General American Investors Co. Inc. Has $2.68 Million Position in AllianceBernstein Holding L.P. (NYSE:AB)

General American Investors Co. Inc. cut its holdings in AllianceBernstein Holding L.P. (NYSE:AB) by 35.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 79,344 shares of the asset manager’s stock after selling 42,722 shares during the quarter. General American Investors Co. Inc. owned about 0.07% of AllianceBernstein worth $2,681,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Larson Financial Group LLC acquired a new position in AllianceBernstein in the 2nd quarter worth $51,000. Essex Financial Services Inc. bought a new stake in shares of AllianceBernstein in the second quarter valued at about $236,000. Nicola Wealth Management LTD. lifted its holdings in shares of AllianceBernstein by 20.2% in the second quarter. Nicola Wealth Management LTD. now owns 107,000 shares of the asset manager’s stock valued at $3,616,000 after purchasing an additional 18,000 shares in the last quarter. Rothschild Investment LLC acquired a new position in shares of AllianceBernstein during the second quarter worth about $253,000. Finally, F M Investments LLC bought a new position in shares of AllianceBernstein during the second quarter worth about $455,000. 19.25% of the stock is currently owned by institutional investors and hedge funds.

AllianceBernstein Trading Down 1.5 %

AllianceBernstein stock opened at $33.08 on Friday. The company has a market capitalization of $3.81 billion, a price-to-earnings ratio of 13.73, a PEG ratio of 0.73 and a beta of 1.24. AllianceBernstein Holding L.P. has a 12 month low of $25.83 and a 12 month high of $35.67. The stock’s 50 day moving average is $34.07 and its 200-day moving average is $33.72.

AllianceBernstein (NYSE:AB) last released its quarterly earnings results on Friday, July 26th. The asset manager reported $0.71 EPS for the quarter, beating the consensus estimate of $0.67 by $0.04. The business 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 period in the prior year, the company posted $0.61 earnings per share. As a group, equities research analysts predict that AllianceBernstein Holding L.P. will post 2.97 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 8.59%. The ex-dividend date was Monday, August 5th. AllianceBernstein’s payout ratio is currently 117.84%.

Wall Street Analyst Weigh In

Several brokerages recently commented on AB. Barclays started coverage on shares of AllianceBernstein in a report on Tuesday, August 27th. They set an “equal weight” rating and a $35.00 target price for the company. TD Cowen raised their price objective on AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Evercore ISI lowered their target price on AllianceBernstein from $40.00 to $38.00 and set an “outperform” rating on the stock in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, AllianceBernstein presently has an average rating of “Moderate Buy” and a consensus target price of $39.95.

Insider Activity at AllianceBernstein

In other news, Director Charles G.T. Stonehill sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $34.87, for a total transaction of $139,480.00. Following the completion of the sale, the director now owns 25,923 shares of the company’s stock, valued at approximately $903,935.01. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Charles G.T. Stonehill sold 4,000 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $34.87, for a total transaction of $139,480.00. Following the completion of the sale, the director now directly owns 25,923 shares in the company, valued at approximately $903,935.01. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Christopher Hogbin sold 12,781 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $34.87, for a total value of $445,673.47. Following the completion of the sale, the insider now directly owns 10,000 shares in the company, valued at $348,700. The disclosure for this sale can be found here. 2.70% of the stock is 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.