Mission Wealth Management LP Boosts Stock Position in AllianceBernstein Holding L.P. (NYSE:AB)

Mission Wealth Management LP raised its position in AllianceBernstein Holding L.P. (NYSE:ABFree Report) by 1.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,715 shares of the asset manager’s stock after purchasing an additional 480 shares during the period. Mission Wealth Management LP’s holdings in AllianceBernstein were worth $1,032,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of AB. Private Advisor Group LLC lifted its stake in shares of AllianceBernstein by 9.5% during the first quarter. Private Advisor Group LLC now owns 50,429 shares of the asset manager’s stock valued at $1,752,000 after buying an additional 4,364 shares during the period. Global Retirement Partners LLC lifted its stake in shares of AllianceBernstein by 174.3% during the 1st quarter. Global Retirement Partners LLC now owns 3,360 shares of the asset manager’s stock worth $117,000 after purchasing an additional 2,135 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of AllianceBernstein by 2.3% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 137,855 shares of the asset manager’s stock worth $4,789,000 after purchasing an additional 3,135 shares during the last quarter. Kovack Advisors Inc. acquired a new position in AllianceBernstein in the first quarter valued at $566,000. Finally, Register Financial Advisors LLC purchased a new position in AllianceBernstein during the first quarter worth about $42,000. 19.25% of the stock is owned by institutional investors and hedge funds.

AllianceBernstein Stock Down 0.3 %

AB opened at $33.79 on Friday. The company has a 50 day moving average of $33.45 and a two-hundred day moving average of $33.26. AllianceBernstein Holding L.P. has a 52-week low of $25.83 and a 52-week high of $35.43. The company has a market cap of $3.89 billion, a P/E ratio of 14.02, a P/E/G ratio of 0.77 and a beta of 1.24.

AllianceBernstein (NYSE:ABGet Free Report) last announced its quarterly earnings results on Thursday, April 25th. The asset manager reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.02. AllianceBernstein had a return on equity of 15.27% and a net margin of 6.47%. The firm had revenue of $884.18 million during the quarter, compared to the consensus estimate of $900.60 million. Research analysts anticipate that AllianceBernstein Holding L.P. will post 2.96 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Investors of record on Monday, May 6th were issued a dividend of $0.73 per share. The ex-dividend date was Friday, May 3rd. This represents a $2.92 annualized dividend and a dividend yield of 8.64%. AllianceBernstein’s payout ratio is currently 121.16%.

Analyst Ratings Changes

Several research firms have commented on AB. TD Cowen lowered their price target on AllianceBernstein from $40.00 to $39.00 and set a “buy” rating for the company in a report on Monday, April 29th. Evercore ISI reissued a “buy” rating and set a $38.00 price objective on shares of AllianceBernstein in a research note on Tuesday, March 12th. Finally, Bank of America cut their target price on AllianceBernstein from $54.00 to $51.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $41.19.

View Our Latest Stock Report on AllianceBernstein

About AllianceBernstein

(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.

See Also

Institutional Ownership by Quarter for AllianceBernstein (NYSE:AB)

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