Invesco Ltd. Acquires 101,041 Shares of AllianceBernstein Holding L.P. $AB

Invesco Ltd. boosted its holdings in AllianceBernstein Holding L.P. (NYSE:AB) by 45.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 325,018 shares of the asset manager’s stock after purchasing an additional 101,041 shares during the period. Invesco Ltd. owned approximately 0.29% of AllianceBernstein worth $12,451,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in AB. Mountain Hill Investment Partners Corp. bought a new stake in AllianceBernstein in the first quarter worth $38,000. Harbor Investment Advisory LLC bought a new stake in AllianceBernstein in the first quarter worth $48,000. Costello Asset Management INC bought a new stake in AllianceBernstein in the first quarter worth $73,000. Zions Bancorporation National Association UT bought a new stake in AllianceBernstein in the first quarter worth $77,000. Finally, NBC Securities Inc. bought a new stake in AllianceBernstein in the first quarter worth $87,000. 19.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

AB has been the subject of several recent research reports. Barclays boosted their price target on shares of AllianceBernstein from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Friday, July 25th. Wall Street Zen upgraded shares of AllianceBernstein from a “sell” rating to a “hold” rating in a report on Saturday, May 10th. Sanford C. Bernstein reiterated a “mixed” rating on shares of AllianceBernstein in a report on Wednesday, July 16th. Evercore ISI upped their price target on shares of AllianceBernstein from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, July 25th. Finally, The Goldman Sachs Group lowered shares of AllianceBernstein from a “buy” rating to a “neutral” rating and lowered their price target for the company from $42.25 to $40.00 in a report on Friday, June 27th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $39.67.

AllianceBernstein Stock Up 1.7%

Shares of AllianceBernstein stock opened at $40.1850 on Friday. The company has a market cap of $4.44 billion, a PE ratio of 11.92, a P/E/G ratio of 1.52 and a beta of 0.81. The business has a 50 day moving average of $40.78 and a 200 day moving average of $39.09. AllianceBernstein Holding L.P. has a 52 week low of $32.28 and a 52 week high of $43.30.

AllianceBernstein (NYSE:AB) last announced its earnings results on Thursday, July 24th. The asset manager reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.01). The business had revenue of $844.43 million for the quarter, compared to the consensus estimate of $853.64 million. AllianceBernstein had a net margin of 8.35% and a return on equity of 18.63%. AllianceBernstein’s revenue was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.71 EPS. On average, research analysts anticipate that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 4th were given a $0.76 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $3.04 annualized dividend and a dividend yield of 7.6%. AllianceBernstein’s dividend payout ratio is currently 90.21%.

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.