James A. Gingrich Sells 21,000 Shares of AllianceBernstein Holding L.P. (NYSE:AB) Stock
AllianceBernstein Holding L.P. (NYSE:AB) COO James A. Gingrich sold 21,000 shares of the company’s stock in a transaction dated Tuesday, July 11th. The stock was sold at an average price of $23.83, for a total value of $500,430.00. Following the completion of the transaction, the chief operating officer now owns 304,081 shares of the company’s stock, valued at $7,246,250.23. The transaction was disclosed in a filing with the SEC, which is available at this link.
AllianceBernstein Holding L.P. (NYSE AB) traded down 0.21% during midday trading on Tuesday, hitting $24.00. The stock had a trading volume of 212,140 shares. The company has a market capitalization of $2.32 billion, a PE ratio of 11.21 and a beta of 1.55. The stock’s 50-day moving average is $22.43 and its 200-day moving average is $22.81. AllianceBernstein Holding L.P. has a 1-year low of $20.40 and a 1-year high of $25.12.
AllianceBernstein Holding L.P. (NYSE:AB) last released its quarterly earnings results on Thursday, April 27th. The asset manager reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.02. The company had revenue of $764.92 million during the quarter, compared to analyst estimates of $746.52 million. AllianceBernstein Holding L.P. had a return on equity of 18.31% and a net margin of 9.74%. The firm’s revenue was down .5% on a year-over-year basis. During the same quarter last year, the business posted $0.40 earnings per share. Equities research analysts forecast that AllianceBernstein Holding L.P. will post $2.00 EPS for the current year.
AB has been the subject of a number of research reports. Zacks Investment Research upgraded AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a report on Tuesday, April 25th. Sidoti initiated coverage on AllianceBernstein Holding L.P. in a report on Monday, June 5th. They issued a “buy” rating and a $28.00 price objective for the company. BidaskClub upgraded AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. ValuEngine cut AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Bank of America Corporation upgraded AllianceBernstein Holding L.P. from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $24.00 to $25.00 in a report on Wednesday, April 12th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $25.50.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can raised its position in AllianceBernstein Holding L.P. by 9,523.4% in the second quarter. Bank of Montreal Can now owns 444,600 shares of the asset manager’s stock valued at $10,514,000 after buying an additional 439,980 shares in the last quarter. HighTower Advisors LLC bought a new position in AllianceBernstein Holding L.P. during the first quarter valued at approximately $1,136,000. Bank of America Corp DE raised its position in AllianceBernstein Holding L.P. by 11.7% in the first quarter. Bank of America Corp DE now owns 1,512,976 shares of the asset manager’s stock valued at $34,571,000 after buying an additional 159,069 shares in the last quarter. Weiss Multi Strategy Advisers LLC bought a new position in AllianceBernstein Holding L.P. during the first quarter valued at approximately $404,000. Finally, Renaissance Technologies LLC raised its position in AllianceBernstein Holding L.P. by 753.4% in the first quarter. Renaissance Technologies LLC now owns 219,325 shares of the asset manager’s stock valued at $5,012,000 after buying an additional 193,625 shares in the last quarter. Institutional investors own 22.46% of the company’s stock.
AllianceBernstein Holding L.P. Company Profile
AllianceBernstein Holding L.P. is engaged in providing research, investment management and related services to a range of clients through its three buy-side distribution channels: Institutions, Retail and Private Wealth Management, and its sell-side business, Bernstein Research Services. The Company offers a range of investment services, including equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and equities; traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; passive management, including index and enhanced index strategies; alternative investments, including hedge funds, fund of funds and private equity, and multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds.
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