OneDigital Investment Advisors LLC bought a new stake in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 14,294 shares of the asset manager's stock, valued at approximately $548,000.
A number of other institutional investors also recently added to or reduced their stakes in the company. Transce3nd LLC acquired a new position in AllianceBernstein in the fourth quarter valued at approximately $25,000. Summit Securities Group LLC acquired a new stake in AllianceBernstein during the fourth quarter worth approximately $41,000. Harbor Investment Advisory LLC purchased a new stake in shares of AllianceBernstein during the 1st quarter worth approximately $48,000. PNC Financial Services Group Inc. boosted its holdings in shares of AllianceBernstein by 19.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,929 shares of the asset manager's stock valued at $72,000 after buying an additional 319 shares in the last quarter. Finally, NBC Securities Inc. purchased a new position in shares of AllianceBernstein in the 1st quarter valued at $87,000. Hedge funds and other institutional investors own 19.25% of the company's stock.
AllianceBernstein Trading Up 1.4%
Shares of NYSE AB traded up $0.58 during midday trading on Thursday, reaching $41.70. 140,736 shares of the company were exchanged, compared to its average volume of 440,652. The stock has a market cap of $4.62 billion, a P/E ratio of 11.21, a PEG ratio of 3.17 and a beta of 0.82. AllianceBernstein Holding L.P. has a 1 year low of $30.57 and a 1 year high of $41.99. The stock has a fifty day simple moving average of $40.38 and a 200 day simple moving average of $38.41.
AllianceBernstein (NYSE:AB - Get Free Report) last announced its earnings results on Thursday, April 24th. The asset manager reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.02. The company had revenue of $838.21 million for the quarter, compared to the consensus estimate of $859.36 million. AllianceBernstein had a return on equity of 18.27% and a net margin of 9.44%. During the same period last year, the business posted $0.73 EPS. The company's revenue was down 5.2% on a year-over-year basis. As a group, analysts forecast that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current year.
AllianceBernstein Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Monday, May 5th were paid a $0.80 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $3.20 annualized dividend and a yield of 7.67%. AllianceBernstein's dividend payout ratio is currently 86.02%.
Insiders Place Their Bets
In other news, Director Daniel G. Kaye sold 4,825 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $40.80, for a total value of $196,860.00. Following the completion of the sale, the director owned 39,877 shares in the company, valued at approximately $1,626,981.60. This trade represents a 10.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles G.T. Stonehill sold 5,000 shares of the business's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $41.18, for a total transaction of $205,900.00. Following the transaction, the director owned 20,923 shares in the company, valued at approximately $861,609.14. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
AB has been the subject of a number of research reports. Wall Street Zen raised shares of AllianceBernstein from a "sell" rating to a "hold" rating in a research report on Saturday, May 10th. The Goldman Sachs Group downgraded AllianceBernstein from a "buy" rating to a "neutral" rating and reduced their target price for the company from $42.25 to $40.00 in a report on Friday, June 27th. Bank of America cut AllianceBernstein from a "buy" rating to a "neutral" rating and decreased their target price for the company from $42.00 to $38.00 in a research report on Thursday, April 3rd. Sanford C. Bernstein lowered AllianceBernstein from a "buy" rating to a "neutral" rating and set a $38.00 price target on the stock. in a research report on Thursday, April 3rd. Finally, Barclays increased their price objective on AllianceBernstein from $36.00 to $37.00 and gave the company an "equal weight" rating in a report on Friday, April 25th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, AllianceBernstein presently has a consensus rating of "Hold" and a consensus price target of $37.50.
Check Out Our Latest Research Report on AB
AllianceBernstein Company Profile
(
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.
Recommended Stories

Before you consider AllianceBernstein, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and AllianceBernstein wasn't on the list.
While AllianceBernstein currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Need to stretch out your 401K or Roth IRA plan? Use these time-tested investing strategies to grow the monthly retirement income that your stock portfolio generates.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.