Insider Selling: AllianceBernstein Holding L.P. (AB) COO Sells 10,000 Shares of Stock
AllianceBernstein Holding L.P. (NYSE:AB) COO James A. Gingrich sold 10,000 shares of the company’s stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $24.98, for a total value of $249,800.00. Following the completion of the transaction, the chief operating officer now directly owns 55,659 shares in the company, valued at approximately $1,390,361.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Shares of AllianceBernstein Holding L.P. (AB) traded up 1.61% during mid-day trading on Wednesday, reaching $25.25. 198,299 shares of the company’s stock traded hands. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 11.60 and a beta of 1.51. AllianceBernstein Holding L.P. has a 52 week low of $20.40 and a 52 week high of $26.15. The company’s 50 day moving average is $24.03 and its 200-day moving average is $23.28.
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 the Thomson Reuters’ consensus estimate of $0.47 by $0.02. The company had revenue of $802.31 million for the quarter, compared to analyst estimates of $771.88 million. AllianceBernstein Holding L.P. had a net margin of 6.74% and a return on equity of 13.28%. The business’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period last year, the business posted $0.39 earnings per share. Equities analysts expect that AllianceBernstein Holding L.P. will post $2.07 earnings per share for the current fiscal year.
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Several research analysts have issued reports on AB shares. BidaskClub raised AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Zacks Investment Research raised AllianceBernstein Holding L.P. from a “sell” rating to a “hold” rating in a report on Monday, July 3rd. Finally, Credit Suisse Group reaffirmed a “neutral” rating on shares of AllianceBernstein Holding L.P. in a report on Friday, August 11th. Four investment 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 a consensus rating of “Buy” and an average target price of $26.75.
A number of institutional investors and hedge funds have recently bought and sold shares of AB. First Trust Advisors LP acquired a new stake in AllianceBernstein Holding L.P. in the first quarter worth $496,000. JPMorgan Chase & Co. raised its holdings 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 purchasing an additional 5,025 shares during the period. Schroder Investment Management Group raised its holdings in AllianceBernstein Holding L.P. by 5.3% in the first quarter. Schroder Investment Management Group now owns 73,589 shares of the asset manager’s stock worth $1,656,000 after purchasing an additional 3,689 shares during the period. Neuberger Berman Group LLC raised its holdings in AllianceBernstein Holding L.P. by 18.0% in the first quarter. Neuberger Berman Group LLC now owns 13,100 shares of the asset manager’s stock worth $299,000 after purchasing an additional 2,000 shares during the period. Finally, California Public Employees Retirement System raised its holdings in AllianceBernstein Holding L.P. by 1.5% in the first quarter. California Public Employees Retirement System now owns 174,000 shares of the asset manager’s stock worth $3,976,000 after purchasing an additional 2,600 shares during the period. Institutional investors own 19.40% 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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