J.W. Cole Advisors Inc. reduced its holdings in shares of AllianceBernstein Holding L.P. (NYSE:AB – Get Rating) by 10.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,253 shares of the asset manager’s stock after selling 733 shares during the period. J.W. Cole Advisors Inc.’s holdings in AllianceBernstein were worth $294,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently added to or reduced their stakes in AB. Western Pacific Wealth Management LP purchased a new stake in AllianceBernstein during the 4th quarter valued at about $34,000. Allworth Financial LP grew its stake in AllianceBernstein by 981.1% during the 1st quarter. Allworth Financial LP now owns 800 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 726 shares during the last quarter. GHP Investment Advisors Inc. purchased a new stake in AllianceBernstein during the 1st quarter valued at about $42,000. Prospera Financial Services Inc purchased a new stake in AllianceBernstein during the 1st quarter valued at about $47,000. Finally, Valley National Advisers Inc. boosted its stake in shares of AllianceBernstein by 557.4% in the first quarter. Valley National Advisers Inc. now owns 1,282 shares of the asset manager’s stock worth $60,000 after buying an additional 1,087 shares during the last quarter. 11.63% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of analysts have recently commented on AB shares. Bank of America restated a “neutral” rating and issued a $45.00 target price on shares of AllianceBernstein in a research note on Wednesday, September 7th. Sanford C. Bernstein started coverage on AllianceBernstein in a research note on Wednesday, September 7th. They issued a “neutral” rating and a $45.00 target price on the stock.
AllianceBernstein Trading Down 2.1 %
AllianceBernstein (NYSE:AB – Get Rating) last issued its quarterly earnings results on Friday, July 29th. The asset manager reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.01. The company had revenue of $971.40 million for the quarter. AllianceBernstein had a return on equity of 24.10% and a net margin of 8.30%. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.91 EPS. On average, research analysts predict that AllianceBernstein Holding L.P. will post 2.96 earnings per share for the current fiscal year.
AllianceBernstein Cuts Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 18th. Shareholders of record on Monday, August 8th were given a dividend of $0.71 per share. The ex-dividend date was Friday, August 5th. This represents a $2.84 dividend on an annualized basis and a yield of 6.86%. AllianceBernstein’s dividend payout ratio is currently 76.34%.
AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.
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