Raymond James & Associates lifted its position in AllianceBernstein Holding LP (NYSE:AB) by 49.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 68,946 shares of the asset manager’s stock after buying an additional 22,710 shares during the quarter. Raymond James & Associates owned approximately 0.07% of AllianceBernstein worth $1,992,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of AB. Truvestments Capital LLC acquired a new stake in shares of AllianceBernstein in the 1st quarter valued at about $42,000. FTB Advisors Inc. boosted its position in shares of AllianceBernstein by 44.1% in the 1st quarter. FTB Advisors Inc. now owns 2,450 shares of the asset manager’s stock valued at $71,000 after purchasing an additional 750 shares during the period. Osborn Williams & Donohoe LLC acquired a new stake in shares of AllianceBernstein in the 1st quarter valued at about $131,000. Synovus Financial Corp boosted its position in shares of AllianceBernstein by 26.8% in the 4th quarter. Synovus Financial Corp now owns 4,729 shares of the asset manager’s stock valued at $130,000 after purchasing an additional 1,000 shares during the period. Finally, GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in shares of AllianceBernstein in the 1st quarter valued at about $202,000. Hedge funds and other institutional investors own 16.69% of the company’s stock.
A number of analysts recently issued reports on AB shares. Zacks Investment Research raised AllianceBernstein from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research report on Tuesday, April 16th. Goldman Sachs Group raised AllianceBernstein from a “neutral” rating to a “buy” rating and upped their target price for the company from $31.50 to $35.00 in a research report on Wednesday.
In other AllianceBernstein news, insider Kate C. Burke sold 18,897 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $28.75, for a total transaction of $543,288.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.70% of the stock is currently owned by company insiders.
AllianceBernstein stock opened at $28.87 on Thursday. AllianceBernstein Holding LP has a twelve month low of $23.34 and a twelve month high of $31.42. The company has a market cap of $2.67 billion, a price-to-earnings ratio of 10.81, a P/E/G ratio of 2.58 and a beta of 1.21.
AllianceBernstein (NYSE:AB) last posted its quarterly earnings data on Thursday, April 25th. The asset manager reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.05). AllianceBernstein had a return on equity of 15.89% and a net margin of 7.01%. The company had revenue of $795.46 million for the quarter, compared to analyst estimates of $739.93 million. During the same period in the previous year, the business posted $0.73 earnings per share. The firm’s revenue was down 8.3% compared to the same quarter last year. Equities analysts predict that AllianceBernstein Holding LP will post 2.35 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 6th were given a dividend of $0.49 per share. The ex-dividend date was Friday, May 3rd. This represents a $1.96 dividend on an annualized basis and a yield of 6.79%. AllianceBernstein’s payout ratio is 73.41%.
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AllianceBernstein Company Profile
AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.
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