Mission Wealth Management LP Sells 800 Shares of AllianceBernstein Holding L.P. (NYSE:AB)

Mission Wealth Management LP cut its stake in shares of AllianceBernstein Holding L.P. (NYSE:AB) by 2.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,235 shares of the asset manager’s stock after selling 800 shares during the quarter. Mission Wealth Management LP’s holdings in AllianceBernstein were worth $907,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Nomura Holdings Inc. acquired a new stake in shares of AllianceBernstein in the 3rd quarter valued at about $4,328,000. Tritonpoint Wealth LLC bought a new position in shares of AllianceBernstein in the 4th quarter worth $909,000. KMG Fiduciary Partners LLC acquired a new stake in AllianceBernstein in the 4th quarter valued at $1,244,000. HighTower Advisors LLC raised its holdings in AllianceBernstein by 12.5% during the third quarter. HighTower Advisors LLC now owns 28,401 shares of the asset manager’s stock worth $859,000 after buying an additional 3,158 shares during the last quarter. Finally, Anchor Investment Management LLC bought a new position in shares of AllianceBernstein in the fourth quarter valued at $105,000. 19.25% of the stock is currently owned by institutional investors and hedge funds.

AllianceBernstein Trading Down 1.2 %

NYSE:AB opened at $33.10 on Thursday. The firm’s 50 day moving average is $33.69 and its 200 day moving average is $31.75. AllianceBernstein Holding L.P. has a 12 month low of $25.83 and a 12 month high of $35.84. The stock has a market capitalization of $3.79 billion, a PE ratio of 13.73, a price-to-earnings-growth ratio of 0.67 and a beta of 1.25.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings data on Wednesday, February 7th. The asset manager reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.14. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $857.85 million. AllianceBernstein had a return on equity of 15.27% and a net margin of 6.47%. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.70 EPS. Research analysts predict that AllianceBernstein Holding L.P. will post 3 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Monday, May 6th will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 8.82%. The ex-dividend date of this dividend is Friday, May 3rd. AllianceBernstein’s payout ratio is presently 127.80%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. TD Cowen dropped their price target on shares of AllianceBernstein from $40.00 to $39.00 and set a “buy” rating on the stock in a research report on Monday. TheStreet upgraded AllianceBernstein from a “c” rating to a “b-” rating in a report on Friday, March 8th. Evercore ISI reiterated a “buy” rating and issued a $38.00 target price on shares of AllianceBernstein in a report on Tuesday, March 12th. Finally, Bank of America reduced their price objective on shares of AllianceBernstein from $54.00 to $51.00 and set a “buy” rating for the company in a research report on Monday. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, AllianceBernstein currently has an average rating of “Moderate Buy” and a consensus target price of $41.19.

AllianceBernstein Company 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.