SVB Wealth LLC Invests $32,000 in AllianceBernstein Holding L.P. $AB

SVB Wealth LLC purchased a new position in shares of AllianceBernstein Holding L.P. (NYSE:AB) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 825 shares of the asset manager’s stock, valued at approximately $32,000.

Other hedge funds also recently modified their holdings of the company. PFG Investments LLC acquired a new stake in shares of AllianceBernstein during the first quarter worth about $228,000. Farther Finance Advisors LLC grew its holdings in shares of 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 buying an additional 5,412 shares in the last quarter. OneDigital Investment Advisors LLC bought a new position in shares of AllianceBernstein during the first quarter worth about $548,000. Bastion Asset Management Inc. bought a new position in shares of AllianceBernstein during the fourth quarter worth about $1,365,000. Finally, Capital Advisory Group Advisory Services LLC grew its holdings in shares of 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 buying an additional 12,225 shares in the last quarter. Institutional investors and hedge funds own 19.25% of the company’s stock.

AllianceBernstein Stock Up 0.7%

AB stock opened at $39.97 on Thursday. The business has a 50 day moving average price of $40.80 and a two-hundred day moving average price of $39.14. The company has a market cap of $4.42 billion, a price-to-earnings ratio of 11.86, a P/E/G ratio of 1.50 and a beta of 0.81. AllianceBernstein Holding L.P. has a twelve month low of $32.28 and a twelve month high of $43.30.

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

AllianceBernstein Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 4th were paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 7.6%. The ex-dividend date was Monday, August 4th. AllianceBernstein’s payout ratio is currently 90.21%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Barclays increased their price objective on AllianceBernstein from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Friday, July 25th. Wall Street Zen upgraded AllianceBernstein from a “sell” rating to a “hold” rating in a report on Saturday, May 10th. Evercore ISI increased their price objective on AllianceBernstein from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, July 25th. The Goldman Sachs Group downgraded AllianceBernstein from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $42.25 to $40.00 in a report on Friday, June 27th. Finally, Sanford C. Bernstein restated a “mixed” rating on shares of AllianceBernstein in a research note on Wednesday, July 16th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, AllianceBernstein currently has a consensus rating of “Hold” and an average target price of $39.67.

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.