Prevail Innovative Wealth Advisors LLC Takes $422,000 Position in AllianceBernstein Holding L.P. (NYSE:AB)

Prevail Innovative Wealth Advisors LLC purchased a new stake in shares of AllianceBernstein Holding L.P. (NYSE:AB - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 11,019 shares of the asset manager's stock, valued at approximately $422,000.

Other institutional investors have also recently added to or reduced their stakes in the company. PFG Investments LLC bought a new position in AllianceBernstein during the 1st quarter valued at about $228,000. Raymond James Financial Inc. bought a new position in shares of AllianceBernstein in the fourth quarter worth about $6,683,000. Brown Brothers Harriman & Co. bought a new position in shares of AllianceBernstein in the fourth quarter worth about $246,000. Farther Finance Advisors LLC raised its stake in shares of AllianceBernstein by 360.6% in the first quarter. Farther Finance Advisors LLC now owns 6,913 shares of the asset manager's stock worth $266,000 after acquiring an additional 5,412 shares during the last quarter. Finally, LPL Financial LLC raised its stake in shares of AllianceBernstein by 4.8% in the fourth quarter. LPL Financial LLC now owns 371,209 shares of the asset manager's stock worth $13,768,000 after acquiring an additional 16,849 shares during the last quarter. 19.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AB. The Goldman Sachs Group downgraded shares of AllianceBernstein from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $42.25 to $40.00 in a research note on Friday, June 27th. Wall Street Zen raised shares of AllianceBernstein from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Bank of America downgraded shares of AllianceBernstein from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $42.00 to $38.00 in a research note on Thursday, April 3rd. TD Cowen dropped their target price on shares of AllianceBernstein from $37.50 to $34.00 and set a "hold" rating for the company in a research note on Wednesday, April 9th. Finally, Barclays lifted their price target on shares of AllianceBernstein from $37.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $38.00.

Insider Buying and Selling

In related news, Director Daniel G. Kaye sold 4,825 shares of the business's stock in a transaction that occurred 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 transaction, the director owned 39,877 shares in the company, valued at approximately $1,626,981.60. The trade was a 10.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles G.T. Stonehill sold 5,000 shares of the business's stock in a transaction that occurred on Monday, May 5th. The shares were 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 of the company's stock, valued at approximately $861,609.14. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by insiders.

AllianceBernstein Trading Up 1.0%

Shares of NYSE:AB traded up $0.39 during trading on Friday, hitting $41.33. 37,501 shares of the company's stock were exchanged, compared to its average volume of 436,257. AllianceBernstein Holding L.P. has a 1-year low of $30.57 and a 1-year high of $41.99. The firm has a 50-day moving average price of $40.40 and a two-hundred day moving average price of $38.59. The firm has a market cap of $4.58 billion, a P/E ratio of 11.10, a PEG ratio of 1.60 and a beta of 0.82.

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. The company had revenue of $838.21 million during the quarter, compared to analysts' expectations of $859.36 million. AllianceBernstein had a net margin of 9.44% and a return on equity of 18.27%. AllianceBernstein's revenue was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.73 EPS. As a group, research 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, May 22nd. Investors of record on Monday, May 5th were issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 7.74%. The ex-dividend date of this dividend was Monday, May 5th. AllianceBernstein's dividend payout ratio is currently 86.02%.

AllianceBernstein 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.