Raymond James Financial Services Advisors Inc. cut its stake in shares of AllianceBernstein Holding L.P. (NYSE:AB – Get Rating) by 7.5% during the first quarter, Holdings Channel reports. The firm owned 76,503 shares of the asset manager’s stock after selling 6,187 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in AllianceBernstein were worth $3,597,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Argent Trust Co grew its holdings in shares of AllianceBernstein by 121.0% during the first quarter. Argent Trust Co now owns 15,463 shares of the asset manager’s stock valued at $727,000 after buying an additional 8,466 shares in the last quarter. Raymond James & Associates grew its holdings in shares of AllianceBernstein by 20.8% during the first quarter. Raymond James & Associates now owns 87,793 shares of the asset manager’s stock valued at $4,128,000 after buying an additional 15,141 shares in the last quarter. Kayne Anderson Capital Advisors LP purchased a new position in shares of AllianceBernstein during the first quarter valued at $249,000. Cantor Fitzgerald Investment Advisor L.P grew its holdings in shares of AllianceBernstein by 16.7% during the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 7,000 shares of the asset manager’s stock valued at $329,000 after buying an additional 1,000 shares in the last quarter. Finally, Strategic Wealth Advisors Group LLC grew its holdings in shares of AllianceBernstein by 14.4% during the first quarter. Strategic Wealth Advisors Group LLC now owns 12,716 shares of the asset manager’s stock valued at $601,000 after buying an additional 1,600 shares in the last quarter. 11.63% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at AllianceBernstein
In other AllianceBernstein news, Director Charles G.T. Stonehill sold 1,400 shares of the business’s stock in a transaction dated Monday, June 13th. The stock was sold at an average price of $40.61, for a total value of $56,854.00. Following the transaction, the director now owns 19,914 shares in the company, valued at $808,707.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.70% of the company’s stock.
AllianceBernstein Price Performance
AllianceBernstein (NYSE:AB – Get Rating) last issued its earnings results on Friday, July 29th. The asset manager reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.01. AllianceBernstein had a return on equity of 24.10% and a net margin of 8.30%. The firm had revenue of $971.40 million for the quarter. During the same quarter last year, the firm earned $0.91 EPS. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. On average, equities analysts anticipate that AllianceBernstein Holding L.P. will post 2.85 EPS for the current year.
AllianceBernstein Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 18th. Shareholders of record on Monday, August 8th were paid a $0.71 dividend. The ex-dividend date was Friday, August 5th. This represents a $2.84 dividend on an annualized basis and a yield of 6.61%. AllianceBernstein’s dividend payout ratio (DPR) is currently 76.34%.
AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.
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