AllianceBernstein Holding L.P. (NYSE:AB) Director Daniel G. Kaye Sells 4,825 Shares of Stock

AllianceBernstein Holding L.P. (NYSE:AB) Director Daniel G. Kaye sold 4,825 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $40.80, for a total transaction of $196,860.00. Following the sale, the director now directly owns 39,877 shares of the company’s stock, valued at approximately $1,626,981.60. The trade was a 10.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

AllianceBernstein Price Performance

Shares of AB stock opened at $40.81 on Wednesday. The business’s fifty day moving average price is $37.83 and its 200 day moving average price is $37.30. AllianceBernstein Holding L.P. has a 1-year low of $30.57 and a 1-year high of $41.86. The firm has a market capitalization of $4.52 billion, a PE ratio of 10.97, a P/E/G ratio of 0.78 and a beta of 0.85.

AllianceBernstein (NYSE:AB) last posted its earnings results on Thursday, April 24th. The asset manager reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.02. The company had revenue of $838.21 million for the quarter, compared to analyst estimates of $859.36 million. AllianceBernstein had a return on equity of 17.88% and a net margin of 9.46%. AllianceBernstein’s revenue was down 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.73 earnings per share. Equities research analysts expect that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Monday, May 5th will be given a dividend of $0.80 per share. The ex-dividend date is Monday, May 5th. This represents a $3.20 annualized dividend and a yield of 7.84%. AllianceBernstein’s dividend payout ratio (DPR) is presently 86.02%.

Hedge Funds Weigh In On AllianceBernstein

Large investors have recently modified their holdings of the company. Transce3nd LLC purchased a new stake in shares of AllianceBernstein during the 4th quarter valued at about $25,000. Luken Investment Analytics LLC bought a new stake in AllianceBernstein during the 4th quarter valued at $37,000. Mountain Hill Investment Partners Corp. bought a new stake in AllianceBernstein during the 1st quarter valued at $38,000. Summit Securities Group LLC bought a new stake in shares of AllianceBernstein in the 4th quarter worth $41,000. Finally, Harbor Investment Advisory LLC acquired a new stake in shares of AllianceBernstein during the first quarter worth $48,000. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AB has been the topic of several research reports. Barclays increased their price target on shares of AllianceBernstein from $36.00 to $37.00 and gave the stock an “equal weight” rating in a report on Friday, April 25th. StockNews.com upgraded AllianceBernstein from a “sell” rating to a “hold” rating in a report on Saturday. Bank of America downgraded AllianceBernstein from a “buy” rating to a “neutral” rating and dropped their target price for the company from $42.00 to $38.00 in a research report on Thursday, April 3rd. Evercore ISI lowered their price objective on AllianceBernstein from $41.00 to $38.00 and set an “outperform” rating for the company in a research report on Friday, April 11th. Finally, Sanford C. Bernstein downgraded AllianceBernstein from a “buy” rating to a “neutral” rating and set a $38.00 price target for the company. in a report on Thursday, April 3rd. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, AllianceBernstein currently has a consensus rating of “Hold” and an average price target of $37.67.

About AllianceBernstein

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.