Rockefeller Capital Management L.P. Sells 20,517 Shares of AllianceBernstein Holding L.P. $AB

Rockefeller Capital Management L.P. lowered its stake in shares of AllianceBernstein Holding L.P. (NYSE:AB) by 32.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 41,810 shares of the asset manager’s stock after selling 20,517 shares during the period. Rockefeller Capital Management L.P.’s holdings in AllianceBernstein were worth $1,609,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Fund Advisors of America Inc FL acquired a new position in AllianceBernstein during the 4th quarter worth approximately $361,000. World Investment Advisors increased its holdings in shares of AllianceBernstein by 34.5% during the fourth quarter. World Investment Advisors now owns 11,724 shares of the asset manager’s stock valued at $451,000 after acquiring an additional 3,007 shares in the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of AllianceBernstein during the fourth quarter valued at approximately $28,000. KW Wealth Management LLC raised its position in shares of AllianceBernstein by 36.0% during the fourth quarter. KW Wealth Management LLC now owns 8,687 shares of the asset manager’s stock worth $334,000 after purchasing an additional 2,299 shares during the period. Finally, MidFirst Bank bought a new position in shares of AllianceBernstein in the 4th quarter worth $1,491,000. Institutional investors own 19.25% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on AB shares. Weiss Ratings lowered shares of AllianceBernstein from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. TD Cowen reduced their price objective on shares of AllianceBernstein from $39.50 to $39.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Barclays decreased their target price on shares of AllianceBernstein from $40.00 to $39.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 29th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of AllianceBernstein in a research report on Monday, June 8th. Finally, Zacks Research downgraded AllianceBernstein from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 21st. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $39.90.

AllianceBernstein Trading Up 0.4%

Shares of NYSE:AB opened at $35.23 on Wednesday. The stock’s fifty day simple moving average is $37.55 and its two-hundred day simple moving average is $38.62. AllianceBernstein Holding L.P. has a 1-year low of $34.92 and a 1-year high of $44.11. The stock has a market cap of $3.29 billion, a PE ratio of 10.84, a price-to-earnings-growth ratio of 1.65 and a beta of 0.80.

AllianceBernstein (NYSE:AB) last posted its earnings results on Tuesday, April 28th. The asset manager reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.04). The firm had revenue of $871.13 million during the quarter, compared to the consensus estimate of $894.70 million. AllianceBernstein had a return on equity of 23.11% and a net margin of 6.69%.The business’s revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.80 EPS. On average, sell-side analysts forecast that AllianceBernstein Holding L.P. will post 3.46 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Friday, May 8th were given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 9.4%. The ex-dividend date of this dividend was Friday, May 8th. AllianceBernstein’s dividend payout ratio is presently 102.15%.

About AllianceBernstein

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.