James A. Gingrich Sells 20,284 Shares of AllianceBernstein Holding L.P. (AB) Stock
AllianceBernstein Holding L.P. (NYSE:AB) COO James A. Gingrich sold 20,284 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $23.41, for a total value of $474,848.44. Following the completion of the sale, the chief operating officer now owns 136,159 shares in the company, valued at $3,187,482.19. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.
AllianceBernstein Holding L.P. (NYSE AB) traded up 0.21% on Friday, reaching $23.40. The company’s stock had a trading volume of 156,147 shares. AllianceBernstein Holding L.P. has a 12 month low of $20.40 and a 12 month high of $26.15. The firm’s 50 day moving average is $23.99 and its 200-day moving average is $23.04. The firm has a market cap of $2.19 billion, a P/E ratio of 10.75 and a beta of 1.52.
AllianceBernstein Holding L.P. (NYSE:AB) last posted its earnings results on Thursday, July 27th. The asset manager reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. The firm had revenue of $802.31 million for the quarter, compared to analysts’ expectations of $771.88 million. AllianceBernstein Holding L.P. had a net margin of 6.74% and a return on equity of 13.28%. The company’s revenue was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 earnings per share. On average, equities research analysts anticipate that AllianceBernstein Holding L.P. will post $2.07 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Monday, August 7th were paid a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 8.39%. The ex-dividend date was Thursday, August 3rd. This is a boost from AllianceBernstein Holding L.P.’s previous quarterly dividend of $0.46. AllianceBernstein Holding L.P.’s payout ratio is presently 89.91%.
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AB has been the topic of several analyst reports. Credit Suisse Group reiterated a “neutral” rating on shares of AllianceBernstein Holding L.P. in a research note on Friday, August 11th. BidaskClub upgraded AllianceBernstein Holding L.P. from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 16th. Sidoti assumed coverage on AllianceBernstein Holding L.P. in a research report on Monday, June 5th. They set a “buy” rating and a $28.00 price target on the stock. ValuEngine lowered AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Zacks Investment Research upgraded AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research report on Thursday, August 24th. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $26.25.
Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its stake in shares of AllianceBernstein Holding L.P. by 12.6% during 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 bought a new stake in shares of AllianceBernstein Holding L.P. during the first quarter worth $1,136,000. M&T Bank Corp grew its stake in shares of AllianceBernstein Holding L.P. by 51.8% during 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. Stifel Financial Corp grew its stake in shares of AllianceBernstein Holding L.P. by 1.2% during the first quarter. Stifel Financial Corp now owns 237,007 shares of the asset manager’s stock worth $5,418,000 after buying an additional 2,756 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in shares of AllianceBernstein Holding L.P. by 6.0% during the second quarter. American Century Companies Inc. now owns 2,518,953 shares of the asset manager’s stock worth $59,573,000 after buying an additional 141,736 shares during the last quarter. 19.41% of the stock is currently owned by hedge funds and other institutional investors.
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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