AllianceBernstein Holding L.P. (NYSE:AB) Insider Purchases $17,090,000.00 in Stock

AllianceBernstein Holding L.P. (NYSE:AB) insider Equitable Holdings, Inc. bought 500,000 shares of the stock in a transaction dated Friday, September 20th. The stock was purchased at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the purchase, the insider now owns 3,066,838 shares in the company, valued at $104,824,522.84. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink.

AllianceBernstein Price Performance

Shares of NYSE:AB opened at $34.69 on Friday. The company has a market capitalization of $3.99 billion, a PE ratio of 14.39, a PEG ratio of 0.74 and a beta of 1.24. The business has a fifty day moving average price of $34.25 and a 200-day moving average price of $33.84. AllianceBernstein Holding L.P. has a 1-year low of $25.83 and a 1-year 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 for the quarter, beating analysts’ consensus estimates of $0.67 by $0.04. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $807.42 million. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. AllianceBernstein’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the business earned $0.61 EPS. On average, sell-side analysts anticipate that AllianceBernstein Holding L.P. will post 2.97 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The firm also recently disclosed 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 was Monday, August 5th. This represents a $2.84 annualized dividend and a yield of 8.19%. AllianceBernstein’s dividend payout ratio (DPR) is presently 117.84%.

Analyst Ratings Changes

AB has been the subject of a number of research reports. Evercore ISI reiterated a “buy” rating and issued a $38.00 price objective on shares of AllianceBernstein in a report on Tuesday. Barclays started coverage on shares of AllianceBernstein in a research report on Tuesday, August 27th. They set an “equal weight” rating and a $35.00 price target for the company. Finally, TD Cowen upped their price objective on shares of AllianceBernstein from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, AllianceBernstein has an average rating of “Moderate Buy” and an average target price of $39.95.

Institutional Trading of AllianceBernstein

A number of institutional investors and hedge funds have recently modified their holdings of AB. Advisory Services Network LLC grew its stake in shares of AllianceBernstein by 1.7% in the fourth quarter. Advisory Services Network LLC now owns 18,975 shares of the asset manager’s stock worth $589,000 after acquiring an additional 315 shares during the period. Karpas Strategies LLC boosted its holdings in AllianceBernstein by 2.2% in the first quarter. Karpas Strategies LLC now owns 18,517 shares of the asset manager’s stock worth $643,000 after purchasing an additional 407 shares during the last quarter. Mission Wealth Management LP grew its position in AllianceBernstein by 1.6% in the 1st quarter. Mission Wealth Management LP now owns 29,715 shares of the asset manager’s stock worth $1,032,000 after purchasing an additional 480 shares during the period. Raymond James Trust N.A. raised its stake in AllianceBernstein by 8.1% during the 2nd quarter. Raymond James Trust N.A. now owns 9,546 shares of the asset manager’s stock valued at $323,000 after buying an additional 713 shares during the last quarter. Finally, Geneos Wealth Management Inc. bought a new position in shares of AllianceBernstein during the 1st quarter valued at $28,000. Institutional investors own 19.25% of the company’s stock.

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.