KMG Fiduciary Partners LLC Raises Stock Position in AllianceBernstein Holding L.P. (NYSE:AB)

KMG Fiduciary Partners LLC boosted its stake in AllianceBernstein Holding L.P. (NYSE:AB) by 4.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 46,433 shares of the asset manager’s stock after purchasing 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 hedge funds have also added to or reduced their stakes in AB. NBC Securities Inc. increased its holdings in AllianceBernstein by 80.8% during the third quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock valued at $25,000 after buying an additional 329 shares during the last quarter. Geneos Wealth Management Inc. bought a new position in shares of AllianceBernstein during the 1st quarter valued at approximately $28,000. SJS Investment Consulting Inc. purchased a new stake in AllianceBernstein in the 2nd quarter worth approximately $31,000. Register Financial Advisors LLC bought a new stake in AllianceBernstein during the 1st quarter worth approximately $42,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in AllianceBernstein by 1,354.0% during the first quarter. EverSource Wealth Advisors LLC now owns 1,454 shares of the asset manager’s stock valued at $49,000 after purchasing an additional 1,354 shares in the last quarter. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at AllianceBernstein

In related news, insider Equitable Holdings, Inc. purchased 500,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was bought at an average price of $34.18 per share, for a total transaction of $17,090,000.00. Following the completion of the transaction, the insider now owns 3,066,838 shares in the company, valued at approximately $104,824,522.84. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Christopher Hogbin sold 12,781 shares of the 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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Equitable Holdings, Inc. purchased 500,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were purchased at an average cost of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the purchase, the insider now owns 3,066,838 shares in the company, valued at $104,824,522.84. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.70% of the company’s stock.

Wall Street Analysts Forecast Growth

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

AllianceBernstein Trading Up 0.7 %

Shares of AB stock opened at $38.69 on Friday. The stock’s 50-day moving average price is $34.78 and its 200-day moving average price is $34.01. AllianceBernstein Holding L.P. has a 12-month low of $25.83 and a 12-month high of $38.96. The stock has a market capitalization of $4.46 billion, a price-to-earnings ratio of 16.05, a price-to-earnings-growth ratio of 0.66 and a beta of 1.24.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings data 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 return on equity of 15.81% and a net margin of 7.68%. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $807.42 million. During the same period in the prior year, the firm earned $0.61 EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, research analysts predict that AllianceBernstein Holding L.P. will post 3.02 EPS for the current fiscal year.

AllianceBernstein Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were paid 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 7.34%. AllianceBernstein’s 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.