Disciplined Equity Management Inc. Sells 2,650 Shares of AllianceBernstein Holding L.P. (NYSE:AB)

by · The Markets Daily

Disciplined Equity Management Inc. trimmed its stake in shares of AllianceBernstein Holding L.P. (NYSE:AB – Free Report) by 4.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,843 shares of the asset manager’s stock after selling 2,650 shares during the quarter. AllianceBernstein comprises approximately 1.2% of Disciplined Equity Management Inc.’s investment portfolio, making the stock its 13th biggest position. Disciplined Equity Management Inc.’s holdings in AllianceBernstein were worth $1,913,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AB. Jennison Associates LLC bought a new position in AllianceBernstein during the first quarter worth $23,660,000. American Century Companies Inc. lifted its holdings in shares of AllianceBernstein by 8.9% during the second quarter. American Century Companies Inc. now owns 2,873,324 shares of the asset manager’s stock worth $97,090,000 after buying an additional 234,253 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of AllianceBernstein by 426.8% during the second quarter. The Manufacturers Life Insurance Company now owns 273,695 shares of the asset manager’s stock worth $9,248,000 after buying an additional 221,736 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of AllianceBernstein during the second quarter worth $4,477,000. Finally, Sei Investments Co. lifted its holdings in shares of AllianceBernstein by 159.4% during the first quarter. Sei Investments Co. now owns 154,598 shares of the asset manager’s stock worth $5,371,000 after buying an additional 94,989 shares in the last quarter. 19.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Barclays assumed coverage on AllianceBernstein in a report on Tuesday, August 27th. They set an “equal weight” rating and a $35.00 target price for the company. TD Cowen lifted their target price on AllianceBernstein from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Monday, July 29th. The Goldman Sachs Group lifted their target price on AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Finally, Evercore ISI boosted their price target on AllianceBernstein from $38.00 to $39.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Get Our Latest Research Report on AllianceBernstein

AllianceBernstein Stock Up 0.5 %

AB stock opened at $35.37 on Monday. The company has a market cap of $4.07 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 0.66 and a beta of 1.24. The business has a 50-day simple moving average of $34.30 and a 200 day simple moving average of $33.91. AllianceBernstein Holding L.P. has a 52 week low of $25.83 and a 52 week high of $35.83.

AllianceBernstein (NYSE:AB – Get Free Report) last posted its quarterly earnings results on Friday, July 26th. The asset manager reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.04. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $807.42 million. AllianceBernstein had a return on equity of 15.81% and a net margin of 7.68%. AllianceBernstein’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.61 earnings per share. On average, analysts anticipate that AllianceBernstein Holding L.P. will post 3.02 EPS for the current fiscal year.

AllianceBernstein Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 8.03%. The ex-dividend date of this dividend was Monday, August 5th. AllianceBernstein’s payout ratio is 117.84%.

Insiders Place Their Bets

In other AllianceBernstein news, insider Equitable Holdings, Inc. bought 500,000 shares of the stock in a transaction on Friday, September 20th. The stock was purchased at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the purchase, the insider now owns 3,066,838 shares in the company, valued at $104,824,522.84. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Charles G.T. Stonehill sold 4,000 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $34.87, for a total transaction of $139,480.00. Following the sale, the director now directly owns 25,923 shares in the company, valued at approximately $903,935.01. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Equitable Holdings, Inc. purchased 500,000 shares of AllianceBernstein stock in a transaction dated Friday, September 20th. The shares were purchased at an average price of $34.18 per share, for a total transaction of $17,090,000.00. Following the completion of the acquisition, the insider now owns 3,066,838 shares of the company’s stock, valued at approximately $104,824,522.84. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.70% of the company’s stock.

AllianceBernstein Profile

(Free Report)

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.

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