Proficio Capital Partners LLC Invests $514,000 in AllianceBernstein Holding L.P. (NYSE:AB)

Proficio Capital Partners LLC bought a new position in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 13,355 shares of the asset manager's stock, valued at approximately $514,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Kestra Private Wealth Services LLC boosted its position in shares of AllianceBernstein by 4.6% in the 1st quarter. Kestra Private Wealth Services LLC now owns 5,904 shares of the asset manager's stock valued at $226,000 after purchasing an additional 257 shares during the period. Private Advisor Group LLC lifted its holdings in shares of AllianceBernstein by 4.6% during the 1st quarter. Private Advisor Group LLC now owns 46,939 shares of the asset manager's stock valued at $1,798,000 after buying an additional 2,070 shares during the last quarter. Mountain Hill Investment Partners Corp. bought a new position in shares of AllianceBernstein in the 1st quarter valued at approximately $38,000. Prevail Innovative Wealth Advisors LLC bought a new position in AllianceBernstein in the 1st quarter worth approximately $422,000. Finally, Apollon Wealth Management LLC grew its holdings in shares of AllianceBernstein by 20.9% during the 1st quarter. Apollon Wealth Management LLC now owns 20,528 shares of the asset manager's stock worth $786,000 after purchasing an additional 3,552 shares in the last quarter. 19.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on AB shares. Evercore ISI boosted their price objective on AllianceBernstein from $44.00 to $46.00 and gave the stock an "outperform" rating in a research note on Friday. Barclays increased their price target on AllianceBernstein from $40.00 to $42.00 and gave the stock an "equal weight" rating in a report on Friday. Wall Street Zen raised AllianceBernstein from a "sell" rating to a "hold" rating in a research report on Saturday, May 10th. Sanford C. Bernstein reissued a "mixed" rating on shares of AllianceBernstein in a research report on Wednesday, July 16th. Finally, The Goldman Sachs Group lowered AllianceBernstein from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $42.25 to $40.00 in a research note on Friday, June 27th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, AllianceBernstein currently has an average rating of "Hold" and an average target price of $39.67.

AllianceBernstein Price Performance

AllianceBernstein stock traded up $0.18 during mid-day trading on Friday, reaching $42.95. 141,365 shares of the company were exchanged, compared to its average volume of 525,519. The company has a fifty day simple moving average of $40.53 and a 200-day simple moving average of $38.75. The firm has a market cap of $4.75 billion, a PE ratio of 11.54, a PEG ratio of 1.64 and a beta of 0.82. AllianceBernstein Holding L.P. has a 12 month low of $30.57 and a 12 month high of $43.30.

AllianceBernstein (NYSE:AB - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The asset manager reported $0.76 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.01). The firm had revenue of $844.43 million for the quarter, compared to analyst estimates of $853.64 million. AllianceBernstein had a net margin of 9.44% and a return on equity of 18.27%. The company's revenue was up 5.9% compared to the same quarter last year. During the same period last year, the business earned $0.71 EPS. Sell-side analysts anticipate that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current year.

Insider Transactions at AllianceBernstein

In other AllianceBernstein news, Director Daniel G. Kaye sold 4,825 shares of AllianceBernstein stock in a transaction dated Monday, May 12th. The stock was 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles G.T. Stonehill sold 5,000 shares of AllianceBernstein stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $41.18, for a total value of $205,900.00. Following the transaction, the director owned 20,923 shares of the company's stock, valued at $861,609.14. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.70% of the company's stock.

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.