AllianceBernstein Holding L.P. (NYSE:AB) COO James A. Gingrich sold 21,000 shares of the firm’s stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $24.25, for a total transaction of $509,250.00. Following the completion of the sale, the chief operating officer now owns 293,581 shares in the company, valued at $7,119,339.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.
AllianceBernstein Holding L.P. (AB) opened at 24.75 on Monday. The company has a 50 day moving average of $23.58 and a 200 day moving average of $22.92. AllianceBernstein Holding L.P. has a 12 month low of $20.40 and a 12 month high of $25.12. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of 11.56 and a beta of 1.55.
AllianceBernstein Holding L.P. (NYSE:AB) last announced its quarterly earnings results on Thursday, April 27th. The asset manager reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.02. The firm had revenue of $764.92 million during the quarter, compared to the consensus estimate of $746.52 million. AllianceBernstein Holding L.P. had a return on equity of 18.31% and a net margin of 9.74%. The firm’s quarterly revenue was down .5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.40 earnings per share. On average, equities analysts predict that AllianceBernstein Holding L.P. will post $2.03 EPS for the current year.
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AB has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods upgraded shares of AllianceBernstein Holding L.P. from a “market perform” rating to an “outperform” rating and set a $26.00 price target on the stock in a report on Wednesday, April 12th. Bank of America Corporation upgraded shares of AllianceBernstein Holding L.P. from an “underperform” rating to a “buy” rating and raised their price target for the company from $24.00 to $25.00 in a report on Wednesday, April 12th. Zacks Investment Research upgraded shares of AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a report on Tuesday, April 25th. ValuEngine cut shares of AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Sidoti initiated coverage on shares of AllianceBernstein Holding L.P. in a report on Monday, June 5th. They issued a “buy” rating and a $28.00 price target on the stock. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. AllianceBernstein Holding L.P. presently has an average rating of “Buy” and a consensus target price of $26.60.
A number of institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE increased its position in shares of AllianceBernstein Holding L.P. by 11.7% in the first quarter. Bank of America Corp DE now owns 1,512,976 shares of the asset manager’s stock worth $34,571,000 after buying an additional 159,069 shares during the period. Morgan Stanley increased its position in shares of AllianceBernstein Holding L.P. by 166.0% in the first quarter. Morgan Stanley now owns 1,258,872 shares of the asset manager’s stock worth $28,765,000 after buying an additional 785,538 shares during the period. Bank of Montreal Can increased its position in shares of AllianceBernstein Holding L.P. by 9,523.4% in the second quarter. Bank of Montreal Can now owns 444,600 shares of the asset manager’s stock worth $10,514,000 after buying an additional 439,980 shares during the period. UBS Group AG increased its position in shares of AllianceBernstein Holding L.P. by 107.5% in the first quarter. UBS Group AG now owns 408,841 shares of the asset manager’s stock worth $9,342,000 after buying an additional 211,845 shares during the period. Finally, Foresters Investment Management Company Inc. increased its position in shares of AllianceBernstein Holding L.P. by 0.4% in the first quarter. Foresters Investment Management Company Inc. now owns 383,600 shares of the asset manager’s stock worth $8,765,000 after buying an additional 1,500 shares during the period. 22.83% of the stock is owned by hedge funds and other institutional investors.
About AllianceBernstein Holding L.P.
AllianceBernstein Holding L.P. is engaged in providing research, investment management and related services to a range of clients through its three buy-side distribution channels: Institutions, Retail and Private Wealth Management, and its sell-side business, Bernstein Research Services. The Company offers a range of investment services, including equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and equities; traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; passive management, including index and enhanced index strategies; alternative investments, including hedge funds, fund of funds and private equity, and multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds.
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