AllianceBernstein Holding L.P. $AB Shares Acquired by Jump Financial LLC

Key Points

• Jump Financial LLC significantly increased its holdings in AllianceBernstein by 238.9% in the first quarter, owning 100,318 shares valued at approximately $3.84 million.
• Institutional investors currently own 19.25% of AllianceBernstein's stock, with notable increases in holdings from firms like LPL Financial and Invesco.
• AllianceBernstein recently missed earnings estimates with an EPS of $0.76 and reported revenue of $844.43 million, below the expected $853.64 million.

Jump Financial LLC lifted its holdings in shares of AllianceBernstein Holding L.P. (NYSE:AB - Free Report) by 238.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 100,318 shares of the asset manager's stock after purchasing an additional 70,718 shares during the quarter. Jump Financial LLC owned about 0.09% of AllianceBernstein worth $3,843,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of AB. SVB Wealth LLC purchased a new position in shares of AllianceBernstein during the 1st quarter worth $32,000. Mountain Hill Investment Partners Corp. purchased a new position in shares of AllianceBernstein during the 1st quarter worth $38,000. Harbor Investment Advisory LLC purchased a new position in shares of AllianceBernstein during the 1st quarter worth $48,000. Costello Asset Management INC purchased a new position in shares of AllianceBernstein during the 1st quarter worth $73,000. Finally, Zions Bancorporation National Association UT purchased a new position in shares of AllianceBernstein during the 1st quarter worth $77,000. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

AllianceBernstein Stock Performance

AB stock traded down $0.13 during mid-day trading on Friday, reaching $39.60. The company had a trading volume of 106,838 shares, compared to its average volume of 170,094. The company has a market capitalization of $4.38 billion, a price-to-earnings ratio of 11.75, a price-to-earnings-growth ratio of 1.50 and a beta of 0.81. The firm has a fifty day simple moving average of $40.78 and a 200 day simple moving average of $39.19. AllianceBernstein Holding L.P. has a fifty-two week low of $32.28 and a fifty-two week high of $43.30.

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

AllianceBernstein Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 4th were given a $0.76 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $3.04 dividend on an annualized basis and a yield of 7.7%. AllianceBernstein's dividend payout ratio (DPR) is currently 90.21%.

Analysts Set New Price Targets

AB has been the subject of a number of research analyst reports. Evercore ISI increased their price target on AllianceBernstein from $44.00 to $46.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Barclays raised their target price on AllianceBernstein from $40.00 to $42.00 and gave the company an "equal weight" rating in a report on Friday, July 25th. Sanford C. Bernstein restated a "mixed" rating on shares of AllianceBernstein in a report on Wednesday, July 16th. Wall Street Zen upgraded AllianceBernstein from a "sell" rating to a "hold" rating in a report on Saturday, May 10th. Finally, The Goldman Sachs Group cut AllianceBernstein from a "buy" rating to a "neutral" rating and lowered their target price for the company from $42.25 to $40.00 in a report on Friday, June 27th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, AllianceBernstein has an average rating of "Hold" and a consensus price target of $39.67.

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.