KMG Fiduciary Partners LLC Buys 2,019 Shares of AllianceBernstein Holding L.P. (NYSE:AB)

KMG Fiduciary Partners LLC grew its stake in shares of AllianceBernstein Holding L.P. (NYSE:AB) by 4.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 46,433 shares of the asset manager’s stock after acquiring an additional 2,019 shares during the period. KMG Fiduciary Partners LLC’s holdings in AllianceBernstein were worth $1,620,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Jennison Associates LLC bought a new position in AllianceBernstein during the 1st quarter worth about $23,660,000. American Century Companies Inc. increased its holdings in AllianceBernstein by 8.9% during the second quarter. American Century Companies Inc. now owns 2,873,324 shares of the asset manager’s stock valued at $97,090,000 after buying an additional 234,253 shares during the period. The Manufacturers Life Insurance Company raised its stake in AllianceBernstein by 426.8% in the second quarter. The Manufacturers Life Insurance Company now owns 273,695 shares of the asset manager’s stock worth $9,248,000 after buying an additional 221,736 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in AllianceBernstein during the second quarter worth $4,477,000. Finally, Sei Investments Co. boosted its position in AllianceBernstein by 159.4% during the 1st quarter. Sei Investments Co. now owns 154,598 shares of the asset manager’s stock valued at $5,371,000 after acquiring an additional 94,989 shares in the last quarter. Hedge funds and other institutional investors own 19.25% of the company’s stock.

AllianceBernstein Stock Performance

Shares of AB stock opened at $38.69 on Friday. AllianceBernstein Holding L.P. has a fifty-two week low of $25.83 and a fifty-two week high of $38.96. The firm has a market capitalization of $4.46 billion, a price-to-earnings ratio of 16.05, a PEG ratio of 0.66 and a beta of 1.24. The stock’s 50-day simple moving average is $34.78 and its 200-day simple moving average is $34.01.

AllianceBernstein (NYSE:AB) last released its earnings results on Friday, July 26th. The asset manager reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.04. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $807.42 million. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. AllianceBernstein’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.61 EPS. As a group, equities analysts forecast that AllianceBernstein Holding L.P. will post 3.02 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were paid a $0.71 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $2.84 dividend on an annualized basis and a yield of 7.34%. AllianceBernstein’s dividend payout ratio (DPR) is 117.84%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on AB shares. Barclays upped their price objective on AllianceBernstein from $35.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Evercore ISI raised their price target on shares of AllianceBernstein from $38.00 to $39.00 and gave the company an “outperform” rating in a report on Friday, October 4th. The Goldman Sachs Group boosted their price objective on shares of AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Finally, TD Cowen raised their target price on shares of AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $41.20.

Insiders Place Their Bets

In other news, Director Charles G.T. Stonehill sold 4,000 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $34.87, for a total value of $139,480.00. Following the completion of the transaction, the director now directly owns 25,923 shares in the company, valued at $903,935.01. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other AllianceBernstein news, insider Christopher Hogbin sold 12,781 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $34.87, for a total value of $445,673.47. Following the sale, the insider now directly owns 10,000 shares of the company’s stock, valued at approximately $348,700. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles G.T. Stonehill sold 4,000 shares of AllianceBernstein stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $34.87, for a total value of $139,480.00. Following the transaction, the director now owns 25,923 shares of the company’s stock, valued at $903,935.01. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by insiders.

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.