Cambridge Investment Research Advisors Inc. raised its holdings in AllianceBernstein Holding L.P. (NYSE:AB – Get Rating) by 6.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 175,254 shares of the asset manager's stock after buying an additional 10,628 shares during the quarter. Cambridge Investment Research Advisors Inc. owned 0.18% of AllianceBernstein worth $7,287,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of AB. Cowa LLC bought a new stake in shares of AllianceBernstein in the 1st quarter worth about $27,000. The Manufacturers Life Insurance Company grew its holdings in shares of AllianceBernstein by 98.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 501,095 shares of the asset manager's stock worth $23,561,000 after purchasing an additional 248,055 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of AllianceBernstein by 65.7% in the 4th quarter. JPMorgan Chase & Co. now owns 433,458 shares of the asset manager's stock worth $21,171,000 after purchasing an additional 171,925 shares during the last quarter. LPL Financial LLC grew its holdings in shares of AllianceBernstein by 5.4% in the 4th quarter. LPL Financial LLC now owns 223,171 shares of the asset manager's stock worth $10,900,000 after purchasing an additional 11,349 shares during the last quarter. Finally, Royal Bank of Canada lifted its position in AllianceBernstein by 14.7% during the 1st quarter. Royal Bank of Canada now owns 139,629 shares of the asset manager's stock worth $6,566,000 after buying an additional 17,884 shares in the last quarter. Institutional investors own 11.63% of the company's stock.
Get AllianceBernstein alerts:AllianceBernstein Trading Down 3.3 %
AllianceBernstein stock opened at $38.24 on Friday. AllianceBernstein Holding L.P. has a 1 year low of $35.20 and a 1 year high of $57.54. The company has a market cap of $3.72 billion, a PE ratio of 10.28 and a beta of 1.28. The company's 50-day moving average is $43.05 and its two-hundred day moving average is $42.78.
AllianceBernstein (NYSE:AB – Get Rating) last released its earnings results on Friday, July 29th. The asset manager reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.01. AllianceBernstein had a net margin of 8.30% and a return on equity of 24.10%. The company had revenue of $971.40 million for the quarter. During the same quarter in the previous year, the company posted $0.91 earnings per share. The business's revenue for the quarter was down 9.8% on a year-over-year basis. Research analysts forecast that AllianceBernstein Holding L.P. will post 2.96 EPS for the current year.AllianceBernstein Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 18th. Shareholders of record on Monday, August 8th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, August 5th. This represents a $2.84 dividend on an annualized basis and a yield of 7.43%. AllianceBernstein's payout ratio is presently 76.34%.
Analyst Ratings Changes
AB has been the topic of several research reports. Bank of America reiterated a "neutral" rating and set a $45.00 price target on shares of AllianceBernstein in a research report on Wednesday, September 7th. Sanford C. Bernstein initiated coverage on shares of AllianceBernstein in a research report on Wednesday, September 7th. They set a "neutral" rating and a $45.00 price target on the stock.
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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