United Capital Financial Advisers LLC lessened its stake in AllianceBernstein Holding L.P. (NYSE:AB – Get Rating) by 5.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 112,652 shares of the asset manager’s stock after selling 6,000 shares during the period. United Capital Financial Advisers LLC owned about 0.12% of AllianceBernstein worth $4,684,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in AB. CoreCap Advisors LLC acquired a new position in AllianceBernstein in the second quarter worth $29,000. Truvestments Capital LLC acquired a new position in shares of AllianceBernstein during the second quarter valued at $31,000. Venture Visionary Partners LLC acquired a new position in shares of AllianceBernstein during the second quarter valued at $40,000. Prospera Financial Services Inc acquired a new position in shares of AllianceBernstein during the first quarter valued at $47,000. Finally, Parallel Advisors LLC boosted its holdings in shares of AllianceBernstein by 528.2% during the second quarter. Parallel Advisors LLC now owns 1,269 shares of the asset manager’s stock valued at $53,000 after acquiring an additional 1,067 shares during the period. Institutional investors own 11.63% of the company’s stock.
Analyst Upgrades and Downgrades
AB has been the subject of several analyst reports. Bank of America reissued a “neutral” rating and set a $45.00 price target on shares of AllianceBernstein in a report on Wednesday, September 7th. Sanford C. Bernstein started coverage on AllianceBernstein in a report on Wednesday, September 7th. They set a “neutral” rating and a $45.00 price objective on the stock. The Goldman Sachs Group boosted their price objective on AllianceBernstein from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Tuesday, November 1st. StockNews.com started coverage on AllianceBernstein in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Credit Suisse Group boosted their price objective on AllianceBernstein from $28.00 to $30.00 and gave the stock a “neutral” rating in a report on Monday, October 31st. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $45.10.
AllianceBernstein Price Performance
AllianceBernstein (NYSE:AB – Get Rating) last released its earnings results on Friday, October 28th. The asset manager reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.04. AllianceBernstein had a return on equity of 22.48% and a net margin of 7.75%. The company had revenue of $987.00 million for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the previous year, the business posted $0.89 EPS. The business’s revenue for the quarter was down 9.7% on a year-over-year basis. On average, equities research analysts anticipate that AllianceBernstein Holding L.P. will post 2.78 earnings per share for the current year.
AllianceBernstein Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 23rd. Investors of record on Monday, November 7th were paid a $0.64 dividend. The ex-dividend date of this dividend was Friday, November 4th. This represents a $2.56 annualized dividend and a dividend yield of 6.25%. AllianceBernstein’s payout ratio is 75.52%.
AllianceBernstein Company Profile
AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.
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