Callodine Capital Management LP Has $6.68 Million Stock Holdings in AllianceBernstein Holding L.P. (NYSE:AB)

Callodine Capital Management LP lowered its position in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) by 60.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 180,000 shares of the asset manager's stock after selling 279,771 shares during the period. AllianceBernstein accounts for 1.4% of Callodine Capital Management LP's portfolio, making the stock its 25th largest holding. Callodine Capital Management LP owned 0.16% of AllianceBernstein worth $6,676,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. FMR LLC lifted its holdings in AllianceBernstein by 19.0% in the 4th quarter. FMR LLC now owns 3,110,304 shares of the asset manager's stock worth $115,361,000 after purchasing an additional 496,923 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in AllianceBernstein by 18.1% in the 4th quarter. JPMorgan Chase & Co. now owns 2,899,762 shares of the asset manager's stock worth $107,552,000 after acquiring an additional 445,398 shares during the period. Four Tree Island Advisory LLC acquired a new position in AllianceBernstein during the 4th quarter worth $8,695,000. Invesco Ltd. bought a new stake in AllianceBernstein during the fourth quarter valued at about $8,307,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of AllianceBernstein in the fourth quarter valued at about $6,683,000. 19.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AB. Barclays raised their target price on AllianceBernstein from $34.00 to $36.00 and gave the company an "equal weight" rating in a report on Wednesday, April 16th. TD Cowen cut their target price on shares of AllianceBernstein from $37.50 to $34.00 and set a "hold" rating for the company in a research note on Wednesday, April 9th. Evercore ISI cut their price objective on shares of AllianceBernstein from $41.00 to $38.00 and set an "outperform" rating for the company in a research report on Friday, April 11th. Sanford C. Bernstein downgraded AllianceBernstein from a "buy" rating to a "neutral" rating and set a $38.00 target price on the stock. in a research report on Thursday, April 3rd. Finally, Bank of America cut AllianceBernstein from a "buy" rating to a "neutral" rating and cut their price target for the company from $42.00 to $38.00 in a report on Thursday, April 3rd. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $37.50.

AllianceBernstein Stock Performance

AB stock traded up $0.72 during midday trading on Wednesday, hitting $37.72. 140,962 shares of the company's stock were exchanged, compared to its average volume of 442,054. AllianceBernstein Holding L.P. has a one year low of $30.57 and a one year high of $41.37. The company has a market cap of $4.17 billion, a PE ratio of 10.14, a price-to-earnings-growth ratio of 0.78 and a beta of 0.97. The stock's fifty day moving average price is $37.09 and its 200-day moving average price is $37.01.

AllianceBernstein (NYSE:AB - Get Free Report) last released its earnings results on Thursday, February 6th. The asset manager reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.87 by $0.18. AllianceBernstein had a net margin of 9.46% and a return on equity of 17.88%. On average, analysts expect that AllianceBernstein Holding L.P. will post 3.58 EPS for the current year.

AllianceBernstein Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were given a $1.05 dividend. This is an increase from AllianceBernstein's previous quarterly dividend of $0.77. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $4.20 annualized dividend and a dividend yield of 11.13%. AllianceBernstein's dividend payout ratio is presently 112.90%.

About AllianceBernstein

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.