Insider Selling: AllianceBernstein Holding L.P. (AB) COO Sells $491,400.00 in Stock
AllianceBernstein Holding L.P. (NYSE:AB) COO James A. Gingrich sold 21,000 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $23.40, for a total transaction of $491,400.00. Following the completion of the sale, the chief operating officer now directly owns 167,659 shares in the company, valued at approximately $3,923,220.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
AllianceBernstein Holding L.P. (NYSE:AB) opened at 23.35 on Monday. The firm has a 50-day moving average of $24.23 and a 200 day moving average of $23.06. AllianceBernstein Holding L.P. has a 52 week low of $20.40 and a 52 week high of $26.15. The stock 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 announced its quarterly earnings data 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. AllianceBernstein Holding L.P. had a return on equity of 13.28% and a net margin of 6.74%. The company had revenue of $802.31 million during the quarter, compared to the consensus estimate of $771.88 million. During the same quarter last year, the company earned $0.39 EPS. The company’s quarterly revenue was up 10.5% on a year-over-year basis. On average, analysts anticipate that AllianceBernstein Holding L.P. will post $2.07 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Monday, August 7th were given a $0.49 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $1.96 dividend on an annualized basis and a dividend yield of 8.39%. This is an increase 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%.
AB has been the topic of several analyst reports. Zacks Investment Research cut shares of AllianceBernstein Holding L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Sidoti initiated coverage on shares of AllianceBernstein Holding L.P. in a report on Monday, June 5th. They issued a “buy” rating and a $28.00 target price on the stock. BidaskClub raised shares of AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. ValuEngine cut shares of AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Credit Suisse Group reaffirmed a “neutral” rating on shares of AllianceBernstein Holding L.P. in a report on Friday, August 11th. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $26.25.
Several hedge funds have recently made changes to their positions in the company. Creative Planning increased its position in AllianceBernstein Holding L.P. by 6.8% in the first quarter. Creative Planning now owns 18,162 shares of the asset manager’s stock valued at $415,000 after buying an additional 1,160 shares during the period. Sigma Planning Corp increased its position in AllianceBernstein Holding L.P. by 4.9% in the first quarter. Sigma Planning Corp now owns 16,180 shares of the asset manager’s stock valued at $370,000 after buying an additional 752 shares during the period. Janney Montgomery Scott LLC increased its position in AllianceBernstein Holding L.P. by 4.5% in the first quarter. Janney Montgomery Scott LLC now owns 81,588 shares of the asset manager’s stock valued at $1,864,000 after buying an additional 3,518 shares during the period. Bridgecreek Investment Management LLC increased its position in AllianceBernstein Holding L.P. by 4.4% in the first quarter. Bridgecreek Investment Management LLC now owns 164,175 shares of the asset manager’s stock valued at $3,751,000 after buying an additional 6,950 shares during the period. Finally, First Trust Advisors LP bought a new position in AllianceBernstein Holding L.P. during the first quarter valued at approximately $496,000. Institutional investors own 19.41% of the company’s stock.
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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