Rothschild Investment Corp IL cut its position in AllianceBernstein Holding L.P. (NYSE:AB – Get Rating) by 11.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,350 shares of the asset manager's stock after selling 1,200 shares during the quarter. Rothschild Investment Corp IL's holdings in AllianceBernstein were worth $389,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Western Pacific Wealth Management LP bought a new position in AllianceBernstein during the fourth quarter worth $34,000. Allworth Financial LP boosted its position in AllianceBernstein by 981.1% during the first quarter. Allworth Financial LP now owns 800 shares of the asset manager's stock worth $38,000 after purchasing an additional 726 shares during the period. GHP Investment Advisors Inc. bought a new position in AllianceBernstein during the first quarter worth $42,000. Prospera Financial Services Inc bought a new position in AllianceBernstein during the first quarter worth $47,000. Finally, Valley National Advisers Inc. boosted its position in AllianceBernstein by 557.4% during the first quarter. Valley National Advisers Inc. now owns 1,282 shares of the asset manager's stock worth $60,000 after purchasing an additional 1,087 shares during the period. 11.63% of the stock is owned by institutional investors.
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AllianceBernstein Stock Performance
AB opened at $41.40 on Wednesday. AllianceBernstein Holding L.P. has a fifty-two week low of $35.20 and a fifty-two week high of $57.54. The company has a market capitalization of $4.03 billion, a P/E ratio of 11.13 and a beta of 1.28. The stock has a fifty day moving average of $43.12 and a 200-day moving average of $42.83.
AllianceBernstein (NYSE:AB – Get Rating) last posted its earnings results on Friday, July 29th. The asset manager reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.01. AllianceBernstein had a return on equity of 24.10% and a net
margin of 8.30%. The company had revenue of $971.40 million during the quarter. During the same period in the prior year, the business posted $0.91 EPS. The firm's quarterly revenue was down 9.8% compared to the same quarter last year. On average, equities research analysts predict that AllianceBernstein Holding L.P. will post 2.96 earnings per share for the current fiscal year.
AllianceBernstein Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 18th. Stockholders of record on Monday, August 8th were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 6.86%. The ex-dividend date of this dividend was Friday, August 5th. AllianceBernstein's dividend payout ratio is currently 76.34%.
Analysts Set New Price Targets
A number of equities analysts have commented on the stock. Bank of America reaffirmed a "neutral" rating and set a $45.00 price objective on shares of AllianceBernstein in a research report on Wednesday, September 7th. Sanford C. Bernstein assumed coverage on shares of AllianceBernstein in a research report on Wednesday, September 7th. They set a "neutral" rating and a $45.00 price objective for the company.
About AllianceBernstein
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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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