Callodine Capital Management LP Decreases Stake in AllianceBernstein Holding L.P. (NYSE:AB)

Callodine Capital Management LP cut its stake in shares of AllianceBernstein Holding L.P. (NYSE:AB) by 60.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 180,000 shares of the asset manager’s stock after selling 279,771 shares during the quarter. AllianceBernstein comprises approximately 1.4% of Callodine Capital Management LP’s investment portfolio, making the stock its 25th biggest holding. Callodine Capital Management LP’s holdings in AllianceBernstein were worth $6,676,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Crestwood Advisors Group LLC grew its stake in AllianceBernstein by 2.5% during the 4th quarter. Crestwood Advisors Group LLC now owns 288,032 shares of the asset manager’s stock valued at $10,683,000 after purchasing an additional 7,071 shares during the last quarter. Perigon Wealth Management LLC acquired a new stake in shares of AllianceBernstein during the fourth quarter worth about $290,000. Atria Wealth Solutions Inc. purchased a new stake in AllianceBernstein in the fourth quarter valued at approximately $277,000. Horizon Kinetics Asset Management LLC boosted its position in AllianceBernstein by 175.5% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 71,287 shares of the asset manager’s stock valued at $2,644,000 after buying an additional 45,413 shares during the last quarter. Finally, Opal Wealth Advisors LLC acquired a new position in AllianceBernstein in the 4th quarter worth approximately $264,000. 19.25% of the stock is owned by institutional investors and hedge funds.

AllianceBernstein Trading Up 0.0 %

AB stock opened at $36.97 on Friday. The company has a market capitalization of $4.09 billion, a price-to-earnings ratio of 9.94, a price-to-earnings-growth ratio of 0.78 and a beta of 0.97. AllianceBernstein Holding L.P. has a 52 week low of $30.57 and a 52 week high of $41.37. The firm’s 50-day moving average is $37.02 and its two-hundred day moving average is $36.95.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings results on Thursday, February 6th. The asset manager reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.18. AllianceBernstein had a return on equity of 17.88% and a net margin of 9.46%. On average, equities research analysts predict that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current year.

AllianceBernstein Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were given a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a yield of 11.36%. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.77. The ex-dividend date of this dividend was Tuesday, February 18th. AllianceBernstein’s dividend payout ratio is presently 112.90%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on AB shares. TD Cowen lowered their price target on shares of AllianceBernstein from $37.50 to $34.00 and set a “hold” rating on the stock in a report on Wednesday, April 9th. Barclays upped their target price on AllianceBernstein from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Wednesday. Bank of America lowered AllianceBernstein from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $42.00 to $38.00 in a research note on Thursday, April 3rd. Evercore ISI lowered their target price on shares of AllianceBernstein from $41.00 to $38.00 and set an “outperform” rating for the company in a report on Friday, April 11th. Finally, Sanford C. Bernstein lowered AllianceBernstein from a “buy” rating to a “neutral” rating and set a $38.00 price target for the company. in a research note on Thursday, April 3rd. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $37.50.

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.