AllianceBernstein (NYSE:AB) Director Charles G.T. Stonehill Sells 5,000 Shares of Stock

AllianceBernstein Holding L.P. (NYSE:AB) Director Charles G.T. Stonehill sold 5,000 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $37.17, for a total value of $185,850.00. Following the completion of the transaction, the director owned 24,573 shares of the company’s stock, valued at $913,378.41. This represents a 16.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

AllianceBernstein Trading Up 0.1%

NYSE:AB opened at $37.12 on Friday. The stock’s 50-day moving average is $36.76 and its 200-day moving average is $38.24. AllianceBernstein Holding L.P. has a 1-year low of $34.92 and a 1-year high of $44.11. The stock has a market cap of $3.47 billion, a P/E ratio of 10.98, a price-to-earnings-growth ratio of 1.21 and a beta of 0.80.

AllianceBernstein (NYSE:AB) last posted its earnings results on Tuesday, July 28th. The asset manager reported $0.82 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.01). AllianceBernstein had a return on equity of 25.94% and a net margin of 6.60%.The business had revenue of $887.55 million for the quarter, compared to analyst estimates of $907.67 million. During the same quarter in the prior year, the business earned $0.76 earnings per share. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. As a group, equities analysts forecast that AllianceBernstein Holding L.P. will post 3.48 EPS for the current year.

AllianceBernstein Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Wednesday, August 12th will be paid a dividend of $0.82 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $3.28 annualized dividend and a dividend yield of 8.8%. AllianceBernstein’s dividend payout ratio (DPR) is presently 98.22%.

Institutional Investors Weigh In On AllianceBernstein

A number of hedge funds have recently added to or reduced their stakes in the business. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of AllianceBernstein during the 4th quarter worth approximately $28,000. Axiom Investment Management LLC acquired a new position in shares of AllianceBernstein during the 1st quarter valued at $28,000. Russell Investments Group Ltd. bought a new position in AllianceBernstein during the second quarter worth $28,000. Fifth Third Bancorp bought a new position in AllianceBernstein during the second quarter worth $29,000. Finally, Ascentis Independent Advisors acquired a new stake in AllianceBernstein in the first quarter worth $30,000. 19.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Sanford C. Bernstein restated an “outperform” rating on shares of AllianceBernstein in a report on Friday, July 10th. Evercore set a $39.00 target price on AllianceBernstein in a report on Friday, July 10th. Weiss Ratings cut AllianceBernstein from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday. TD Cowen raised their price objective on AllianceBernstein from $37.00 to $38.00 and gave the stock a “hold” rating in a research report on Monday, July 20th. Finally, Barclays cut their price objective on AllianceBernstein from $40.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 29th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $39.50.

About AllianceBernstein

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.