Belpointe Asset Management LLC Trims Stake in AllianceBernstein Holding L.P. (NYSE:AB)

Belpointe Asset Management LLC lowered its position in AllianceBernstein Holding L.P. (NYSE:AB) by 50.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,499 shares of the asset manager’s stock after selling 21,484 shares during the period. Belpointe Asset Management LLC’s holdings in AllianceBernstein were worth $726,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Advisory Services Network LLC increased its stake in AllianceBernstein by 1.7% in the 4th quarter. Advisory Services Network LLC now owns 18,975 shares of the asset manager’s stock worth $589,000 after buying an additional 315 shares during the period. Karpas Strategies LLC raised its stake in shares of AllianceBernstein by 2.2% during the first quarter. Karpas Strategies LLC now owns 18,517 shares of the asset manager’s stock valued at $643,000 after acquiring an additional 407 shares in the last quarter. Mission Wealth Management LP boosted its holdings in shares of AllianceBernstein by 1.6% in the first quarter. Mission Wealth Management LP now owns 29,715 shares of the asset manager’s stock valued at $1,032,000 after purchasing an additional 480 shares during the period. Avantax Advisory Services Inc. grew its stake in AllianceBernstein by 7.6% in the fourth quarter. Avantax Advisory Services Inc. now owns 8,014 shares of the asset manager’s stock worth $249,000 after purchasing an additional 565 shares in the last quarter. Finally, Raymond James Trust N.A. increased its holdings in AllianceBernstein by 8.1% during the 2nd quarter. Raymond James Trust N.A. now owns 9,546 shares of the asset manager’s stock worth $323,000 after purchasing an additional 713 shares during the period. Hedge funds and other institutional investors own 19.25% of the company’s stock.

Insider Transactions at AllianceBernstein

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

AllianceBernstein Price Performance

AB opened at $33.60 on Friday. The firm has a market capitalization of $3.87 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 0.73 and a beta of 1.24. The business’s 50-day moving average is $34.07 and its two-hundred day moving average is $33.72. AllianceBernstein Holding L.P. has a 1 year low of $25.83 and a 1 year high of $35.67.

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 analysts’ consensus estimates of $0.67 by $0.04. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $807.42 million. During the same quarter in the previous year, the firm earned $0.61 EPS. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. As a group, sell-side analysts expect that AllianceBernstein Holding L.P. will post 2.97 EPS for the current year.

AllianceBernstein Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were issued a dividend of $0.71 per share. The ex-dividend date was Monday, August 5th. This represents a $2.84 annualized dividend and a dividend yield of 8.45%. AllianceBernstein’s dividend payout ratio is presently 117.84%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AB. TD Cowen increased their price target on AllianceBernstein from $36.00 to $39.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Evercore ISI cut their target price on shares of AllianceBernstein from $40.00 to $38.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Barclays initiated coverage on shares of AllianceBernstein in a research report on Tuesday, August 27th. They issued an “equal weight” rating and a $35.00 price target for the company. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $39.95.

About AllianceBernstein

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.