AllianceBernstein (AB) Shares Down 5.5%

AllianceBernstein Holding LP (NYSE:AB)’s share price was down 5.5% during trading on Monday . The stock traded as low as $24.70 and last traded at $25.15. Approximately 619,918 shares traded hands during mid-day trading, an increase of 109% from the average daily volume of 296,309 shares. The stock had previously closed at $26.60.

Several equities analysts have commented on AB shares. Citigroup raised shares of AllianceBernstein from a “neutral” rating to a “buy” rating and raised their price target for the company from $26.00 to $31.00 in a research report on Thursday, October 26th. ValuEngine cut shares of AllianceBernstein from a “buy” rating to a “hold” rating in a research report on Tuesday, November 14th. Finally, Zacks Investment Research cut shares of AllianceBernstein from a “buy” rating to a “hold” rating in a research report on Wednesday, January 17th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $28.00.

The stock has a market cap of $2,490.46, a PE ratio of 11.86, a P/E/G ratio of 1.30 and a beta of 1.51.

In other news, Chairman Brugge Robert P. Van sold 10,000 shares of AllianceBernstein stock in a transaction on Friday, November 10th. The shares were sold at an average price of $24.82, for a total transaction of $248,200.00. Following the completion of the sale, the chairman now directly owns 101,609 shares of the company’s stock, valued at approximately $2,521,935.38. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Axa Equitable Holdings, Inc. acquired 124,983 shares of the firm’s stock in a transaction dated Friday, December 15th. The shares were purchased at an average cost of $24.95 per share, with a total value of $3,118,325.85. The disclosure for this purchase can be found here. 2.70% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in AB. WFG Advisors LP lifted its position in shares of AllianceBernstein by 24.2% during the 2nd quarter. WFG Advisors LP now owns 6,311 shares of the asset manager’s stock worth $149,000 after purchasing an additional 1,228 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in AllianceBernstein during the 4th quarter worth $200,000. Baker Ellis Asset Management LLC raised its stake in AllianceBernstein by 38.5% during the 4th quarter. Baker Ellis Asset Management LLC now owns 9,000 shares of the asset manager’s stock worth $225,000 after acquiring an additional 2,500 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in AllianceBernstein by 399.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 14,980 shares of the asset manager’s stock worth $354,000 after acquiring an additional 11,980 shares in the last quarter. Finally, Whalerock Point Partners LLC acquired a new stake in AllianceBernstein during the 4th quarter worth $368,000. 21.02% of the stock is owned by institutional investors and hedge funds.

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About AllianceBernstein

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.

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