Rothschild Investment LLC Takes $253,000 Position in AllianceBernstein Holding L.P. (NYSE:AB)

Rothschild Investment LLC purchased a new position in AllianceBernstein Holding L.P. (NYSE:AB) during the 2nd quarter, Holdings Channel reports. The fund purchased 7,500 shares of the asset manager’s stock, valued at approximately $253,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Jennison Associates LLC purchased a new position in shares of AllianceBernstein during the first quarter valued at $23,660,000. UBS Group AG raised its holdings in shares of AllianceBernstein by 39.9% in the 4th quarter. UBS Group AG now owns 851,533 shares of the asset manager’s stock valued at $26,423,000 after purchasing an additional 242,765 shares in the last quarter. General American Investors Co. Inc. bought a new position in shares of AllianceBernstein during the fourth quarter valued at approximately $4,192,000. Manning & Napier Advisors LLC bought a new position in AllianceBernstein in the second quarter worth approximately $4,477,000. Finally, Sei Investments Co. lifted its holdings in AllianceBernstein by 159.4% during the first quarter. Sei Investments Co. now owns 154,598 shares of the asset manager’s stock worth $5,371,000 after buying an additional 94,989 shares during the period. Institutional investors own 19.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Barclays started coverage on AllianceBernstein in a report on Tuesday, August 27th. They issued an “equal weight” rating and a $35.00 price target on the stock. TD Cowen lifted their target price on AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $39.95.

Insider Buying and Selling at AllianceBernstein

In other news, insider Christopher Hogbin sold 12,781 shares of AllianceBernstein stock in a transaction on Monday, July 29th. The shares were sold at an average price of $34.87, for a total transaction of $445,673.47. Following the completion of the sale, the insider now directly owns 10,000 shares in the company, valued at $348,700. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Christopher Hogbin sold 12,781 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $34.87, for a total value of $445,673.47. Following the transaction, the insider now directly owns 10,000 shares of the company’s stock, valued at $348,700. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles G.T. Stonehill sold 4,000 shares of AllianceBernstein stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $34.87, for a total value of $139,480.00. Following the sale, the director now directly owns 25,923 shares of the company’s stock, valued at approximately $903,935.01. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by company insiders.

AllianceBernstein Price Performance

AllianceBernstein stock opened at $34.44 on Tuesday. AllianceBernstein Holding L.P. has a 1-year low of $25.83 and a 1-year high of $35.67. The business has a fifty day moving average price of $34.06 and a 200-day moving average price of $33.71. The stock has a market capitalization of $3.97 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 0.73 and a beta of 1.24.

AllianceBernstein (NYSE:AB) last released its quarterly earnings results on Friday, July 26th. The asset manager reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.04. AllianceBernstein had a return on equity of 15.81% and a net margin of 7.68%. The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $807.42 million. During the same period last year, the business posted $0.61 earnings per share. The firm’s revenue was up 1.9% compared to the same quarter last year. On average, equities research analysts anticipate that AllianceBernstein Holding L.P. will post 2.97 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 8.25%. The ex-dividend date of this dividend was Monday, August 5th. AllianceBernstein’s dividend payout ratio is presently 117.84%.

About AllianceBernstein

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.