Jennison Associates LLC Sells 28,091 Shares of AllianceBernstein Holding L.P. (NYSE:AB)

Jennison Associates LLC reduced its stake in shares of AllianceBernstein Holding L.P. (NYSE:AB - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 911,558 shares of the asset manager's stock after selling 28,091 shares during the quarter. Jennison Associates LLC owned 0.82% of AllianceBernstein worth $34,922,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Mountain Hill Investment Partners Corp. acquired a new position in AllianceBernstein during the first quarter worth $38,000. Prevail Innovative Wealth Advisors LLC acquired a new position in shares of AllianceBernstein in the first quarter worth $422,000. Apollon Wealth Management LLC lifted its position in shares of AllianceBernstein by 20.9% during the 1st quarter. Apollon Wealth Management LLC now owns 20,528 shares of the asset manager's stock worth $786,000 after purchasing an additional 3,552 shares during the last quarter. Chilton Capital Management LLC increased its holdings in AllianceBernstein by 2.8% in the first quarter. Chilton Capital Management LLC now owns 31,190 shares of the asset manager's stock valued at $1,195,000 after buying an additional 838 shares during the last quarter. Finally, Concurrent Investment Advisors LLC boosted its position in shares of AllianceBernstein by 13.3% during the 1st quarter. Concurrent Investment Advisors LLC now owns 16,791 shares of the asset manager's stock worth $643,000 after acquiring an additional 1,976 shares in the last quarter. 19.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Daniel G. Kaye sold 4,825 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $40.80, for a total value of $196,860.00. Following the sale, the director directly owned 39,877 shares in the company, valued at approximately $1,626,981.60. The trade was a 10.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Charles G.T. Stonehill sold 5,000 shares of the firm'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 directly owned 20,923 shares of the company's stock, valued at approximately $861,609.14. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. TD Cowen reduced their target price on AllianceBernstein from $37.50 to $34.00 and set a "hold" rating for the company in a report on Wednesday, April 9th. The Goldman Sachs Group downgraded shares of AllianceBernstein from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $42.25 to $40.00 in a research note on Friday, June 27th. Evercore ISI cut their price target on AllianceBernstein from $41.00 to $38.00 and set an "outperform" rating for the company in a report on Friday, April 11th. Barclays raised their price objective on AllianceBernstein from $37.00 to $40.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Finally, Bank of America lowered shares of AllianceBernstein from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $42.00 to $38.00 in a report on Thursday, April 3rd. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $38.00.

AllianceBernstein Stock Performance

AB stock traded up $0.14 during mid-day trading on Wednesday, hitting $42.16. 56,214 shares of the company were exchanged, compared to its average volume of 435,685. AllianceBernstein Holding L.P. has a 1-year low of $30.57 and a 1-year high of $42.64. The firm's 50 day simple moving average is $40.42 and its 200 day simple moving average is $38.66. The firm has a market cap of $4.67 billion, a P/E ratio of 11.33, a P/E/G ratio of 1.62 and a beta of 0.82.

AllianceBernstein (NYSE:AB - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The asset manager reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.02. The firm had revenue of $838.21 million for the quarter, compared to analysts' expectations of $859.36 million. AllianceBernstein had a net margin of 9.44% and a return on equity of 18.27%. The business's revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.73 EPS. On average, equities research analysts predict that AllianceBernstein Holding L.P. will post 3.58 EPS for the current fiscal year.

AllianceBernstein Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 5th were issued a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 7.59%. The ex-dividend date was Monday, May 5th. AllianceBernstein's payout ratio is presently 86.02%.

About AllianceBernstein

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.