Groesbeck Investment Management Corp NJ held its stake in shares of AllianceBernstein Holding L.P. (NYSE:AB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 125,150 shares of the asset manager’s stock at the end of the second quarter. AllianceBernstein Holding L.P. makes up about 2.2% of Groesbeck Investment Management Corp NJ’s holdings, making the stock its 19th largest position. Groesbeck Investment Management Corp NJ owned about 0.13% of AllianceBernstein Holding L.P. worth $2,960,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Morgan Stanley increased its stake in shares of AllianceBernstein Holding L.P. by 166.0% in the first quarter. Morgan Stanley now owns 1,258,872 shares of the asset manager’s stock worth $28,765,000 after buying an additional 785,538 shares in the last quarter. Bank of Montreal Can increased its stake in shares of AllianceBernstein Holding L.P. by 9,523.4% in the second quarter. Bank of Montreal Can now owns 444,600 shares of the asset manager’s stock worth $10,514,000 after buying an additional 439,980 shares in the last quarter. Foundry Partners LLC purchased a new stake in shares of AllianceBernstein Holding L.P. during the second quarter worth approximately $6,970,000. UBS Group AG increased its stake in shares of AllianceBernstein Holding L.P. by 107.5% in the first quarter. UBS Group AG now owns 408,841 shares of the asset manager’s stock worth $9,342,000 after buying an additional 211,845 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of AllianceBernstein Holding L.P. by 753.4% in the first quarter. Renaissance Technologies LLC now owns 219,325 shares of the asset manager’s stock worth $5,012,000 after buying an additional 193,625 shares in the last quarter. Hedge funds and other institutional investors own 23.67% of the company’s stock.

Shares of AllianceBernstein Holding L.P. (NYSE AB) opened at 23.10 on Friday. AllianceBernstein Holding L.P. has a 12 month low of $20.40 and a 12 month high of $26.15. The firm has a 50 day moving average price of $24.28 and a 200-day moving average price of $23.06. The company has a market cap of $2.16 billion, a P/E ratio of 10.61 and a beta of 1.56.

AllianceBernstein Holding L.P. (NYSE:AB) last posted its quarterly earnings data on Thursday, July 27th. The asset manager reported $0.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. The business had revenue of $802.31 million during the quarter, compared to the consensus estimate of $771.88 million. AllianceBernstein Holding L.P. had a return on equity of 13.28% and a net margin of 6.74%. AllianceBernstein Holding L.P.’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 earnings per share. Analysts anticipate that AllianceBernstein Holding L.P. will post $2.07 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Monday, August 7th will be issued a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 8.48%. This is an increase from AllianceBernstein Holding L.P.’s previous quarterly dividend of $0.46. The ex-dividend date is Thursday, August 3rd. AllianceBernstein Holding L.P.’s dividend payout ratio is presently 89.91%.

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A number of brokerages have commented on AB. Zacks Investment Research downgraded AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a research report on Friday. ValuEngine downgraded AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. BidaskClub upgraded AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Sidoti began coverage on AllianceBernstein Holding L.P. in a research report on Monday, June 5th. They issued a “buy” rating and a $28.00 price objective for the company. Finally, Credit Suisse Group reiterated a “neutral” rating on shares of AllianceBernstein Holding L.P. in a research report on Friday, August 11th. Four analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $26.50.

In related news, COO James A. Gingrich sold 60,000 shares of the stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $24.97, for a total value of $1,498,200.00. Following the completion of the sale, the chief operating officer now directly owns 255,581 shares in the company, valued at $6,381,857.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Edward J. Farrell sold 10,000 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $23.15, for a total value of $231,500.00. Following the completion of the sale, the senior vice president now owns 29,147 shares of the company’s stock, valued at $674,753.05. The disclosure for this sale can be found here. Insiders sold 535,748 shares of company stock valued at $12,726,110 over the last 90 days. 3.40% of the stock is currently owned by company insiders.

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.

Institutional Ownership by Quarter for AllianceBernstein Holding L.P. (NYSE:AB)

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