D.A. Davidson & CO. decreased its holdings in AllianceBernstein Holding L.P. (NYSE:AB – Free Report) by 0.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 119,112 shares of the asset manager’s stock after selling 728 shares during the quarter. D.A. Davidson & CO. owned 0.10% of AllianceBernstein worth $4,355,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in AB. Cowa LLC purchased a new position in shares of AllianceBernstein in the first quarter worth approximately $27,000. JPMorgan Chase & Co. increased its stake in shares of AllianceBernstein by 216.7% in the 4th quarter. JPMorgan Chase & Co. now owns 1,965,237 shares of the asset manager’s stock worth $67,546,000 after purchasing an additional 1,344,671 shares in the last quarter. American Century Companies Inc. raised its holdings in AllianceBernstein by 1,962.8% in the 4th quarter. American Century Companies Inc. now owns 1,249,902 shares of the asset manager’s stock worth $42,959,000 after purchasing an additional 1,189,310 shares during the period. CIBC Private Wealth Group LLC purchased a new position in AllianceBernstein during the fourth quarter valued at $10,761,000. Finally, The Manufacturers Life Insurance Company grew its holdings 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 purchasing an additional 248,055 shares during the period. 13.28% of the stock is owned by hedge funds and other institutional investors.
AllianceBernstein Stock Performance
Shares of NYSE:AB opened at $31.68 on Tuesday. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 1.04 and a beta of 1.29. The firm has a fifty day moving average price of $33.58 and a 200 day moving average price of $35.71. AllianceBernstein Holding L.P. has a fifty-two week low of $31.18 and a fifty-two week high of $45.75.
AllianceBernstein Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 25th. Shareholders of record on Monday, May 8th were given a dividend of $0.66 per share. The ex-dividend date of this dividend was Friday, May 5th. This represents a $2.64 annualized dividend and a yield of 8.33%. AllianceBernstein’s dividend payout ratio (DPR) is currently 108.64%.
Wall Street Analysts Forecast Growth
AB has been the subject of a number of recent research reports. Evercore ISI cut their price objective on AllianceBernstein from $44.00 to $38.00 and set an “outperform” rating for the company in a research note on Thursday, April 13th. StockNews.com began coverage on shares of AllianceBernstein in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, AllianceBernstein presently has a consensus rating of “Hold” and a consensus target price of $42.50.
Insiders Place Their Bets
In other AllianceBernstein news, CFO Kate C. Burke sold 12,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $33.79, for a total transaction of $422,375.00. Following the sale, the chief financial officer now directly owns 115,205 shares in the company, valued at $3,892,776.95. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 2.70% of the company’s stock.
AllianceBernstein Profile
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.
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