Axa Financial Inc recently revealed that they own a 28% stake in AllianceBernstein (NYSE:AB) in a Form 13D/A disclosure that was filed with the Securities and Exchange Commission on Wednesday, April 25th. The investor owns 3,756,525 shares of the stock worth approximately $98,984,434. The reporting parties listed on the disclosure included AXA Assurances IARD Mutuelle, AXA Assurances Vie Mutuelle, AXA Equitable Holdings, Inc, AXA Financial, Inc, AXA Equitable Financial Services, LLC, AXA Equitable Life Insurance Company, Acmc, LLC, MONY Life Insurance Company of America and Axaim Holding Us Inc. The filing is available through EDGAR at this hyperlink.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. M&T Bank Corp increased its stake in AllianceBernstein by 1.7% in the 4th quarter. M&T Bank Corp now owns 117,729 shares of the asset manager’s stock worth $2,949,000 after acquiring an additional 2,000 shares during the last quarter. Baker Ellis Asset Management LLC increased its stake in AllianceBernstein by 38.5% in the 4th quarter. Baker Ellis Asset Management LLC now owns 9,000 shares of the asset manager’s stock worth $225,000 after acquiring an additional 2,500 shares during the last quarter. Advisor Group Inc. increased its stake in AllianceBernstein by 22.2% in the 4th quarter. Advisor Group Inc. now owns 17,521 shares of the asset manager’s stock worth $439,000 after acquiring an additional 3,181 shares during the last quarter. Highland Capital Management LLC increased its stake in AllianceBernstein by 22.9% in the 4th quarter. Highland Capital Management LLC now owns 20,281 shares of the asset manager’s stock worth $508,000 after acquiring an additional 3,781 shares during the last quarter. Finally, Sigma Planning Corp increased its stake in AllianceBernstein by 24.8% in the 4th quarter. Sigma Planning Corp now owns 21,053 shares of the asset manager’s stock worth $527,000 after acquiring an additional 4,187 shares during the last quarter. 22.79% of the stock is currently owned by institutional investors.
In related news, General Counsel Laurence E. Cranch sold 37,500 shares of the business’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $26.32, for a total transaction of $987,000.00. Following the completion of the transaction, the general counsel now owns 150,707 shares in the company, valued at approximately $3,966,608.24. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Laurence E. Cranch sold 40,848 shares of the business’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $26.26, for a total value of $1,072,668.48. Following the transaction, the general counsel now owns 134,269 shares of the company’s stock, valued at approximately $3,525,903.94. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.
AllianceBernstein (NYSE:AB) last released its earnings results on Tuesday, February 13th. The asset manager reported $0.84 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.19. The firm had revenue of $919.14 million for the quarter, compared to the consensus estimate of $839.49 million. AllianceBernstein had a return on equity of 14.72% and a net margin of 6.30%. The company’s revenue for the quarter was up 16.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.67 EPS. analysts forecast that AllianceBernstein will post 2.51 earnings per share for the current year.
Several equities analysts have recently weighed in on the company. Zacks Investment Research raised AllianceBernstein from a “hold” rating to a “strong-buy” rating and set a $30.00 target price on the stock in a research report on Wednesday, February 14th. ValuEngine downgraded AllianceBernstein from a “buy” rating to a “hold” rating in a research report on Wednesday, April 18th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $29.67.
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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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