Raymond James Trust N.A. lessened its holdings in shares of AllianceBernstein Holding L.P. (NYSE:AB – Get Rating) by 13.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,363 shares of the asset manager's stock after selling 1,280 shares during the period. Raymond James Trust N.A.'s holdings in AllianceBernstein were worth $348,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Northern Trust Corp purchased a new position in AllianceBernstein in the 4th quarter worth $460,000. BNP Paribas Arbitrage SA raised its stake in shares of AllianceBernstein by 29.1% during 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 during the last quarter. JPMorgan Chase & Co. raised its stake in shares of AllianceBernstein by 65.7% during the 4th quarter. JPMorgan Chase & Co. now owns 433,458 shares of the asset manager's stock valued at $21,171,000 after buying an additional 171,925 shares during the last quarter. Allianz Asset Management GmbH raised its stake in shares of AllianceBernstein by 0.6% during the 4th 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 during the last quarter. Finally, Blair William & Co. IL raised its stake in shares of AllianceBernstein by 35.5% during the 4th quarter. Blair William & Co. IL now owns 7,692 shares of the asset manager's stock valued at $376,000 after buying an additional 2,016 shares during the last quarter. Hedge funds and other institutional investors own 11.63% of the company's stock.
Get AllianceBernstein alerts:AllianceBernstein Stock Down 0.7 %
NYSE:AB opened at $37.24 on Wednesday. AllianceBernstein Holding L.P. has a 52 week low of $35.20 and a 52 week high of $57.54. The stock has a market capitalization of $3.62 billion, a PE ratio of 10.01 and a beta of 1.28. The stock's 50-day moving average price is $42.93 and its 200-day moving average price is $42.67.
AllianceBernstein (NYSE:AB – Get Rating) last posted its earnings results on Friday, July 29th. The asset manager reported $0.71 EPS for the quarter, beating 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 quarter last year, the business earned $0.91 earnings per share. AllianceBernstein's revenue was down 9.8% on a year-over-year basis. Sell-side analysts expect 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. Investors of record on Monday, August 8th were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 7.63%. The ex-dividend date was Friday, August 5th. AllianceBernstein's payout ratio is 76.34%.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on AB shares. Bank of America reiterated 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 initiated coverage on AllianceBernstein in a research note on Wednesday, September 7th. They set a "neutral" rating and a $45.00 price objective for the company.
AllianceBernstein Company 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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