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

AllianceBernstein Holding L.P. (NYSE:AB) insider Equitable Holdings, Inc. purchased 500,000 shares of AllianceBernstein stock in a transaction dated Friday, September 20th. The shares were bought at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the transaction, the insider now owns 3,066,838 shares in the company, valued at approximately $104,824,522.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

AllianceBernstein Stock Performance

AllianceBernstein stock traded up $0.15 during trading on Tuesday, reaching $34.90. The company had a trading volume of 157,919 shares, compared to its average volume of 300,138. AllianceBernstein Holding L.P. has a 12-month low of $25.83 and a 12-month high of $35.67. The stock’s 50 day moving average price is $34.18 and its two-hundred day moving average price is $33.82. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of 14.48, a PEG ratio of 0.72 and a beta of 1.24.

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

AllianceBernstein Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 8.14%. The ex-dividend date was Monday, August 5th. AllianceBernstein’s dividend payout ratio is currently 117.84%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. TD Cowen lifted their price target on shares of AllianceBernstein from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Barclays started coverage on shares of AllianceBernstein in a research note on Tuesday, August 27th. They issued an “equal weight” rating and a $35.00 target price for the company. Finally, Evercore ISI reissued a “buy” rating and set a $38.00 price target on shares of AllianceBernstein in a research note on Tuesday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.95.

Institutional Trading of AllianceBernstein

Institutional investors and hedge funds have recently bought and sold shares of the business. Principal Securities Inc. acquired a new stake in AllianceBernstein in the 4th quarter valued at $26,000. BNP Paribas Financial Markets acquired a new stake in shares of AllianceBernstein in the fourth quarter valued at about $1,016,000. UBS Group AG lifted its position in AllianceBernstein by 39.9% during the 4th quarter. UBS Group AG now owns 851,533 shares of the asset manager’s stock worth $26,423,000 after acquiring an additional 242,765 shares in the last quarter. Corient Private Wealth LLC boosted its holdings in AllianceBernstein by 19.2% in the 4th quarter. Corient Private Wealth LLC now owns 22,295 shares of the asset manager’s stock worth $692,000 after acquiring an additional 3,595 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in shares of AllianceBernstein by 23.4% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 86,824 shares of the asset manager’s stock valued at $2,694,000 after purchasing an additional 16,478 shares during the period. Institutional investors and hedge funds 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.