Sigma Planning Corp Buys 647 Shares of AllianceBernstein Holding L.P. (AB)
Sigma Planning Corp increased its stake in AllianceBernstein Holding L.P. (NYSE:AB) by 4.0% during the second quarter, Holdings Channel reports. The fund owned 16,827 shares of the asset manager’s stock after buying an additional 647 shares during the period. Sigma Planning Corp’s holdings in AllianceBernstein Holding L.P. were worth $398,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Morgan Stanley raised its position in shares of AllianceBernstein Holding L.P. by 166.0% in the first quarter. Morgan Stanley now owns 1,258,872 shares of the asset manager’s stock valued at $28,765,000 after buying an additional 785,538 shares in the last quarter. Bank of Montreal Can raised its position in shares of AllianceBernstein Holding L.P. by 9,523.4% in the second quarter. Bank of Montreal Can now owns 444,600 shares of the asset manager’s stock valued at $10,514,000 after buying an additional 439,980 shares in the last quarter. Foundry Partners LLC acquired a new position in shares of AllianceBernstein Holding L.P. during the second quarter valued at about $6,970,000. UBS Group AG raised its position in shares of AllianceBernstein Holding L.P. by 107.5% in the first quarter. UBS Group AG now owns 408,841 shares of the asset manager’s stock valued at $9,342,000 after buying an additional 211,845 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of AllianceBernstein Holding L.P. by 753.4% in the first quarter. Renaissance Technologies LLC now owns 219,325 shares of the asset manager’s stock valued at $5,012,000 after buying an additional 193,625 shares in the last quarter. 23.67% of the stock is owned by hedge funds and other institutional investors.
Shares of AllianceBernstein Holding L.P. (NYSE:AB) opened at 23.85 on Wednesday. The stock has a market cap of $2.23 billion, a P/E ratio of 10.96 and a beta of 1.56. AllianceBernstein Holding L.P. has a 52 week low of $20.40 and a 52 week high of $26.15. The stock has a 50 day moving average price of $24.28 and a 200-day moving average price of $23.06.
AllianceBernstein Holding L.P. (NYSE:AB) last issued its quarterly earnings results on Thursday, July 27th. The asset manager reported $0.49 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.02. The firm had revenue of $802.31 million for the quarter, compared to analysts’ expectations of $771.88 million. AllianceBernstein Holding L.P. had a return on equity of 13.28% and a net margin of 6.74%. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 EPS. Equities analysts predict that AllianceBernstein Holding L.P. will post $2.07 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Monday, August 7th will be given a $0.49 dividend. This represents a $1.96 annualized dividend and a yield of 8.22%. The ex-dividend date of this dividend is Thursday, August 3rd. This is a boost from AllianceBernstein Holding L.P.’s previous quarterly dividend of $0.46. AllianceBernstein Holding L.P.’s payout ratio is 89.91%.
AB has been the topic of several recent analyst reports. Credit Suisse Group reaffirmed a “neutral” rating on shares of AllianceBernstein Holding L.P. in a research report on Friday, August 11th. Zacks Investment Research raised AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a research report on Tuesday, April 25th. BidaskClub raised AllianceBernstein Holding L.P. from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 16th. Sidoti initiated coverage on AllianceBernstein Holding L.P. in a research report on Monday, June 5th. They set a “buy” rating and a $28.00 target price on the stock. Finally, ValuEngine lowered AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $26.50.
In other AllianceBernstein Holding L.P. news, Director Scott A. Schoen sold 15,627 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $20.91, for a total transaction of $326,760.57. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Steven G. Elliott sold 16,349 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $21.08, for a total value of $344,636.92. Following the transaction, the director now owns 31,976 shares in the company, valued at approximately $674,054.08. The disclosure for this sale can be found here. Insiders sold a total of 524,097 shares of company stock worth $12,405,467 in the last 90 days. 3.40% of the stock is currently owned by insiders.
AllianceBernstein Holding L.P. Company Profile
AllianceBernstein Holding L.P. is engaged in providing research, investment management and related services to a range of clients through its three buy-side distribution channels: Institutions, Retail and Private Wealth Management, and its sell-side business, Bernstein Research Services. The Company offers a range of investment services, including equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and equities; traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; passive management, including index and enhanced index strategies; alternative investments, including hedge funds, fund of funds and private equity, and multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds.
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