Koshinski Asset Management Inc. Buys 700 Shares of AllianceBernstein Holding L.P. $AB

Koshinski Asset Management Inc. lifted its stake in AllianceBernstein Holding L.P. (NYSE:AB) by 12.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,165 shares of the asset manager’s stock after acquiring an additional 700 shares during the period. Koshinski Asset Management Inc.’s holdings in AllianceBernstein were worth $252,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Kingstone Capital Partners Texas LLC acquired a new position in AllianceBernstein during the 2nd quarter valued at about $193,757,000. Goldman Sachs Group Inc. increased its position in AllianceBernstein by 51.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 916,574 shares of the asset manager’s stock valued at $35,114,000 after buying an additional 312,878 shares in the last quarter. 683 Capital Management LLC acquired a new position in AllianceBernstein during the 1st quarter valued at about $20,144,000. LPL Financial LLC increased its position in AllianceBernstein by 2.6% during the 1st quarter. LPL Financial LLC now owns 380,837 shares of the asset manager’s stock valued at $14,590,000 after buying an additional 9,628 shares in the last quarter. Finally, Invesco Ltd. increased its position in AllianceBernstein by 45.1% during the 1st quarter. Invesco Ltd. now owns 325,018 shares of the asset manager’s stock valued at $12,451,000 after buying an additional 101,041 shares in the last quarter. 19.25% of the stock is owned by institutional investors and hedge funds.

AllianceBernstein Stock Performance

Shares of AB stock opened at $40.01 on Wednesday. The stock’s 50-day simple moving average is $38.99 and its 200-day simple moving average is $39.51. The firm has a market capitalization of $4.42 billion, a PE ratio of 11.87, a P/E/G ratio of 1.29 and a beta of 0.82. AllianceBernstein Holding L.P. has a fifty-two week low of $32.28 and a fifty-two week high of $43.30.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings data on Thursday, July 24th. The asset manager reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.01). AllianceBernstein had a net margin of 8.35% and a return on equity of 18.63%. The firm had revenue of $844.43 million during the quarter, compared to analyst estimates of $853.64 million. During the same period in the prior year, the company posted $0.71 earnings per share. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. Sell-side analysts forecast that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 4th were paid a $0.76 dividend. The ex-dividend date was Monday, August 4th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 7.6%. AllianceBernstein’s dividend payout ratio is presently 90.21%.

Analyst Upgrades and Downgrades

AB has been the topic of several recent analyst reports. The Goldman Sachs Group lowered AllianceBernstein from a “buy” rating to a “neutral” rating and reduced their target price for the company from $42.25 to $40.00 in a research report on Friday, June 27th. Evercore ISI reduced their target price on AllianceBernstein from $46.00 to $44.00 and set an “outperform” rating on the stock in a research report on Friday, September 5th. Zacks Research lowered AllianceBernstein from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Sanford C. Bernstein reissued a “negative” rating on shares of AllianceBernstein in a report on Tuesday. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of AllianceBernstein in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $40.33.

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.