7,720 Shares in AllianceBernstein Holding L.P. $AB Bought by FSM Wealth Advisors LLC

FSM Wealth Advisors LLC purchased a new stake in shares of AllianceBernstein Holding L.P. (NYSE:AB) in the second quarter, Holdings Channel reports. The firm purchased 7,720 shares of the asset manager’s stock, valued at approximately $320,000.

Several other institutional investors have also recently bought and sold shares of the business. SVB Wealth LLC bought a new position in shares of AllianceBernstein in the first quarter valued at $32,000. Mountain Hill Investment Partners Corp. bought a new stake in shares of AllianceBernstein during the first quarter worth about $38,000. Costello Asset Management INC acquired a new stake in shares of AllianceBernstein in the 1st quarter worth about $73,000. Zions Bancorporation National Association UT bought a new position in AllianceBernstein in the 1st quarter valued at about $77,000. Finally, Golden State Wealth Management LLC boosted its stake in AllianceBernstein by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 5,150 shares of the asset manager’s stock valued at $197,000 after purchasing an additional 2,575 shares during the last quarter. Institutional investors and hedge funds own 19.25% of the company’s stock.

Wall Street Analyst Weigh In

AB has been the subject of several analyst reports. The Goldman Sachs Group downgraded AllianceBernstein from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $42.25 to $40.00 in a research note on Friday, June 27th. Weiss Ratings reaffirmed 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 report on Tuesday. Barclays cut their price target on shares of AllianceBernstein from $42.00 to $40.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, Zacks Research lowered shares of AllianceBernstein from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 8th. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, AllianceBernstein presently has an average rating of “Hold” and an average target price of $40.33.

AllianceBernstein Stock Performance

NYSE AB opened at $39.28 on Friday. The company has a market capitalization of $4.34 billion, a PE ratio of 11.66, a price-to-earnings-growth ratio of 1.28 and a beta of 0.82. AllianceBernstein Holding L.P. has a 52-week low of $32.28 and a 52-week high of $43.30. The company has a 50-day simple moving average of $38.92 and a 200 day simple moving average of $39.55.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings results on Thursday, October 23rd. The asset manager reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.01. AllianceBernstein had a net margin of 8.35% and a return on equity of 18.63%. The company had revenue of $884.67 million during the quarter, compared to analyst estimates of $900.69 million. During the same quarter last year, the business posted $0.77 EPS. AllianceBernstein’s quarterly revenue was up 1.3% compared to the same quarter last year. As a group, analysts forecast that AllianceBernstein Holding L.P. will post 3.58 EPS for the current fiscal year.

AllianceBernstein Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Monday, November 3rd will be paid a $0.86 dividend. The ex-dividend date is Monday, November 3rd. This represents a $3.44 dividend on an annualized basis and a yield of 8.8%. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.76. AllianceBernstein’s dividend payout ratio (DPR) is presently 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.