DAVENPORT & Co LLC decreased its holdings in AllianceBernstein Holding L.P. (NYSE:AB – Get Rating) by 1.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 42,407 shares of the asset manager's stock after selling 750 shares during the quarter. DAVENPORT & Co LLC's holdings in AllianceBernstein were worth $1,763,000 as of its most recent filing with the SEC.
Other large investors have also recently bought and sold shares of the company. Allianz Asset Management GmbH increased its position in shares of AllianceBernstein by 0.6% in the fourth quarter. Allianz Asset Management GmbH now owns 34,544 shares of the asset manager's stock valued at $1,687,000 after buying an additional 222 shares in the last quarter. Cornerstone Wealth Management LLC boosted its stake in shares of AllianceBernstein by 5.8% during the first quarter. Cornerstone Wealth Management LLC now owns 4,967 shares of the asset manager's stock valued at $234,000 after acquiring an additional 274 shares during the last quarter. Meridian Wealth Management LLC boosted its stake in shares of AllianceBernstein by 6.5% during the first quarter. Meridian Wealth Management LLC now owns 5,275 shares of the asset manager's stock valued at $248,000 after acquiring an additional 323 shares during the last quarter. Belpointe Asset Management LLC boosted its stake in shares of AllianceBernstein by 2.5% during the first quarter. Belpointe Asset Management LLC now owns 13,594 shares of the asset manager's stock valued at $639,000 after acquiring an additional 327 shares during the last quarter. Finally, Atticus Wealth Management LLC boosted its stake in shares of AllianceBernstein by 8.5% during the first quarter. Atticus Wealth Management LLC now owns 4,445 shares of the asset manager's stock valued at $209,000 after acquiring an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 11.63% of the company's stock.
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Analyst Ratings Changes
A number of analysts recently commented on the company. Bank of America reaffirmed a "neutral" rating and set a $45.00 price objective on shares of AllianceBernstein in a research note on Wednesday, September 7th. Sanford C. Bernstein assumed coverage on AllianceBernstein in a research note on Wednesday, September 7th. They set a "neutral" rating and a $45.00 price objective on the stock.
AllianceBernstein Trading Down 0.9 %
Shares of NYSE:AB opened at $36.91 on Thursday. The stock's 50-day moving average price is $42.82 and its two-hundred day moving average price is $42.63. AllianceBernstein Holding L.P. has a 12-month low of $35.20 and a 12-month high of $57.54. The firm has a market cap of $3.59 billion, a price-to-earnings ratio of 9.92 and a beta of 1.28.
AllianceBernstein (NYSE:AB – Get Rating) last issued its quarterly earnings results on Friday, July 29th. The asset manager reported $0.71 earnings per share (EPS) 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 firm had revenue of $971.40 million for the quarter. During the same period in the previous year, the business posted $0.91 earnings per share. The firm's quarterly revenue was down 9.8% on a year-over-year basis. As a group, research analysts forecast that AllianceBernstein Holding L.P. will post 2.96 earnings per share for the current fiscal year.
AllianceBernstein Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 18th. Stockholders of record on Monday, August 8th were paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 7.69%. The ex-dividend date of this dividend was Friday, August 5th. AllianceBernstein's dividend payout ratio is currently 76.34%.
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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