Insider Selling: AllianceBernstein Holding L.P. (AB) COO Sells $486,150.00 in Stock
AllianceBernstein Holding L.P. (NYSE:AB) COO James A. Gingrich sold 21,000 shares of AllianceBernstein Holding L.P. stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $23.15, for a total value of $486,150.00. Following the completion of the transaction, the chief operating officer now owns 157,159 shares in the company, valued at approximately $3,638,230.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Shares of AllianceBernstein Holding L.P. (NYSE AB) opened at 23.60 on Friday. The stock’s 50 day moving average price is $24.11 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 $2.21 billion, a PE ratio of 10.84 and a beta of 1.53.
AllianceBernstein Holding L.P. (NYSE:AB) last posted its quarterly earnings results on Thursday, July 27th. The asset manager reported $0.49 earnings per share (EPS) for the quarter, topping the 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 business had revenue of $802.31 million for the quarter, compared to analyst estimates of $771.88 million. During the same period last year, the company earned $0.39 EPS. AllianceBernstein Holding L.P.’s revenue for the quarter was up 10.5% compared to the same quarter last year. On average, equities research analysts forecast that AllianceBernstein Holding L.P. will post $2.07 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Monday, August 7th were given a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 8.31%. This is a positive change from AllianceBernstein Holding L.P.’s previous quarterly dividend of $0.46. The ex-dividend date was Thursday, August 3rd. AllianceBernstein Holding L.P.’s dividend payout ratio (DPR) is presently 89.91%.
A number of institutional investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC raised 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 last quarter. Bridgecreek Investment Management LLC raised 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 last quarter. First Trust Advisors LP bought a new position in AllianceBernstein Holding L.P. during the first quarter valued at about $496,000. TCI Wealth Advisors Inc. raised its position in 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 valued at $127,000 after buying an additional 1,244 shares during the last quarter. Finally, Ramsey Quantitative Systems bought a new position in AllianceBernstein Holding L.P. during the first quarter valued at about $521,000. Institutional investors and hedge funds own 19.41% of the company’s stock.
Several research firms have recently weighed in on AB. Zacks Investment Research cut AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a report on Tuesday. Credit Suisse Group restated a “neutral” rating on shares of AllianceBernstein Holding L.P. in a report on Friday, August 11th. BidaskClub upgraded AllianceBernstein Holding L.P. from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 16th. Sidoti began coverage on AllianceBernstein Holding L.P. in a report on Monday, June 5th. They set a “buy” rating and a $28.00 price target on the stock. Finally, ValuEngine cut AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Four research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target 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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