Moody Aldrich Partners LLC increased its holdings in shares of AllianceBernstein Holding LP (NYSE:AB) by 22.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,327 shares of the asset manager’s stock after purchasing an additional 8,040 shares during the period. Moody Aldrich Partners LLC’s holdings in AllianceBernstein were worth $1,180,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Royal Bank of Canada increased its position in AllianceBernstein by 15.3% during the 1st quarter. Royal Bank of Canada now owns 151,779 shares of the asset manager’s stock worth $2,821,000 after purchasing an additional 20,166 shares during the period. Philadelphia Financial Management of San Francisco LLC increased its holdings in AllianceBernstein by 0.6% in the 1st quarter. Philadelphia Financial Management of San Francisco LLC now owns 242,738 shares of the asset manager’s stock valued at $4,512,000 after purchasing an additional 1,426 shares in the last quarter. Morgan Stanley increased its holdings in AllianceBernstein by 19.1% in the 1st quarter. Morgan Stanley now owns 2,085,119 shares of the asset manager’s stock valued at $38,763,000 after purchasing an additional 334,010 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in AllianceBernstein by 9.5% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 48,378 shares of the asset manager’s stock valued at $1,318,000 after purchasing an additional 4,198 shares in the last quarter. Finally, Procyon Private Wealth Partners LLC raised its position in shares of AllianceBernstein by 787.2% in the 1st quarter. Procyon Private Wealth Partners LLC now owns 2,085 shares of the asset manager’s stock valued at $39,000 after purchasing an additional 1,850 shares in the last quarter. Hedge funds and other institutional investors own 19.66% of the company’s stock.
Several equities research analysts recently issued reports on AB shares. TheStreet raised AllianceBernstein from a “c+” rating to a “b-” rating in a research report on Tuesday, June 16th. Credit Suisse Group increased their price target on AllianceBernstein from $18.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, April 17th. Citigroup raised their target price on AllianceBernstein from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Zacks Investment Research raised AllianceBernstein from a “sell” rating to a “strong-buy” rating and set a $31.00 target price for the company in a research note on Tuesday, June 9th. Finally, Bank of America raised their target price on AllianceBernstein from $27.00 to $29.00 and gave the company a “neutral” rating in a research note on Friday, July 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $29.86.
AB stock traded down $0.13 during trading on Friday, hitting $28.41. The company had a trading volume of 320,145 shares, compared to its average volume of 265,291. The firm has a 50-day moving average price of $27.04 and a 200-day moving average price of $26.42. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 10.60, a PEG ratio of 1.62 and a beta of 1.51. AllianceBernstein Holding LP has a 12 month low of $13.24 and a 12 month high of $36.06.
AllianceBernstein (NYSE:AB) last announced its quarterly earnings results on Thursday, July 23rd. The asset manager reported $0.61 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.61. AllianceBernstein had a net margin of 7.18% and a return on equity of 17.55%. The company had revenue of $871.40 million during the quarter, compared to analyst estimates of $883.11 million. During the same quarter in the previous year, the business earned $0.56 EPS. The firm’s revenue was up 1.6% on a year-over-year basis. Equities research analysts predict that AllianceBernstein Holding LP will post 2.61 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Monday, August 3rd will be given a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a $2.44 annualized dividend and a dividend yield of 8.59%. AllianceBernstein’s dividend payout ratio is currently 101.59%.
In other news, General Counsel Laurence E. Cranch sold 10,876 shares of the stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $23.74, for a total value of $258,196.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.70% of the stock is currently owned by company insiders.
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.
Recommended Story: Quiet Period Expirations
Receive News & Ratings for AllianceBernstein Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AllianceBernstein and related companies with MarketBeat.com's FREE daily email newsletter.