AllianceBernstein Holding LP (AB) Stake Decreased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lowered its position in AllianceBernstein Holding LP (NYSE:AB) by 70.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,750 shares of the asset manager’s stock after selling 23,300 shares during the quarter. Pinnacle Associates Ltd.’s holdings in AllianceBernstein were worth $237,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Beach Investment Management LLC. purchased a new position in AllianceBernstein in the 2nd quarter worth about $582,000. Baker Ellis Asset Management LLC purchased a new position in AllianceBernstein in the 2nd quarter worth about $118,000. National Planning Corp increased its stake in AllianceBernstein by 16.1% in the 2nd quarter. National Planning Corp now owns 10,841 shares of the asset manager’s stock worth $258,000 after buying an additional 1,500 shares during the period. Foundry Partners LLC purchased a new position in AllianceBernstein in the 2nd quarter worth about $6,970,000. Finally, Sigma Planning Corp increased its stake in AllianceBernstein by 4.0% in the 2nd quarter. Sigma Planning Corp now owns 16,827 shares of the asset manager’s stock worth $398,000 after buying an additional 647 shares during the period. 20.79% of the stock is currently owned by institutional investors and hedge funds.

In other news, CFO John C. Weisenseel sold 6,000 shares of the firm’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $23.40, for a total value of $140,400.00. Following the sale, the chief financial officer now directly owns 26,869 shares in the company, valued at approximately $628,734.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO James A. Gingrich sold 20,284 shares of the firm’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $23.41, for a total transaction of $474,848.44. Following the completion of the sale, the chief operating officer now owns 136,159 shares in the company, valued at $3,187,482.19. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 215,070 shares of company stock worth $5,259,672. 2.70% of the stock is owned by company insiders.

Several research analysts recently commented on AB shares. Citigroup raised shares of AllianceBernstein from a “neutral” rating to a “buy” rating and raised their price target for the stock from $26.00 to $31.00 in a research note on Thursday, October 26th. Zacks Investment Research raised shares of AllianceBernstein from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Friday, September 8th. ValuEngine downgraded shares of AllianceBernstein from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Finally, Credit Suisse Group reiterated a “neutral” rating on shares of AllianceBernstein in a report on Friday, August 11th. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. AllianceBernstein presently has a consensus rating of “Buy” and an average target price of $27.80.

AllianceBernstein Holding LP (NYSE AB) opened at $25.40 on Wednesday. AllianceBernstein Holding LP has a 1-year low of $20.40 and a 1-year high of $26.65. The stock has a market cap of $2,368.75, a PE ratio of 11.88, a price-to-earnings-growth ratio of 1.60 and a beta of 1.59.

AllianceBernstein (NYSE:AB) last issued its earnings results on Wednesday, October 25th. The asset manager reported $0.51 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.01). AllianceBernstein had a return on equity of 13.72% and a net margin of 6.38%. The business had revenue of $812.15 million for the quarter, compared to the consensus estimate of $786.74 million. During the same quarter in the previous year, the company earned $0.45 earnings per share. The firm’s revenue was up 8.6% on a year-over-year basis. equities analysts expect that AllianceBernstein Holding LP will post 2.1 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 16th. Shareholders of record on Monday, November 6th were issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 8.03%. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend was Friday, November 3rd. AllianceBernstein’s dividend payout ratio is presently 96.23%.

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AllianceBernstein Company Profile

AllianceBernstein Holding L.P. is engaged in providing research, investment management and related services to a range of clients through its three buy-side distribution channels: Institutions, Retail and Private Wealth Management, and its sell-side business, Bernstein Research Services. The Company offers a range of investment services, including equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and equities; traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; passive management, including index and enhanced index strategies; alternative investments, including hedge funds, fund of funds and private equity, and multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds.

Institutional Ownership by Quarter for AllianceBernstein (NYSE:AB)

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