AllianceBernstein Holding L.P. (NYSE:AB) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC lessened its position in AllianceBernstein Holding L.P. (NYSE:AB) by 1.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 106,500 shares of the asset manager’s stock after selling 2,000 shares during the period. Gabelli Funds LLC owned approximately 0.09% of AllianceBernstein worth $3,700,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of AB. Principal Securities Inc. acquired a new stake in AllianceBernstein during the 4th quarter worth approximately $26,000. GAMMA Investing LLC acquired a new stake in shares of AllianceBernstein in the 4th quarter worth approximately $27,000. Geneos Wealth Management Inc. acquired a new position in AllianceBernstein during the first quarter worth about $28,000. Register Financial Advisors LLC bought a new position in shares of AllianceBernstein in the first quarter valued at $42,000. Finally, Cape Investment Advisory Inc. boosted its holdings in shares of AllianceBernstein by 198.7% in the fourth quarter. Cape Investment Advisory Inc. now owns 1,428 shares of the asset manager’s stock worth $44,000 after buying an additional 950 shares during the period. 19.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AB has been the topic of several recent analyst reports. Bank of America dropped their price target on AllianceBernstein from $54.00 to $51.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. TD Cowen lowered their price objective on AllianceBernstein from $39.00 to $37.00 and set a “buy” rating for the company in a research report on Monday, July 8th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.69.

AllianceBernstein Price Performance

AllianceBernstein stock traded up $0.55 during mid-day trading on Friday, hitting $34.97. The company’s stock had a trading volume of 691,198 shares, compared to its average volume of 263,677. The business has a 50 day moving average price of $33.68 and a 200-day moving average price of $33.54. AllianceBernstein Holding L.P. has a 12 month low of $25.83 and a 12 month high of $35.45. The stock has a market cap of $4.03 billion, a price-to-earnings ratio of 14.51, a price-to-earnings-growth ratio of 0.80 and a beta of 1.24.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings results on Friday, July 26th. The asset manager reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.05. AllianceBernstein had a net margin of 6.47% and a return on equity of 15.27%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $807.42 million. During the same quarter last year, the firm earned $0.61 earnings per share. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, equities research analysts expect that AllianceBernstein Holding L.P. will post 2.94 earnings per share for the current fiscal year.

AllianceBernstein Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 5th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 8.12%. The ex-dividend date of this dividend is Monday, August 5th. AllianceBernstein’s dividend payout ratio is currently 121.16%.

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.