYSE:AB)

HFG Advisors Inc. acquired a new position in shares of AllianceBernstein Holding L.P. (NYSE:AB - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 6,897 shares of the asset manager's stock, valued at approximately $264,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Transce3nd LLC acquired a new stake in AllianceBernstein in the fourth quarter worth approximately $25,000. Summit Securities Group LLC bought a new position in shares of AllianceBernstein in the fourth quarter valued at $41,000. Harbor Investment Advisory LLC bought a new position in shares of AllianceBernstein in the first quarter valued at $48,000. PNC Financial Services Group Inc. increased its holdings in shares of AllianceBernstein by 19.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,929 shares of the asset manager's stock valued at $72,000 after buying an additional 319 shares in the last quarter. Finally, NBC Securities Inc. bought a new position in shares of AllianceBernstein in the first quarter valued at $87,000. 19.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at AllianceBernstein

In other AllianceBernstein news, Director Daniel G. Kaye sold 4,825 shares of AllianceBernstein stock in a transaction on Monday, May 12th. The shares were sold at an average price of $40.80, for a total transaction of $196,860.00. Following the completion of the sale, the director now owns 39,877 shares of the company's stock, valued at approximately $1,626,981.60. The trade was a 10.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles G.T. Stonehill sold 5,000 shares of the business's stock in a transaction on Monday, May 5th. The shares were sold at an average price of $41.18, for a total transaction of $205,900.00. Following the completion of the transaction, the director now directly owns 20,923 shares of the company's stock, valued at $861,609.14. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AB. TD Cowen cut their target price 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. Barclays boosted their target price on shares of AllianceBernstein from $36.00 to $37.00 and gave the company an "equal weight" rating in a research note 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. Evercore ISI cut their target price on shares of AllianceBernstein from $41.00 to $38.00 and set an "outperform" rating on the stock in a research note on Friday, April 11th. Finally, Sanford C. Bernstein downgraded shares of AllianceBernstein from a "buy" rating to a "neutral" rating and set a $38.00 target price on the stock. in a research note on Thursday, April 3rd. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, AllianceBernstein currently has an average rating of "Hold" and a consensus price target of $37.67.

AllianceBernstein Stock Performance

Shares of AB opened at $39.47 on Wednesday. The company has a 50-day simple moving average of $39.33 and a 200-day simple moving average of $37.90. The firm has a market capitalization of $4.37 billion, a P/E ratio of 10.61, a P/E/G ratio of 3.10 and a beta of 0.83. AllianceBernstein Holding L.P. has a 52 week low of $30.57 and a 52 week high of $41.86.

AllianceBernstein (NYSE:AB - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The asset manager reported $0.80 earnings per share (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 analyst estimates of $859.36 million. During the same quarter in the prior year, the business posted $0.73 earnings per share. The company's quarterly revenue was down 5.2% compared to the same quarter last year. As a group, equities analysts forecast that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 5th were issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 8.11%. The ex-dividend date of this dividend was Monday, May 5th. AllianceBernstein's payout ratio is 86.02%.

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.

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