OneDigital Investment Advisors LLC purchased a new position in shares of AllianceBernstein Holding L.P. (NYSE:AB - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 14,294 shares of the asset manager's stock, valued at approximately $548,000.
Other large investors have also modified their holdings of the company. FMR LLC lifted its holdings in shares of AllianceBernstein by 19.0% during the fourth quarter. FMR LLC now owns 3,110,304 shares of the asset manager's stock worth $115,361,000 after purchasing an additional 496,923 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of AllianceBernstein by 18.1% during the fourth quarter. JPMorgan Chase & Co. now owns 2,899,762 shares of the asset manager's stock worth $107,552,000 after purchasing an additional 445,398 shares during the period. CHURCHILL MANAGEMENT Corp acquired a new stake in shares of AllianceBernstein during the first quarter worth about $12,309,000. Basswood Capital Management L.L.C. acquired a new stake in shares of AllianceBernstein during the fourth quarter worth about $10,300,000. Finally, Invesco Ltd. acquired a new stake in shares of AllianceBernstein during the fourth quarter worth about $8,307,000. Hedge funds and other institutional investors own 19.25% of the company's stock.
AllianceBernstein Stock Performance
Shares of AB traded down $0.27 during trading hours on Friday, hitting $41.40. 147,192 shares of the stock were exchanged, compared to its average volume of 440,718. AllianceBernstein Holding L.P. has a 12-month low of $30.57 and a 12-month high of $41.99. The company has a market cap of $4.58 billion, a price-to-earnings ratio of 11.13, a price-to-earnings-growth ratio of 1.63 and a beta of 0.82. The stock's 50-day moving average price is $40.39 and its two-hundred day moving average price is $38.50.
AllianceBernstein (NYSE:AB - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The asset manager reported $0.80 EPS for the quarter, topping the consensus estimate of $0.78 by $0.02. AllianceBernstein had a return on equity of 18.27% and a net margin of 9.44%. The firm had revenue of $838.21 million during the quarter, compared to analysts' expectations of $859.36 million. During the same period in the previous year, the business earned $0.73 earnings per share. The firm's revenue for the quarter was down 5.2% on a year-over-year basis. On average, research analysts expect that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current year.
AllianceBernstein Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Monday, May 5th were issued a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 7.73%. The ex-dividend date of this dividend was Monday, May 5th. AllianceBernstein's payout ratio is currently 86.02%.
Analyst Ratings Changes
A number of brokerages have issued reports on AB. Evercore ISI decreased 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. TD Cowen decreased their price target 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 AllianceBernstein from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $42.25 to $40.00 in a research note on Friday, June 27th. Barclays upped their target price on AllianceBernstein from $36.00 to $37.00 and gave the stock an "equal weight" rating in a research note on Friday, April 25th. Finally, Bank of America downgraded AllianceBernstein from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $42.00 to $38.00 in a research note on Thursday, April 3rd. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, AllianceBernstein presently has a consensus rating of "Hold" and a consensus target price of $37.50.
Read Our Latest Analysis on AB
Insider Buying and Selling at AllianceBernstein
In other news, Director Daniel G. Kaye sold 4,825 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $40.80, for a total value of $196,860.00. Following the transaction, the director owned 39,877 shares of the company's stock, valued at $1,626,981.60. This represents a 10.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles G.T. Stonehill sold 5,000 shares of the stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $41.18, for a total value of $205,900.00. Following the transaction, the director directly owned 20,923 shares in the company, valued at approximately $861,609.14. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.
About AllianceBernstein
(
Free Report)
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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