Raymond James Trust N.A. boosted its stake in shares of AllianceBernstein Holding L.P. (NYSE:AB – Get Rating) by 5.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,087 shares of the asset manager’s stock after buying an additional 508 shares during the quarter. Raymond James Trust N.A.’s holdings in AllianceBernstein were worth $347,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cowa LLC purchased a new position in AllianceBernstein during the 1st quarter valued at about $27,000. The Manufacturers Life Insurance Company increased its position 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 purchasing an additional 248,055 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in AllianceBernstein by 6.9% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 187,296 shares of the asset manager’s stock valued at $6,567,000 after purchasing an additional 12,042 shares during the period. Janney Montgomery Scott LLC increased its position in AllianceBernstein by 1.1% during the 3rd quarter. Janney Montgomery Scott LLC now owns 186,475 shares of the asset manager’s stock valued at $6,538,000 after purchasing an additional 1,976 shares during the period. Finally, Royal Bank of Canada increased its position in AllianceBernstein by 14.7% during the 1st quarter. Royal Bank of Canada now owns 139,629 shares of the asset manager’s stock valued at $6,566,000 after purchasing an additional 17,884 shares during the period. Institutional investors own 11.47% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently issued reports on the stock. Evercore ISI cut their price objective on shares of AllianceBernstein from $44.00 to $38.00 and set an “outperform” rating on the stock in a research report on Thursday, April 13th. StockNews.com assumed coverage on shares of AllianceBernstein in a research note on Thursday, March 16th. They set a “hold” rating for the company. Finally, Credit Suisse Group upgraded shares of AllianceBernstein from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $32.00 to $43.50 in a research note on Monday, February 13th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $42.50.
Insider Transactions at AllianceBernstein
AllianceBernstein Trading Down 1.5 %
Shares of AllianceBernstein stock opened at $35.55 on Tuesday. AllianceBernstein Holding L.P. has a 12-month low of $31.31 and a 12-month high of $45.75. The firm has a market capitalization of $4.05 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 1.73 and a beta of 1.34. The firm’s 50 day simple moving average is $36.70 and its two-hundred day simple moving average is $37.18.
AllianceBernstein (NYSE:AB – Get Rating) last issued its quarterly earnings results on Thursday, February 9th. The asset manager reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.13. AllianceBernstein had a net margin of 6.76% and a return on equity of 17.94%. The business had revenue of $990.18 million for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the business posted $1.29 EPS. AllianceBernstein’s revenue for the quarter was down 21.7% compared to the same quarter last year. On average, sell-side analysts predict that AllianceBernstein Holding L.P. will post 2.77 EPS for the current fiscal year.
AllianceBernstein Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 16th. Stockholders of record on Tuesday, February 21st were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, February 17th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 7.88%. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.64. AllianceBernstein’s dividend payout ratio is presently 103.32%.
AllianceBernstein Company Profile
AllianceBernstein Holding LP engages in the provision of research, investment management, and related services. It offers investment trusts, mutual funds, hedge funds, and other investment vehicles. The company was founded in October 2000 and is headquartered in Nashville, TN.
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