California Public Employees Retirement System trimmed its holdings in shares of AllianceBernstein Holding LP (NYSE:AB) by 2.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 187,813 shares of the asset manager’s stock after selling 4,057 shares during the period. California Public Employees Retirement System owned approximately 0.20% of AllianceBernstein worth $4,705,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in AB. Commonwealth Equity Services Inc lifted its stake in AllianceBernstein by 17.7% during the 3rd quarter. Commonwealth Equity Services Inc now owns 62,232 shares of the asset manager’s stock valued at $1,512,000 after acquiring an additional 9,375 shares during the period. Sadoff Investment Management LLC lifted its stake in AllianceBernstein by 6.8% during the 3rd quarter. Sadoff Investment Management LLC now owns 255,750 shares of the asset manager’s stock valued at $6,215,000 after acquiring an additional 16,350 shares during the period. JPMorgan Chase & Co. lifted its stake in AllianceBernstein by 787.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 456,134 shares of the asset manager’s stock valued at $11,107,000 after acquiring an additional 404,727 shares during the period. Skandinaviska Enskilda Banken AB publ acquired a new stake in AllianceBernstein during the 3rd quarter valued at approximately $7,290,000. Finally, Stifel Financial Corp lifted its stake in AllianceBernstein by 10.1% during the 3rd quarter. Stifel Financial Corp now owns 251,595 shares of the asset manager’s stock valued at $6,116,000 after acquiring an additional 23,099 shares during the period. Institutional investors and hedge funds own 22.89% of the company’s stock.
Several analysts have commented on the stock. Zacks Investment Research cut shares of AllianceBernstein from a “buy” rating to a “hold” rating in a research note on Wednesday, January 17th. ValuEngine cut shares of AllianceBernstein from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $28.00.
AllianceBernstein (NYSE:AB) last posted its earnings results on Tuesday, February 13th. The asset manager reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.19. The firm had revenue of $919.14 million during the quarter, compared to analyst estimates of $839.49 million. AllianceBernstein had a net margin of 6.30% and a return on equity of 14.72%. The business’s quarterly revenue was up 16.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.67 EPS. analysts predict that AllianceBernstein Holding LP will post 2.52 EPS for the current year.
In related news, General Counsel Laurence E. Cranch sold 37,500 shares of the business’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $26.32, for a total value of $987,000.00. Following the completion of the sale, the general counsel now owns 150,707 shares of the company’s stock, valued at approximately $3,966,608.24. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Laurence E. Cranch sold 40,848 shares of the business’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $26.26, for a total transaction of $1,072,668.48. Following the completion of the sale, the general counsel now directly owns 134,269 shares of the company’s stock, valued at approximately $3,525,903.94. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.
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AllianceBernstein 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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