FSM Wealth Advisors LLC Takes $320,000 Position in AllianceBernstein Holding L.P. $AB

FSM Wealth Advisors LLC bought a new position in AllianceBernstein Holding L.P. (NYSE:AB) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 7,720 shares of the asset manager’s stock, valued at approximately $320,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SVB Wealth LLC acquired a new position in shares of AllianceBernstein in the first quarter valued at approximately $32,000. Mountain Hill Investment Partners Corp. bought a new stake in AllianceBernstein during the 1st quarter worth approximately $38,000. Costello Asset Management INC acquired a new position in AllianceBernstein in the 1st quarter valued at approximately $73,000. Zions Bancorporation National Association UT bought a new position in shares of AllianceBernstein during the first quarter valued at $77,000. Finally, Golden State Wealth Management LLC lifted its holdings in shares of AllianceBernstein by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 5,150 shares of the asset manager’s stock worth $197,000 after purchasing an additional 2,575 shares during the period. 19.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on AB shares. Weiss Ratings restated a “hold (c)” rating on shares of AllianceBernstein in a report on Wednesday, October 8th. Sanford C. Bernstein reiterated a “negative” rating on shares of AllianceBernstein in a research report on Tuesday. Bank of America increased their price target on AllianceBernstein from $41.00 to $42.00 and gave the company a “neutral” rating in a research note on Thursday, October 2nd. Barclays lowered their price objective on AllianceBernstein from $42.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday. Finally, Zacks Research cut AllianceBernstein from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $40.33.

AllianceBernstein Price Performance

Shares of AllianceBernstein stock opened at $39.28 on Friday. The firm has a market cap of $4.34 billion, a price-to-earnings ratio of 11.66, a PEG ratio of 1.28 and a beta of 0.82. The stock’s 50-day moving average is $38.92 and its 200 day moving average is $39.55. AllianceBernstein Holding L.P. has a one year low of $32.28 and a one year high of $43.30.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings results on Thursday, October 23rd. The asset manager reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.01. The firm had revenue of $884.67 million for the quarter, compared to analysts’ expectations of $900.69 million. AllianceBernstein had a return on equity of 18.63% and a net margin of 8.35%.The company’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.77 EPS. On average, sell-side analysts expect that AllianceBernstein Holding L.P. will post 3.58 EPS for the current fiscal year.

AllianceBernstein Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Monday, November 3rd will be given a dividend of $0.86 per share. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Monday, November 3rd. This represents a $3.44 dividend on an annualized basis and a dividend yield of 8.8%. AllianceBernstein’s payout ratio is currently 90.21%.

AllianceBernstein Company Profile

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.