Insider Selling: AllianceBernstein Holding L.P. (AB) CFO Sells 2,000 Shares of Stock
AllianceBernstein Holding L.P. (NYSE:AB) CFO John C. Weisenseel sold 2,000 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $23.25, for a total value of $46,500.00. Following the sale, the chief financial officer now owns 44,869 shares in the company, valued at approximately $1,043,204.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
AllianceBernstein Holding L.P. (NYSE:AB) traded up 0.43% during trading on Friday, reaching $23.35. The company had a trading volume of 184,366 shares. The firm’s 50 day moving average price is $24.23 and its 200 day moving average price is $23.06. AllianceBernstein Holding L.P. has a 12-month low of $20.40 and a 12-month high of $26.15. The firm has a market capitalization of $2.18 billion, a PE ratio of 10.73 and a beta of 1.56.
AllianceBernstein Holding L.P. (NYSE:AB) last released its quarterly earnings results on Thursday, July 27th. The asset manager reported $0.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. AllianceBernstein Holding L.P. had a return on equity of 13.28% and a net margin of 6.74%. The business had revenue of $802.31 million for the quarter, compared to the consensus estimate of $771.88 million. During the same quarter last year, the business posted $0.39 earnings per share. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. Analysts anticipate that AllianceBernstein Holding L.P. will post $2.07 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Monday, August 7th were given a dividend of $0.49 per share. This is an increase from AllianceBernstein Holding L.P.’s previous quarterly dividend of $0.46. The ex-dividend date was Thursday, August 3rd. This represents a $1.96 dividend on an annualized basis and a yield of 8.39%. AllianceBernstein Holding L.P.’s dividend payout ratio (DPR) is presently 89.91%.
A number of large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its stake in AllianceBernstein Holding L.P. by 12.6% in the first quarter. JPMorgan Chase & Co. now owns 44,807 shares of the asset manager’s stock worth $1,023,000 after buying an additional 5,025 shares during the last quarter. HighTower Advisors LLC purchased a new stake in AllianceBernstein Holding L.P. during the first quarter worth $1,136,000. M&T Bank Corp increased its stake 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 worth $634,000 after buying an additional 9,461 shares during the last quarter. Creative Planning increased its stake 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 worth $415,000 after buying an additional 1,160 shares during the last quarter. Finally, Sigma Planning Corp increased its stake 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 worth $370,000 after buying an additional 752 shares during the last quarter. Institutional investors and hedge funds own 23.67% of the company’s stock.
Several analysts have recently commented on AB shares. ValuEngine cut AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Sidoti started coverage on AllianceBernstein Holding L.P. in a report on Monday, June 5th. They set a “buy” rating and a $28.00 target price on the stock. Zacks Investment Research cut AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a report on Tuesday, June 13th. BidaskClub upgraded AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Finally, Credit Suisse Group restated a “neutral” rating on shares of AllianceBernstein Holding L.P. in a report on Friday, August 11th. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. AllianceBernstein Holding L.P. currently has a consensus rating of “Buy” and a consensus target price of $26.25.
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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