AllianceBernstein Holding L.P. (NYSE:AB) Insider Sells $445,673.47 in Stock

AllianceBernstein Holding L.P. (NYSE:AB) insider Christopher Hogbin sold 12,781 shares of AllianceBernstein stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $34.87, for a total value of $445,673.47. Following the completion of the transaction, the insider now owns 10,000 shares of the company’s stock, valued at approximately $348,700. The sale was disclosed in a document filed with the SEC, which is available at this link.

AllianceBernstein Price Performance

Shares of AB traded up $0.55 during mid-day trading on Wednesday, reaching $35.29. The company had a trading volume of 376,670 shares, compared to its average volume of 307,853. AllianceBernstein Holding L.P. has a twelve month low of $25.83 and a twelve month high of $35.50. The company’s 50-day moving average is $33.71 and its 200-day moving average is $33.58. The company has a market capitalization of $4.06 billion, a P/E ratio of 14.64, a P/E/G ratio of 0.74 and a beta of 1.24.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings data on Friday, July 26th. The asset manager reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.04. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $807.42 million. AllianceBernstein had a return on equity of 15.90% and a net margin of 7.68%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period last year, the company earned $0.61 EPS. As a group, equities analysts expect that AllianceBernstein Holding L.P. will post 2.96 EPS for the current fiscal year.

AllianceBernstein Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, August 5th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $2.84 annualized dividend and a yield of 8.05%. AllianceBernstein’s payout ratio is presently 121.16%.

Hedge Funds Weigh In On AllianceBernstein

Institutional investors have recently bought and sold shares of the business. Stifel Financial Corp grew its position in shares of AllianceBernstein by 28.8% in the fourth quarter. Stifel Financial Corp now owns 189,724 shares of the asset manager’s stock valued at $5,887,000 after purchasing an additional 42,451 shares during the last quarter. Jump Financial LLC boosted its stake in shares of AllianceBernstein by 87.4% in the fourth quarter. Jump Financial LLC now owns 74,400 shares of the asset manager’s stock valued at $2,309,000 after buying an additional 34,699 shares during the period. Nomura Holdings Inc. boosted its stake in shares of AllianceBernstein by 61.7% in the fourth quarter. Nomura Holdings Inc. now owns 230,600 shares of the asset manager’s stock valued at $7,156,000 after buying an additional 88,000 shares during the period. General American Investors Co. Inc. bought a new stake in shares of AllianceBernstein in the fourth quarter valued at approximately $4,192,000. Finally, Epoch Investment Partners Inc. boosted its stake in shares of AllianceBernstein by 59.3% in the fourth quarter. Epoch Investment Partners Inc. now owns 129,272 shares of the asset manager’s stock valued at $4,011,000 after buying an additional 48,122 shares during the period. Institutional investors and hedge funds own 19.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on AB. TD Cowen lifted their target price on AllianceBernstein from $36.00 to $39.00 and gave the stock a “buy” rating in a research report on Monday. Bank of America decreased their target price on AllianceBernstein from $54.00 to $51.00 and set a “buy” rating for the company in a research report on Monday, April 29th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $41.19.

AllianceBernstein Company Profile

AllianceBernstein Holding L.P. is a publicly owned investment manager. The firm is a related adviser The firm manages separate client focused portfolios for its clients. The firm primarily invests in common and preferred stocks, warrants and convertible securities, government and corporate fxed-income securities, commodities, currencies, real estate-related assets and infation-protected securities.