Strategic Wealth Advisors Group LLC Sells 740 Shares of AllianceBernstein Holding LP (NYSE:AB)

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Strategic Wealth Advisors Group LLC cut its stake in AllianceBernstein Holding LP (NYSE:AB) by 6.3% in the third quarter, HoldingsChannel reports. The fund owned 10,965 shares of the asset manager’s stock after selling 740 shares during the period. Strategic Wealth Advisors Group LLC’s holdings in AllianceBernstein were worth $321,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Creative Planning raised its stake in shares of AllianceBernstein by 48.3% in the third quarter. Creative Planning now owns 24,522 shares of the asset manager’s stock worth $720,000 after acquiring an additional 7,984 shares during the last quarter. BB&T Corp grew its holdings in AllianceBernstein by 26.5% during the 3rd quarter. BB&T Corp now owns 9,067 shares of the asset manager’s stock valued at $266,000 after buying an additional 1,900 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in AllianceBernstein by 55.3% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 63,614 shares of the asset manager’s stock valued at $1,867,000 after buying an additional 22,663 shares in the last quarter. California Public Employees Retirement System grew its holdings in AllianceBernstein by 24.1% during the 3rd quarter. California Public Employees Retirement System now owns 224,764 shares of the asset manager’s stock valued at $6,597,000 after buying an additional 43,618 shares in the last quarter. Finally, State of Tennessee Treasury Department grew its holdings in AllianceBernstein by 14.2% during the 3rd quarter. State of Tennessee Treasury Department now owns 15,627 shares of the asset manager’s stock valued at $459,000 after buying an additional 1,948 shares in the last quarter. 17.67% of the stock is owned by institutional investors.

Shares of NYSE AB traded down $0.22 during midday trading on Friday, hitting $29.35. 316,583 shares of the company’s stock were exchanged, compared to its average volume of 260,531. AllianceBernstein Holding LP has a 12-month low of $23.34 and a 12-month high of $31.42. The company has a market cap of $2.84 billion, a price-to-earnings ratio of 10.99, a PEG ratio of 2.45 and a beta of 1.20. The business’s fifty day moving average price is $28.85 and its two-hundred day moving average price is $28.94.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings data on Thursday, October 24th. The asset manager reported $0.63 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.63. AllianceBernstein had a return on equity of 15.18% and a net margin of 6.55%. The company had revenue of $877.87 million during the quarter, compared to analyst estimates of $880.27 million. During the same quarter in the previous year, the firm earned $0.69 earnings per share. AllianceBernstein’s revenue was up 3.3% on a year-over-year basis. On average, equities research analysts forecast that AllianceBernstein Holding LP will post 2.37 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be issued a dividend of $0.63 per share. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, November 1st. This represents a $2.52 annualized dividend and a dividend yield of 8.59%. AllianceBernstein’s payout ratio is presently 94.38%.

A number of research firms have weighed in on AB. Citigroup reduced their target price on AllianceBernstein from $37.00 to $33.00 and set a “buy” rating for the company in a report on Tuesday, October 15th. Zacks Investment Research raised AllianceBernstein from a “sell” rating to a “hold” rating in a report on Wednesday.

AllianceBernstein Profile

AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.

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Want to see what other hedge funds are holding AB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AllianceBernstein Holding LP (NYSE:AB).

Institutional Ownership by Quarter for AllianceBernstein (NYSE:AB)

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