Oakworth Capital Inc. Acquires 1,400 Shares of AllianceBernstein Holding L.P. (NYSE:AB)

Oakworth Capital Inc. grew its holdings in shares of AllianceBernstein Holding L.P. (NYSE:AB) by 93.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,900 shares of the asset manager’s stock after purchasing an additional 1,400 shares during the quarter. Oakworth Capital Inc.’s holdings in AllianceBernstein were worth $98,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. UBS Group AG increased its position in AllianceBernstein by 39.9% in the fourth quarter. UBS Group AG now owns 851,533 shares of the asset manager’s stock worth $26,423,000 after buying an additional 242,765 shares during the last quarter. Jennison Associates LLC bought a new stake in AllianceBernstein during the 1st quarter valued at $23,660,000. Nomura Holdings Inc. lifted its position in shares of AllianceBernstein by 61.7% during the fourth quarter. Nomura Holdings Inc. now owns 230,600 shares of the asset manager’s stock worth $7,156,000 after acquiring an additional 88,000 shares in the last quarter. TCG Advisory Services LLC lifted its position in shares of AllianceBernstein by 2,811.0% during the fourth quarter. TCG Advisory Services LLC now owns 222,928 shares of the asset manager’s stock worth $6,917,000 after acquiring an additional 215,270 shares in the last quarter. Finally, Osaic Holdings Inc. boosted its holdings in shares of AllianceBernstein by 13.1% in the first quarter. Osaic Holdings Inc. now owns 215,337 shares of the asset manager’s stock worth $7,481,000 after acquiring an additional 24,951 shares during the period. 19.25% of the stock is currently owned by institutional investors.

Insider Transactions at AllianceBernstein

In other AllianceBernstein news, insider Christopher Hogbin sold 12,781 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $34.87, for a total transaction of $445,673.47. Following the transaction, the insider now directly owns 10,000 shares of the company’s stock, valued at approximately $348,700. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on AB. TD Cowen raised their price objective on shares of AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Bank of America reduced their price target on shares of AllianceBernstein from $54.00 to $51.00 and set a “buy” rating for the company in a research report on Monday, April 29th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $41.19.

AllianceBernstein Trading Up 0.4 %

Shares of NYSE:AB traded up $0.13 on Friday, reaching $34.76. 328,794 shares of the company traded hands, compared to its average volume of 313,690. AllianceBernstein Holding L.P. has a 52 week low of $25.83 and a 52 week high of $35.67. The business’s 50-day simple moving average is $33.76 and its 200 day simple moving average is $33.62. The stock has a market capitalization of $4.00 billion, a P/E ratio of 14.42, a price-to-earnings-growth ratio of 0.75 and a beta of 1.24.

AllianceBernstein (NYSE:AB) last issued its earnings results on Friday, July 26th. The asset manager reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.04. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $807.42 million. During the same quarter last year, the business earned $0.61 earnings per share. The business’s revenue was up 1.9% on a year-over-year basis. Sell-side analysts expect that AllianceBernstein Holding L.P. will post 2.97 EPS for the current fiscal year.

AllianceBernstein Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were given a $0.71 dividend. The ex-dividend date was Monday, August 5th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 8.17%. AllianceBernstein’s dividend payout ratio is currently 117.84%.

AllianceBernstein 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.