Sequoia Financial Advisors LLC purchased a new position in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,219 shares of the asset manager's stock, valued at approximately $671,000.
Several other institutional investors and hedge funds have also bought and sold shares of AB. NBC Securities Inc. increased its stake in shares of AllianceBernstein by 80.8% in the 3rd quarter. NBC Securities Inc. now owns 736 shares of the asset manager's stock worth $25,000 after acquiring an additional 329 shares in the last quarter. Geneos Wealth Management Inc. purchased a new position in shares of AllianceBernstein during the first quarter valued at approximately $28,000. SJS Investment Consulting Inc. bought a new stake in shares of AllianceBernstein in the 2nd quarter worth approximately $31,000. Register Financial Advisors LLC bought a new stake in shares of AllianceBernstein in the 1st quarter worth approximately $42,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of AllianceBernstein by 1,354.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,454 shares of the asset manager's stock worth $49,000 after buying an additional 1,354 shares during the last quarter. 19.25% of the stock is currently owned by hedge funds and other institutional investors.
AllianceBernstein Stock Performance
Shares of AB stock traded up $0.02 during trading hours on Friday, reaching $38.38. The company had a trading volume of 433,342 shares, compared to its average volume of 295,102. The firm has a market cap of $4.42 billion, a PE ratio of 15.93, a price-to-earnings-growth ratio of 0.66 and a beta of 1.24. The business has a fifty day moving average price of $35.17 and a 200-day moving average price of $34.14. AllianceBernstein Holding L.P. has a one year low of $25.83 and a one year high of $38.96.
AllianceBernstein (NYSE:AB - Get Free Report) last announced its earnings results on Friday, July 26th. The asset manager reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates of $0.67 by $0.04. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $807.42 million. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. The company's quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.61 EPS. Equities research analysts forecast that AllianceBernstein Holding L.P. will post 3.02 EPS for the current year.
AllianceBernstein Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Monday, November 4th will be given a $0.77 dividend. This represents a $3.08 annualized dividend and a yield of 8.03%. This is a boost from AllianceBernstein's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Monday, November 4th. AllianceBernstein's dividend payout ratio (DPR) is presently 117.84%.
Wall Street Analysts Forecast Growth
Several research firms have commented on AB. TD Cowen boosted their target price on AllianceBernstein from $36.00 to $39.00 and gave the stock a "buy" rating in a report on Monday, July 29th. Evercore ISI upped their price target on shares of AllianceBernstein from $38.00 to $39.00 and gave the stock an "outperform" rating in a research note on Friday, October 4th. Barclays raised their price objective on shares of AllianceBernstein from $36.00 to $39.00 and gave the company an "equal weight" rating in a research note on Friday. Finally, The Goldman Sachs Group raised their price target on shares of AllianceBernstein from $40.75 to $41.00 and gave the company a "buy" rating in a research report on Thursday, October 3rd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, AllianceBernstein currently has a consensus rating of "Moderate Buy" and a consensus price target of $41.80.
Read Our Latest Analysis on AB
Insider Buying and Selling at AllianceBernstein
In other AllianceBernstein news, insider Equitable Holdings, Inc. acquired 500,000 shares of the stock in a transaction dated Friday, September 20th. The shares were purchased at an average price of $34.18 per share, for a total transaction of $17,090,000.00. Following the purchase, the insider now directly owns 3,066,838 shares of the company's stock, valued at approximately $104,824,522.84. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Equitable Holdings, Inc. bought 500,000 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The shares were bought at an average cost of $34.18 per share, with a total value of $17,090,000.00. Following the acquisition, the insider now owns 3,066,838 shares in the company, valued at $104,824,522.84. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christopher Hogbin sold 12,781 shares of the business's stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $34.87, for a total value of $445,673.47. Following the sale, the insider now directly owns 10,000 shares of the company's stock, valued at $348,700. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company's stock.
AllianceBernstein Company Profile
(
Free Report)
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.
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