AllianceBernstein Holding L.P. (AB) COO Sells $170,100.00 in Stock
AllianceBernstein Holding L.P. (NYSE:AB) COO James A. Gingrich sold 7,000 shares of the stock in a transaction on Monday, July 17th. The shares were sold at an average price of $24.30, for a total value of $170,100.00. Following the completion of the transaction, the chief operating officer now directly owns 283,081 shares in the company, valued at approximately $6,878,868.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Shares of AllianceBernstein Holding L.P. (AB) traded up 0.20% on Wednesday, hitting $24.70. 176,599 shares of the stock were exchanged. AllianceBernstein Holding L.P. has a one year low of $20.40 and a one year high of $25.12. The firm’s 50-day moving average is $23.45 and its 200-day moving average is $22.90. The company has a market cap of $2.38 billion, a P/E ratio of 11.54 and a beta of 1.55.
AllianceBernstein Holding L.P. (NYSE:AB) last released its earnings results on Thursday, April 27th. The asset manager reported $0.46 EPS for the quarter, beating the consensus estimate of $0.44 by $0.02. AllianceBernstein Holding L.P. had a net margin of 9.74% and a return on equity of 18.31%. The business had revenue of $764.92 million during the quarter, compared to analyst estimates of $746.52 million. During the same period in the prior year, the business earned $0.40 earnings per share. The business’s quarterly revenue was down .5% on a year-over-year basis. On average, equities analysts forecast that AllianceBernstein Holding L.P. will post $2.03 EPS for the current fiscal year.
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Several research firms recently commented on AB. Zacks Investment Research raised AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a report on Thursday, July 13th. BidaskClub upgraded shares of AllianceBernstein Holding L.P. from a “buy” rating to a “strong-buy” rating in a research note on Sunday. ValuEngine downgraded shares of AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Sidoti initiated coverage on shares of AllianceBernstein Holding L.P. in a research note on Monday, June 5th. They issued a “buy” rating and a $28.00 price objective for the company. Finally, Bank of America Corporation upgraded shares of AllianceBernstein Holding L.P. from an “underperform” rating to a “buy” rating and increased their target price for the stock from $24.00 to $25.00 in a research note on Wednesday, April 12th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $26.60.
Several large investors have recently added to or reduced their stakes in the stock. New England Research & Management Inc. raised its position in AllianceBernstein Holding L.P. by 9.4% in the first quarter. New England Research & Management Inc. now owns 76,128 shares of the asset manager’s stock valued at $1,740,000 after buying an additional 6,540 shares in the last quarter. HighTower Advisors LLC bought a new position in AllianceBernstein Holding L.P. during the first quarter valued at $1,136,000. Creative Planning raised its position in AllianceBernstein Holding L.P. by 6.8% in the first quarter. Creative Planning now owns 18,162 shares of the asset manager’s stock valued at $415,000 after buying an additional 1,160 shares in the last quarter. Sigma Planning Corp raised its position in AllianceBernstein Holding L.P. by 4.9% in the first quarter. Sigma Planning Corp now owns 16,180 shares of the asset manager’s stock valued at $370,000 after buying an additional 752 shares in the last quarter. Finally, M&T Bank Corp raised its position in AllianceBernstein Holding L.P. by 51.8% in the first quarter. M&T Bank Corp now owns 27,729 shares of the asset manager’s stock valued at $634,000 after buying an additional 9,461 shares in the last quarter. Institutional investors and hedge funds own 22.91% of the company’s stock.
About AllianceBernstein Holding L.P.
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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