Truist Financial Corp Acquires 1,174 Shares of AllianceBernstein Holding L.P. (NYSE:AB)

Truist Financial Corp increased its holdings in shares of AllianceBernstein Holding L.P. (NYSE:AB – Get Rating) by 6.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,293 shares of the asset manager’s stock after acquiring an additional 1,174 shares during the period. Truist Financial Corp’s holdings in AllianceBernstein were worth $712,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of AB. Cowa LLC bought a new position in AllianceBernstein in the 1st quarter valued at $27,000. CoreCap Advisors LLC bought a new position in AllianceBernstein in the 2nd quarter valued at $29,000. Truvestments Capital LLC bought a new position in AllianceBernstein in the 2nd quarter valued at $31,000. Oliver Lagore Vanvalin Investment Group bought a new position in AllianceBernstein in the 2nd quarter valued at $31,000. Finally, Northern Oak Wealth Management Inc. bought a new position in AllianceBernstein in the 2nd quarter valued at $33,000. 11.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Karl Sprules sold 77,000 shares of the 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 of the company’s stock, valued at approximately $2,647,656.84. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other AllianceBernstein news, insider Karl Sprules sold 77,000 shares of the company’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 owns 68,309 shares of the company’s stock, valued at approximately $2,647,656.84. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Mark R. Manley sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 23rd. The stock was sold at an average price of $40.88, for a total value of $204,400.00. Following the transaction, the insider now directly owns 39,334 shares of the company’s stock, valued at approximately $1,607,973.92. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

AllianceBernstein Price Performance

Shares of AB stock opened at $37.37 on Friday. The stock has a market cap of $3.75 billion, a PE ratio of 11.02 and a beta of 1.35. The stock has a 50-day moving average of $38.04 and a 200-day moving average of $39.38. AllianceBernstein Holding L.P. has a one year low of $31.31 and a one year high of $51.05.

AllianceBernstein (NYSE:AB – Get Rating) last announced its quarterly earnings results on Friday, October 28th. The asset manager reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.04. The company had revenue of $987.00 million during the quarter, compared to analysts’ expectations of $1.46 billion. AllianceBernstein had a return on equity of 22.48% and a net margin of 7.75%. AllianceBernstein’s revenue was down 9.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.89 EPS. As a group, research analysts anticipate that AllianceBernstein Holding L.P. will post 2.81 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 23rd. Investors of record on Monday, November 7th were paid 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 yield of 6.85%. AllianceBernstein’s payout ratio is 75.52%.

Analysts Set New Price Targets

A number of research analysts have commented on AB shares. Credit Suisse Group increased their price objective on AllianceBernstein from $28.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, October 31st. StockNews.com started coverage on AllianceBernstein in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, The Goldman Sachs Group increased their target price on AllianceBernstein from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Tuesday, November 1st. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $40.25.

About AllianceBernstein

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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.