Pure Financial Advisors LLC Buys New Stake in AllianceBernstein Holding L.P. (NYSE:AB)

Pure Financial Advisors LLC bought a new stake in AllianceBernstein Holding L.P. (NYSE:AB) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 6,276 shares of the asset manager’s stock, valued at approximately $212,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Principal Securities Inc. acquired a new stake in AllianceBernstein in the 4th quarter valued at approximately $26,000. GAMMA Investing LLC acquired a new position in shares of AllianceBernstein in the fourth quarter worth $27,000. Geneos Wealth Management Inc. acquired a new position in shares of AllianceBernstein in the first quarter worth $28,000. SJS Investment Consulting Inc. acquired a new position in shares of AllianceBernstein in the second quarter worth $31,000. Finally, Register Financial Advisors LLC acquired a new position in shares of AllianceBernstein in the first quarter worth $42,000. Institutional investors and hedge funds own 19.25% of the company’s stock.

Insider Activity at AllianceBernstein

In related news, insider Christopher Hogbin sold 12,781 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $34.87, for a total value of $445,673.47. Following the completion of the sale, the insider now directly owns 10,000 shares of the company’s stock, valued at $348,700. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 2.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on AB shares. TD Cowen boosted their price target on shares of AllianceBernstein from $36.00 to $39.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Bank of America dropped their price target on shares of AllianceBernstein from $54.00 to $51.00 and set a “buy” rating for the company in a research note on Monday, April 29th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.19.

AllianceBernstein Price Performance

Shares of AllianceBernstein stock traded up $0.13 during trading on Friday, hitting $34.76. 328,794 shares of the stock were exchanged, compared to its average volume of 313,690. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of 14.42, a price-to-earnings-growth ratio of 0.75 and a beta of 1.24. The firm’s 50-day moving average price is $33.76 and its 200 day moving average price is $33.62. AllianceBernstein Holding L.P. has a 12-month low of $25.83 and a 12-month high of $35.67.

AllianceBernstein (NYSE:AB) last released its quarterly earnings data on Friday, July 26th. The asset manager reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.04. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $807.42 million. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.61 EPS. As a group, research analysts forecast that AllianceBernstein Holding L.P. will post 2.97 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were given a $0.71 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $2.84 dividend on an annualized basis and a yield of 8.17%. AllianceBernstein’s dividend payout ratio (DPR) is presently 117.84%.

AllianceBernstein Company Profile

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.