Raymond James Trust N.A. boosted its holdings in shares of AllianceBernstein Holding L.P. (NYSE:AB – Get Rating) by 14.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,579 shares of the asset manager’s stock after purchasing an additional 1,216 shares during the period. Raymond James Trust N.A.’s holdings in AllianceBernstein were worth $336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently added to or reduced their stakes in the business. Cowa LLC acquired a new position in shares of AllianceBernstein in the 1st quarter valued at about $27,000. The Manufacturers Life Insurance Company raised its position in AllianceBernstein by 98.0% during the first 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 in the last quarter. Philadelphia Financial Management of San Francisco LLC acquired a new position in AllianceBernstein in the second quarter valued at approximately $8,429,000. Walker Asset Management LLC purchased a new stake in AllianceBernstein in the 2nd quarter worth approximately $6,174,000. Finally, Miller Howard Investments Inc. NY acquired a new stake in shares of AllianceBernstein during the 2nd quarter worth approximately $3,118,000. 11.47% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at AllianceBernstein
In related news, insider Karl Sprules sold 77,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 14th. The stock was sold at an average price of $38.76, for a total transaction of $2,984,520.00. Following the completion of the sale, the insider now directly owns 68,309 shares in the company, valued at $2,647,656.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Mark R. Manley sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 23rd. The shares were sold at an average price of $40.88, for a total transaction of $204,400.00. Following the completion of the sale, the insider now owns 39,334 shares of the company’s stock, valued at approximately $1,607,973.92. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Karl Sprules sold 77,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 14th. The stock was sold at an average price of $38.76, for a total transaction of $2,984,520.00. Following the completion of the transaction, the insider now directly owns 68,309 shares in the company, valued at $2,647,656.84. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.
AllianceBernstein Stock Performance
AllianceBernstein (NYSE:AB – Get Rating) last announced its earnings results on Friday, October 28th. The asset manager reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.04. AllianceBernstein had a net margin of 7.75% and a return on equity of 22.48%. The business had revenue of $987.00 million for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter last year, the business earned $0.89 earnings per share. The company’s revenue for the quarter was down 9.7% compared to the same quarter last year. On average, equities analysts predict that AllianceBernstein Holding L.P. will post 2.81 EPS for the current fiscal year.
AllianceBernstein Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 23rd. Shareholders of record on Monday, November 7th were issued a dividend of $0.64 per share. The ex-dividend date was Friday, November 4th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 6.56%. AllianceBernstein’s payout ratio is currently 75.52%.
Analyst Upgrades and Downgrades
AB has been the topic of a number of recent analyst reports. StockNews.com initiated coverage on shares of AllianceBernstein in a report on Wednesday, October 12th. They set a “hold” rating on the stock. The Goldman Sachs Group increased their target price on shares of AllianceBernstein from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 1st. Finally, Credit Suisse Group lifted their price target on AllianceBernstein from $28.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, October 31st. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, AllianceBernstein currently has a consensus rating of “Hold” and a consensus price target of $40.25.
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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