Baldwin Brothers Inc. MA decreased its position in shares of AllianceBernstein Holding LP (NYSE:AB) by 2.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,900 shares of the asset manager’s stock after selling 400 shares during the period. Baldwin Brothers Inc. MA’s holdings in AllianceBernstein were worth $532,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Meridian Wealth Management LLC raised its position in AllianceBernstein by 4.7% during the first quarter. Meridian Wealth Management LLC now owns 7,915 shares of the asset manager’s stock valued at $229,000 after purchasing an additional 355 shares in the last quarter. MML Investors Services LLC raised its position in AllianceBernstein by 4.9% during the fourth quarter. MML Investors Services LLC now owns 7,888 shares of the asset manager’s stock valued at $216,000 after purchasing an additional 367 shares in the last quarter. Cetera Advisor Networks LLC raised its position in AllianceBernstein by 2.5% during the first quarter. Cetera Advisor Networks LLC now owns 18,288 shares of the asset manager’s stock valued at $530,000 after purchasing an additional 449 shares in the last quarter. Blue Fin Capital Inc. increased its holdings in shares of AllianceBernstein by 1.3% in the first quarter. Blue Fin Capital Inc. now owns 36,324 shares of the asset manager’s stock worth $1,049,000 after buying an additional 459 shares during the period. Finally, Fiduciary Group LLC increased its holdings in shares of AllianceBernstein by 4.8% in the first quarter. Fiduciary Group LLC now owns 10,193 shares of the asset manager’s stock worth $294,000 after buying an additional 465 shares during the period. Institutional investors and hedge funds own 16.29% of the company’s stock.
AB opened at $26.38 on Friday. The company has a market cap of $2.65 billion, a P/E ratio of 11.52, a P/E/G ratio of 2.07 and a beta of 1.22. AllianceBernstein Holding LP has a 12 month low of $23.34 and a 12 month high of $31.42. The business’s 50-day moving average price is $29.40 and its 200-day moving average price is $29.27.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Monday, August 5th will be paid a $0.56 dividend. The ex-dividend date is Friday, August 2nd. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.49. This represents a $2.24 annualized dividend and a dividend yield of 8.49%. AllianceBernstein’s dividend payout ratio (DPR) is presently 83.90%.
In other AllianceBernstein news, CFO John C. Weisenseel sold 10,000 shares of AllianceBernstein stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $29.63, for a total transaction of $296,300.00. Following the sale, the chief financial officer now directly owns 22,723 shares of the company’s stock, valued at approximately $673,282.49. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO John C. Weisenseel sold 32,723 shares of AllianceBernstein stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $29.61, for a total value of $968,928.03. Following the sale, the chief financial officer now directly owns 22,723 shares in the company, valued at $672,828.03. The disclosure for this sale can be found here. Insiders sold 61,620 shares of company stock worth $1,808,517 over the last three months. 2.70% of the stock is owned by insiders.
AB has been the topic of several analyst reports. Citigroup lifted their price objective on AllianceBernstein from $36.00 to $37.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Goldman Sachs Group upgraded AllianceBernstein from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $31.50 to $35.00 in a report on Wednesday, June 12th. Finally, Zacks Investment Research upgraded AllianceBernstein from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a report on Thursday, July 11th.
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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