Capital Investment Advisors LLC reduced its holdings in AllianceBernstein Holding L.P. (NYSE:AB – Get Rating) by 21.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,256 shares of the asset manager's stock after selling 2,036 shares during the period. Capital Investment Advisors LLC's holdings in AllianceBernstein were worth $302,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Envestnet Asset Management Inc. raised its position in AllianceBernstein by 14.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 6,528 shares of the asset manager's stock worth $319,000 after acquiring an additional 819 shares during the period. Northern Trust Corp acquired a new position in shares of AllianceBernstein during the 4th quarter worth about $460,000. BNP Paribas Arbitrage SA lifted its stake in AllianceBernstein by 29.1% in the 4th quarter. BNP Paribas Arbitrage SA now owns 8,278 shares of the asset manager's stock valued at $404,000 after buying an additional 1,867 shares in the last quarter. HighTower Advisors LLC boosted its holdings in AllianceBernstein by 7.2% in the 4th quarter. HighTower Advisors LLC now owns 32,300 shares of the asset manager's stock worth $1,577,000 after buying an additional 2,167 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in AllianceBernstein by 65.7% during the 4th quarter. JPMorgan Chase & Co. now owns 433,458 shares of the asset manager's stock worth $21,171,000 after buying an additional 171,925 shares in the last quarter. 11.63% of the stock is currently owned by hedge funds and other institutional investors.
Get AllianceBernstein alerts:Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on AB shares. Bank of America reaffirmed a "neutral" rating and issued a $45.00 price target on shares of AllianceBernstein in a research note on Wednesday, September 7th. Sanford C. Bernstein began coverage on shares of AllianceBernstein in a report on Wednesday, September 7th. They set a "neutral" rating and a $45.00 target price for the company.
AllianceBernstein Stock Performance
NYSE:AB opened at $41.97 on Monday. AllianceBernstein Holding L.P. has a one year low of $35.20 and a one year high of $57.54. The stock has a market cap of $4.08 billion, a PE ratio of 11.28 and a beta of 1.28. The stock has a 50 day moving average price of $43.09 and a 200 day moving average price of $42.85.AllianceBernstein (NYSE:AB – Get Rating) last issued its 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. The business had revenue of $971.40 million during the quarter. AllianceBernstein had a return on equity of 24.10% and a net margin of 8.30%. The firm's revenue was down 9.8% compared to the same quarter last year. During the same period last year, the business earned $0.91 earnings per share. As a group, 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. Shareholders of record on Monday, August 8th were issued a $0.71 dividend. The ex-dividend date was Friday, August 5th. This represents a $2.84 annualized dividend and a yield of 6.77%. AllianceBernstein's payout ratio is 76.34%.
AllianceBernstein Profile
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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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