John C. Weisenseel Sells 2,000 Shares of AllianceBernstein Holding L.P. (AB) Stock
AllianceBernstein Holding L.P. (NYSE:AB) CFO John C. Weisenseel sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $23.65, for a total value of $47,300.00. Following the completion of the transaction, the chief financial officer now owns 44,869 shares of the company’s stock, valued at $1,061,151.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
AllianceBernstein Holding L.P. (AB) traded up 0.43% during mid-day trading on Friday, reaching $23.35. The company had a trading volume of 184,366 shares. The firm’s 50 day moving average price is $24.23 and its 200-day moving average price is $23.06. AllianceBernstein Holding L.P. has a 12 month low of $20.40 and a 12 month high of $26.15. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of 10.73 and a beta of 1.56.
AllianceBernstein Holding L.P. (NYSE:AB) last posted its quarterly earnings results on Thursday, July 27th. The asset manager reported $0.49 EPS for the quarter, topping 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%. The company’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period last year, the firm earned $0.39 earnings per share. Equities research analysts anticipate that AllianceBernstein Holding L.P. will post $2.07 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Monday, August 7th were issued a $0.49 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $1.96 dividend on an annualized basis and a yield of 8.39%. This is a boost from AllianceBernstein Holding L.P.’s previous quarterly dividend of $0.46. AllianceBernstein Holding L.P.’s dividend payout ratio (DPR) is currently 89.91%.
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A number of institutional investors have recently modified their holdings of the company. Baker Ellis Asset Management LLC acquired a new position in shares of AllianceBernstein Holding L.P. during the second quarter worth about $118,000. TCI Wealth Advisors Inc. boosted its position in shares of AllianceBernstein Holding L.P. by 28.8% in the first quarter. TCI Wealth Advisors Inc. now owns 5,556 shares of the asset manager’s stock worth $127,000 after buying an additional 1,244 shares in the last quarter. WFG Advisors LP boosted its position in shares of AllianceBernstein Holding L.P. by 24.2% in the second quarter. WFG Advisors LP now owns 6,311 shares of the asset manager’s stock worth $149,000 after buying an additional 1,228 shares in the last quarter. Snow Capital Management LP acquired a new position in shares of AllianceBernstein Holding L.P. during the first quarter worth about $200,000. Finally, Wade G W & Inc. acquired a new position in shares of AllianceBernstein Holding L.P. during the first quarter worth about $203,000. 23.67% of the stock is currently owned by hedge funds and other institutional investors.
AB has been the subject of several research analyst reports. Credit Suisse Group restated a “neutral” rating on shares of AllianceBernstein Holding L.P. in a research note on Friday, August 11th. BidaskClub upgraded AllianceBernstein Holding L.P. from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 16th. Sidoti initiated coverage on AllianceBernstein Holding L.P. in a research note on Monday, June 5th. They issued a “buy” rating and a $28.00 price objective for the company. ValuEngine cut AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research upgraded AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Thursday. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. AllianceBernstein Holding L.P. currently has a consensus rating of “Buy” and a consensus target price of $26.25.
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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