Zevin Asset Management LLC Sells 500 Shares of AllianceBernstein Holding LP (NYSE:AB)

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Zevin Asset Management LLC reduced its stake in shares of AllianceBernstein Holding LP (NYSE:AB) by 2.3% in the third quarter, Holdings Channel reports. The fund owned 21,675 shares of the asset manager’s stock after selling 500 shares during the quarter. Zevin Asset Management LLC’s holdings in AllianceBernstein were worth $636,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in AB. Morgan Stanley raised its stake in AllianceBernstein by 67.1% during the second quarter. Morgan Stanley now owns 1,188,873 shares of the asset manager’s stock valued at $35,333,000 after purchasing an additional 477,495 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of AllianceBernstein by 31.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 635,638 shares of the asset manager’s stock worth $18,485,000 after acquiring an additional 151,570 shares during the period. UBS Group AG lifted its holdings in shares of AllianceBernstein by 11.0% during the 2nd quarter. UBS Group AG now owns 1,324,574 shares of the asset manager’s stock worth $39,366,000 after acquiring an additional 131,201 shares during the period. Bank of Montreal Can lifted its holdings in shares of AllianceBernstein by 44.3% during the 2nd quarter. Bank of Montreal Can now owns 402,479 shares of the asset manager’s stock worth $11,962,000 after acquiring an additional 123,479 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of AllianceBernstein by 1,290.0% during the 2nd quarter. Renaissance Technologies LLC now owns 102,000 shares of the asset manager’s stock worth $3,031,000 after acquiring an additional 94,662 shares during the period. 17.67% of the stock is owned by hedge funds and other institutional investors.

Several research analysts recently commented on AB shares. Citigroup cut their price target on shares of AllianceBernstein from $37.00 to $33.00 and set a “buy” rating on the stock in a report on Tuesday, October 15th. Zacks Investment Research upgraded shares of AllianceBernstein from a “sell” rating to a “hold” rating in a report on Wednesday.

NYSE AB traded down $0.22 during mid-day trading on Friday, hitting $29.35. The company’s stock had a trading volume of 316,583 shares, compared to its average volume of 260,531. AllianceBernstein Holding LP has a 52-week low of $23.34 and a 52-week high of $31.42. The stock’s fifty day simple moving average is $28.85 and its two-hundred day simple moving average is $28.94. The firm has a market capitalization of $2.84 billion, a P/E ratio of 10.99, a price-to-earnings-growth ratio of 2.45 and a beta of 1.20.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings results on Thursday, October 24th. The asset manager reported $0.63 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.63. AllianceBernstein had a net margin of 6.55% and a return on equity of 15.18%. The firm had revenue of $877.87 million for the quarter, compared to analyst estimates of $880.27 million. During the same quarter last year, the firm posted $0.69 earnings per share. AllianceBernstein’s revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, research analysts anticipate that AllianceBernstein Holding LP will post 2.37 earnings per share for the current year.

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

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.

Further Reading: Options Trading

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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