Belpointe Asset Management LLC Trims Position in AllianceBernstein Holding L.P. $AB

Belpointe Asset Management LLC trimmed its holdings in AllianceBernstein Holding L.P. (NYSE:AB) by 12.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 19,311 shares of the asset manager’s stock after selling 2,639 shares during the period. Belpointe Asset Management LLC’s holdings in AllianceBernstein were worth $788,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in AB. NBC Securities Inc. purchased a new position in AllianceBernstein during the first quarter worth about $87,000. Capital Investment Advisors LLC purchased a new position in AllianceBernstein during the first quarter worth about $201,000. Farther Finance Advisors LLC raised its holdings in AllianceBernstein by 360.6% during the first quarter. Farther Finance Advisors LLC now owns 6,913 shares of the asset manager’s stock worth $266,000 after purchasing an additional 5,412 shares in the last quarter. Capital Advisory Group Advisory Services LLC raised its holdings in AllianceBernstein by 28.0% during the first quarter. Capital Advisory Group Advisory Services LLC now owns 55,856 shares of the asset manager’s stock worth $2,140,000 after purchasing an additional 12,225 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in AllianceBernstein by 2.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 182,724 shares of the asset manager’s stock worth $7,000,000 after purchasing an additional 4,338 shares in the last quarter. 19.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of AllianceBernstein in a report on Wednesday. Bank of America upped their target price on shares of AllianceBernstein from $41.00 to $42.00 and gave the stock a “neutral” rating in a research report on Thursday, October 2nd. Zacks Research lowered shares of AllianceBernstein from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Barclays upped their target price on shares of AllianceBernstein from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Friday, July 25th. Finally, Sanford C. Bernstein set a $42.00 target price on shares of AllianceBernstein in a research report on Thursday, October 2nd. Two investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $40.67.

AllianceBernstein Price Performance

AB stock opened at $38.66 on Thursday. The company’s 50 day simple moving average is $39.17 and its 200-day simple moving average is $39.43. The firm has a market capitalization of $4.27 billion, a PE ratio of 11.47, a P/E/G ratio of 1.23 and a beta of 0.82. AllianceBernstein Holding L.P. has a 12 month low of $32.28 and a 12 month high of $43.30.

AllianceBernstein (NYSE:AB) last released its quarterly earnings results on Thursday, July 24th. The asset manager reported $0.76 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.01). The business had revenue of $844.43 million during the quarter, compared to analyst estimates of $853.64 million. AllianceBernstein had a net margin of 8.35% and a return on equity of 18.63%. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.71 earnings per share. As a group, sell-side analysts anticipate that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 4th were given a $0.76 dividend. The ex-dividend date was Monday, August 4th. This represents a $3.04 annualized dividend and a dividend yield of 7.9%. AllianceBernstein’s dividend payout ratio is currently 90.21%.

About AllianceBernstein

AllianceBernstein Holding L.P. is a publicly owned investment manager. The firm is a related adviser The firm manages separate client focused portfolios for its clients. The firm primarily invests in common and preferred stocks, warrants and convertible securities, government and corporate fxed-income securities, commodities, currencies, real estate-related assets and infation-protected securities.