J.W. Cole Advisors Inc. decreased its stake in AllianceBernstein Holding L.P. (NYSE:AB – Get Rating) by 10.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,253 shares of the asset manager’s stock after selling 733 shares during the quarter. J.W. Cole Advisors Inc.’s holdings in AllianceBernstein were worth $294,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Cowa LLC purchased a new position in AllianceBernstein during the 1st quarter valued at $27,000. The Manufacturers Life Insurance Company boosted its holdings in AllianceBernstein by 98.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 501,095 shares of the asset manager’s stock valued at $23,561,000 after acquiring an additional 248,055 shares during the period. JPMorgan Chase & Co. boosted its holdings in AllianceBernstein by 65.7% during the 4th quarter. JPMorgan Chase & Co. now owns 433,458 shares of the asset manager’s stock valued at $21,171,000 after acquiring an additional 171,925 shares during the period. LPL Financial LLC boosted its holdings in AllianceBernstein by 5.4% during the 4th quarter. LPL Financial LLC now owns 223,171 shares of the asset manager’s stock valued at $10,900,000 after acquiring an additional 11,349 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in AllianceBernstein by 5.5% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 164,626 shares of the asset manager’s stock valued at $7,741,000 after acquiring an additional 8,649 shares during the period. Hedge funds and other institutional investors own 11.63% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on AB. Bank of America restated a “neutral” rating and set a $45.00 price objective on shares of AllianceBernstein in a report on Wednesday, September 7th. Sanford C. Bernstein assumed coverage on AllianceBernstein in a report on Wednesday, September 7th. They set a “neutral” rating and a $45.00 price objective for the company.
AllianceBernstein Stock Down 2.1 %
AllianceBernstein (NYSE:AB – Get Rating) last issued its earnings results on Friday, July 29th. The asset manager reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.01. The business had revenue of $971.40 million during the quarter. AllianceBernstein had a return on equity of 24.10% and a net margin of 8.30%. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same period last year, the firm earned $0.91 earnings per share. On average, research analysts expect that AllianceBernstein Holding L.P. will post 2.96 earnings per share for the current year.
AllianceBernstein Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, August 18th. Stockholders of record on Monday, August 8th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 6.86%. The ex-dividend date was Friday, August 5th. AllianceBernstein’s payout ratio is 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.
- Get a free copy of the StockNews.com research report on AllianceBernstein (AB)
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