Payne Capital Management LLC Buys New Position in AllianceBernstein Holding L.P. $AB

Payne Capital Management LLC purchased a new position in shares of AllianceBernstein Holding L.P. (NYSE:AB) in the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 27,593 shares of the asset manager’s stock, valued at approximately $1,055,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. B. Riley Wealth Advisors Inc. bought a new position in AllianceBernstein during the 2nd quarter valued at $3,135,000. Moody Aldrich Partners LLC grew its stake in shares of AllianceBernstein by 131.6% in the 3rd quarter. Moody Aldrich Partners LLC now owns 137,341 shares of the asset manager’s stock worth $5,249,000 after acquiring an additional 78,047 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of AllianceBernstein in the second quarter valued at about $722,000. Horizon Kinetics Asset Management LLC raised its holdings in shares of AllianceBernstein by 42.2% in the second quarter. Horizon Kinetics Asset Management LLC now owns 164,892 shares of the asset manager’s stock valued at $6,733,000 after purchasing an additional 48,906 shares during the last quarter. Finally, Formula Growth Ltd. bought a new position in shares of AllianceBernstein during the second quarter valued at about $1,759,000. 19.25% of the stock is owned by hedge funds and other institutional investors.

AllianceBernstein Stock Performance

Shares of NYSE:AB opened at $37.55 on Thursday. The company has a market capitalization of $3.46 billion, a P/E ratio of 12.52, a price-to-earnings-growth ratio of 1.03 and a beta of 0.87. The company’s 50-day moving average is $39.79 and its 200 day moving average is $39.51. AllianceBernstein Holding L.P. has a fifty-two week low of $32.28 and a fifty-two week high of $44.11.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings data on Thursday, February 5th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. The business had revenue of $957.31 million during the quarter, compared to the consensus estimate of $956.45 million. AllianceBernstein had a net margin of 6.62% and a return on equity of 21.17%. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.05 earnings per share. As a group, research analysts predict that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current year.

AllianceBernstein Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 12th. Stockholders of record on Friday, February 20th were paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 10.2%. The ex-dividend date was Friday, February 20th. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.86. AllianceBernstein’s dividend payout ratio (DPR) is 128.00%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AB. Weiss Ratings upgraded shares of AllianceBernstein from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, February 17th. Zacks Research lowered shares of AllianceBernstein from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Sanford C. Bernstein reissued a “neutral” rating on shares of AllianceBernstein in a research report on Monday, February 9th. Evercore boosted their target price on AllianceBernstein from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, December 5th. Finally, Barclays upped their target price on AllianceBernstein from $39.00 to $41.00 and gave the company an “equal weight” rating in a report on Friday, February 6th. Two equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $42.17.

AllianceBernstein Company Profile

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.