Bridgecreek Investment Management LLC lowered its stake in AllianceBernstein Holding L.P. (NYSE:AB) by 0.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 292,735 shares of the asset manager’s stock after selling 525 shares during the quarter. AllianceBernstein accounts for 1.4% of Bridgecreek Investment Management LLC’s portfolio, making the stock its 22nd biggest position. Bridgecreek Investment Management LLC’s holdings in AllianceBernstein were worth $7,916,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in AB. Cullen Frost Bankers Inc. bought a new position in AllianceBernstein in the second quarter worth $28,000. Acadian Asset Management LLC purchased a new stake in shares of AllianceBernstein during the third quarter valued at $34,000. AlphaMark Advisors LLC purchased a new stake in shares of AllianceBernstein during the second quarter valued at $41,000. Old North State Trust LLC purchased a new position in AllianceBernstein in the third quarter worth about $98,000. Finally, US Bancorp DE boosted its position in AllianceBernstein by 50.0% in the third quarter. US Bancorp DE now owns 4,200 shares of the asset manager’s stock worth $114,000 after purchasing an additional 1,400 shares during the last quarter. Institutional investors own 18.58% of the company’s stock.
Several brokerages recently issued reports on AB. Zacks Investment Research raised AllianceBernstein from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a research note on Tuesday, October 13th. Bank of America raised AllianceBernstein from a “neutral” rating to a “buy” rating and set a $31.00 target price on the stock in a research note on Monday, September 21st. Sanford C. Bernstein upgraded AllianceBernstein from a “neutral” rating to a “buy” rating in a report on Monday, September 21st. Finally, Keefe, Bruyette & Woods cut AllianceBernstein from an “outperform” rating to a “market perform” rating and raised their price target for the company from $31.00 to $34.00 in a report on Monday, October 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. AllianceBernstein presently has a consensus rating of “Buy” and an average target price of $31.25.
Shares of AllianceBernstein stock traded down $0.10 on Monday, reaching $32.26. The company had a trading volume of 785 shares, compared to its average volume of 478,135. The firm has a market cap of $3.07 billion, a price-to-earnings ratio of 11.72, a P/E/G ratio of 1.32 and a beta of 1.58. The firm’s 50-day moving average price is $31.25 and its two-hundred day moving average price is $27.99. AllianceBernstein Holding L.P. has a 1 year low of $13.24 and a 1 year high of $36.06.
AllianceBernstein (NYSE:AB) last announced its earnings results on Thursday, October 22nd. The asset manager reported $0.69 EPS for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.01. The firm had revenue of $900.04 million during the quarter, compared to analysts’ expectations of $897.66 million. AllianceBernstein had a return on equity of 17.85% and a net margin of 7.33%. The company’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.63 EPS. Equities analysts expect that AllianceBernstein Holding L.P. will post 2.7 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 12th. Stockholders of record on Monday, November 2nd were issued a $0.69 dividend. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.61. The ex-dividend date was Friday, October 30th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 8.56%. AllianceBernstein’s payout ratio is 109.52%.
AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.
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