Beach Investment Counsel Inc. PA continued to hold its stake in shares of AllianceBernstein Holding L.P. (NYSE:AB) during the second quarter, Holdings Channel reports. The institutional investor owned 24,625 shares of the asset manager’s stock at the end of the second quarter. Beach Investment Counsel Inc. PA’s holdings in AllianceBernstein Holding L.P. were worth $582,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the stock. Morgan Stanley boosted its stake 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 valued at $28,765,000 after buying an additional 785,538 shares in the last quarter. Bank of Montreal Can boosted its stake 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 valued at $10,514,000 after buying an additional 439,980 shares in the last quarter. UBS Group AG boosted its stake 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 valued at $9,342,000 after buying an additional 211,845 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of AllianceBernstein Holding L.P. by 753.4% in the first quarter. Renaissance Technologies LLC now owns 219,325 shares of the asset manager’s stock valued at $5,012,000 after buying an additional 193,625 shares in the last quarter. Finally, Algebris Investments UK LLP bought a new stake in shares of AllianceBernstein Holding L.P. during the first quarter valued at about $4,025,000. 23.61% of the stock is owned by institutional investors.
Shares of AllianceBernstein Holding L.P. (NYSE AB) opened at 24.30 on Monday. The stock has a market capitalization of $2.27 billion, a PE ratio of 11.16 and a beta of 1.56. AllianceBernstein Holding L.P. has a 52 week low of $20.40 and a 52 week high of $26.15. The stock’s 50 day moving average is $24.01 and its 200 day moving average is $22.98.
AllianceBernstein Holding L.P. (NYSE:AB) last released its earnings results on Thursday, July 27th. The asset manager reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. AllianceBernstein Holding L.P. had a net margin of 6.74% and a return on equity of 13.28%. The company had revenue of $802.31 million during the quarter, compared to the consensus estimate of $771.88 million. During the same quarter in the prior year, the firm earned $0.39 EPS. The company’s revenue was up 10.5% compared to the same quarter last year. Analysts anticipate that AllianceBernstein Holding L.P. will post $2.06 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Monday, August 7th will be given a $0.49 dividend. This is an increase from AllianceBernstein Holding L.P.’s previous quarterly dividend of $0.46. The ex-dividend date is Thursday, August 3rd. This represents a $1.96 dividend on an annualized basis and a yield of 8.07%. AllianceBernstein Holding L.P.’s dividend payout ratio is presently 89.91%.
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Several analysts have recently issued reports on AB shares. Bank of America Corporation raised shares of AllianceBernstein Holding L.P. from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $24.00 to $25.00 in a research note on Wednesday, April 12th. Zacks Investment Research raised shares of AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research note on Tuesday, April 25th. Keefe, Bruyette & Woods raised shares of AllianceBernstein Holding L.P. from a “market perform” rating to an “outperform” rating and set a $26.00 price objective for the company in a research note on Wednesday, April 12th. Sidoti started coverage on shares of AllianceBernstein Holding L.P. in a research note on Monday, June 5th. They set a “buy” rating and a $28.00 price objective for the company. Finally, BidaskClub raised shares of AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. AllianceBernstein Holding L.P. presently has a consensus rating of “Buy” and a consensus price target of $26.50.
In other news, COO James A. Gingrich sold 7,000 shares of the stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $24.85, for a total transaction of $173,950.00. Following the transaction, the chief operating officer now owns 220,159 shares in the company, valued at approximately $5,470,951.15. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO James A. Gingrich sold 21,000 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $24.40, for a total transaction of $512,400.00. Following the transaction, the chief operating officer now owns 220,159 shares in the company, valued at approximately $5,371,879.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 559,125 shares of company stock valued at $12,996,097. Insiders own 3.40% of the company’s stock.
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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