Kingstone Capital Partners Texas LLC Makes New $193.76 Million Investment in AllianceBernstein Holding L.P. $AB

Key Points

• Kingstone Capital Partners Texas LLC acquired 5,168,578 shares of AllianceBernstein Holding L.P. valued at approximately $193.76 million, representing a 4.67% ownership stake.
• Several institutional investors have increased or initiated positions in AllianceBernstein, with Goldman Sachs boosting its stake by 51.8% in the first quarter.
• AllianceBernstein reported quarterly earnings that missed analysts' expectations, with an EPS of $0.76 versus the consensus estimate of $0.77.

Kingstone Capital Partners Texas LLC purchased a new position in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 5,168,578 shares of the asset manager's stock, valued at approximately $193,757,000. Kingstone Capital Partners Texas LLC owned 4.67% of AllianceBernstein at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. SVB Wealth LLC purchased a new stake in AllianceBernstein in the 1st quarter worth approximately $32,000. Mountain Hill Investment Partners Corp. purchased a new stake in AllianceBernstein in the 1st quarter worth approximately $38,000. Harbor Investment Advisory LLC purchased a new stake in AllianceBernstein in the 1st quarter worth approximately $48,000. Costello Asset Management INC purchased a new stake in AllianceBernstein in the 1st quarter worth approximately $73,000. Finally, Zions Bancorporation National Association UT purchased a new stake in AllianceBernstein in the 1st quarter worth approximately $77,000. Hedge funds and other institutional investors own 19.25% of the company's stock.

AllianceBernstein Trading Down 1.5%

AB stock traded down $0.58 during midday trading on Tuesday, reaching $38.27. The stock had a trading volume of 78,142 shares, compared to its average volume of 445,651. The company's fifty day simple moving average is $40.05 and its 200 day simple moving average is $39.40. The company has a market cap of $4.23 billion, a price-to-earnings ratio of 11.35, a price-to-earnings-growth ratio of 1.48 and a beta of 0.84. AllianceBernstein Holding L.P. has a 52-week low of $32.28 and a 52-week high of $43.30.

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

AllianceBernstein Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 4th were issued a $0.76 dividend. The ex-dividend date was Monday, August 4th. This represents a $3.04 dividend on an annualized basis and a yield of 7.9%. AllianceBernstein's dividend payout ratio (DPR) is presently 90.21%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. 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 restated an "outperform" rating on shares of AllianceBernstein in a research report on Friday, September 5th. Barclays increased their target price on AllianceBernstein from $40.00 to $42.00 and gave the company an "equal weight" rating in a research report on Friday, July 25th. Zacks Research lowered AllianceBernstein from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. Finally, Evercore ISI decreased their target price on AllianceBernstein from $46.00 to $44.00 and set an "outperform" rating on the stock in a research report on Friday, September 5th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, AllianceBernstein currently has an average rating of "Hold" and a consensus target price of $39.33.

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.