Mackenzie Financial Corp Purchases Shares of 14,620 AllianceBernstein Holding L.P. (NYSE:AB)

Mackenzie Financial Corp acquired a new position in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 14,620 shares of the asset manager's stock, valued at approximately $560,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. LPL Financial LLC lifted its holdings in shares of AllianceBernstein by 2.6% during the first quarter. LPL Financial LLC now owns 380,837 shares of the asset manager's stock valued at $14,590,000 after purchasing an additional 9,628 shares during the last quarter. Nicholas Wealth LLC. acquired a new stake in AllianceBernstein during the 1st quarter worth about $892,000. Brookwood Investment Group LLC purchased a new stake in AllianceBernstein during the first quarter valued at about $594,000. Proficio Capital Partners LLC purchased a new position in shares of AllianceBernstein in the first quarter worth approximately $514,000. Finally, Kestra Private Wealth Services LLC raised its holdings in shares of AllianceBernstein by 4.6% during the first quarter. Kestra Private Wealth Services LLC now owns 5,904 shares of the asset manager's stock valued at $226,000 after acquiring an additional 257 shares during the period. 19.25% of the stock is currently owned by institutional investors.

AllianceBernstein Stock Performance

Shares of AB opened at $40.06 on Friday. The firm has a market cap of $4.43 billion, a PE ratio of 11.89, a PEG ratio of 1.52 and a beta of 0.81. The firm's 50 day moving average price is $40.76 and its 200 day moving average price is $39.06. AllianceBernstein Holding L.P. has a twelve month low of $32.28 and a twelve month high of $43.30.

AllianceBernstein (NYSE:AB - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The asset manager reported $0.76 EPS 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 business had revenue of $844.43 million for the quarter, compared to analyst estimates of $853.64 million. During the same quarter last year, the company earned $0.71 EPS. The business's revenue for the quarter was up 5.9% compared to the same quarter last year. On average, sell-side analysts anticipate that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Monday, August 4th will be given a $0.76 dividend. The ex-dividend date of this dividend is Monday, August 4th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 7.6%. AllianceBernstein's payout ratio is currently 90.21%.

Insider Buying and Selling at AllianceBernstein

In related news, Director Daniel G. Kaye sold 4,825 shares of the company's 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 directly owned 39,877 shares of the company's stock, valued at approximately $1,626,981.60. This represents a 10.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on AB shares. Evercore ISI increased their price target on shares of AllianceBernstein from $44.00 to $46.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Barclays upped their price objective on shares of AllianceBernstein from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Friday, July 25th. Sanford C. Bernstein reiterated a "mixed" rating on shares of AllianceBernstein in a research report on Wednesday, July 16th. Wall Street Zen raised shares of AllianceBernstein from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Finally, The Goldman Sachs Group downgraded shares of AllianceBernstein from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $42.25 to $40.00 in a research note on Friday, June 27th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently 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.

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