Kestra Advisory Services LLC Sells 20,129 Shares of AllianceBernstein Holding L.P. $AB

Key Points

• Kestra Advisory Services LLC reduced its stake in AllianceBernstein by **20.4%**, selling **20,129 shares** and now owns approximately **0.07%** of the firm, worth **$3,017,000**.
• AllianceBernstein reported **$0.76** earnings per share for the last quarter, missing estimates by **$0.01**, with revenues at **$844.43 million**, which is a **5.9%** increase year-over-year.
• The firm has declared a quarterly dividend of **$0.76**, yielding **7.6%**, but has a **high dividend payout ratio of 90.21%**.

Kestra Advisory Services LLC decreased its holdings in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) by 20.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 78,740 shares of the asset manager's stock after selling 20,129 shares during the quarter. Kestra Advisory Services LLC owned approximately 0.07% of AllianceBernstein worth $3,017,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. CHURCHILL MANAGEMENT Corp acquired a new position in shares of AllianceBernstein in the first quarter worth approximately $12,309,000. Basswood Capital Management L.L.C. bought a new position in AllianceBernstein during the 4th quarter worth approximately $10,300,000. Invesco Ltd. lifted its position in shares of 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 during the period. BNP Paribas Financial Markets boosted its stake in shares of AllianceBernstein by 128.3% in the 4th quarter. BNP Paribas Financial Markets now owns 71,520 shares of the asset manager's stock valued at $2,653,000 after purchasing an additional 40,191 shares during the last quarter. Finally, Bastion Asset Management Inc. bought a new stake in shares of AllianceBernstein in the 4th quarter valued at $1,365,000. 19.25% of the stock is owned by institutional investors.

AllianceBernstein Price Performance

Shares of NYSE AB traded down $0.22 during trading on Tuesday, hitting $39.36. The stock had a trading volume of 169,783 shares, compared to its average volume of 159,821. The firm has a fifty day moving average of $40.75 and a two-hundred day moving average of $39.27. The company has a market capitalization of $4.35 billion, a PE ratio of 11.68, a PEG ratio of 1.50 and a beta of 0.84. AllianceBernstein Holding L.P. has a 12 month low of $32.28 and a 12 month high of $43.30.

AllianceBernstein (NYSE:AB - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The asset manager reported $0.76 earnings per share 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 last 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 expect that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 4th were paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 7.7%. The ex-dividend date was Monday, August 4th. AllianceBernstein's payout ratio is presently 90.21%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on AB shares. Sanford C. Bernstein reissued a "mixed" rating on shares of AllianceBernstein in a research note on Wednesday, July 16th. Evercore ISI lifted their price objective on AllianceBernstein from $44.00 to $46.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Barclays boosted their price objective on AllianceBernstein from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Friday, July 25th. The Goldman Sachs Group cut AllianceBernstein from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $42.25 to $40.00 in a research note on Friday, June 27th. Finally, Wall Street Zen upgraded AllianceBernstein from a "sell" rating to a "hold" rating in a report on Saturday, May 10th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $39.67.

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.