Tower Research Capital LLC TRC Buys New Stake in AllianceBernstein Holding L.P. (NYSE:AB)

Tower Research Capital LLC TRC bought a new stake in AllianceBernstein Holding L.P. (NYSE:AB) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,872 shares of the asset manager’s stock, valued at approximately $58,000.

A number of other large investors have also made changes to their positions in the business. General American Investors Co. Inc. acquired a new position in shares of AllianceBernstein during the fourth quarter valued at about $4,192,000. Prevail Innovative Wealth Advisors LLC increased its stake in AllianceBernstein by 85.4% during the 4th quarter. Prevail Innovative Wealth Advisors LLC now owns 23,585 shares of the asset manager’s stock valued at $732,000 after purchasing an additional 10,863 shares in the last quarter. Stifel Financial Corp raised its holdings in shares of AllianceBernstein by 28.8% in the fourth quarter. Stifel Financial Corp now owns 189,724 shares of the asset manager’s stock worth $5,887,000 after buying an additional 42,451 shares during the last quarter. Cape Investment Advisory Inc. lifted its stake in shares of AllianceBernstein by 198.7% during the fourth quarter. Cape Investment Advisory Inc. now owns 1,428 shares of the asset manager’s stock worth $44,000 after buying an additional 950 shares during the period. Finally, Advisory Services Network LLC grew its holdings in shares of AllianceBernstein by 1.7% during the fourth quarter. Advisory Services Network LLC now owns 18,975 shares of the asset manager’s stock valued at $589,000 after buying an additional 315 shares during the last quarter. 19.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

AB has been the subject of a number of research reports. Evercore ISI reaffirmed a “buy” rating and set a $38.00 price target on shares of AllianceBernstein in a research report on Tuesday, March 12th. Bank of America decreased their target price on AllianceBernstein from $54.00 to $51.00 and set a “buy” rating for the company in a report on Monday. TheStreet upgraded shares of AllianceBernstein from a “c” rating to a “b-” rating in a report on Friday, March 8th. Finally, TD Cowen decreased their price objective on shares of AllianceBernstein from $40.00 to $39.00 and set a “buy” rating for the company in a research note on Monday. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, AllianceBernstein has a consensus rating of “Moderate Buy” and an average price target of $41.19.

AllianceBernstein Price Performance

AB stock traded up $0.48 during trading on Monday, hitting $34.05. 391,208 shares of the company traded hands, compared to its average volume of 344,940. AllianceBernstein Holding L.P. has a 1 year low of $25.83 and a 1 year high of $35.84. The stock’s 50-day simple moving average is $33.66 and its 200 day simple moving average is $31.72. The company has a market cap of $3.90 billion, a PE ratio of 14.13, a P/E/G ratio of 0.65 and a beta of 1.25.

AllianceBernstein (NYSE:AB) last posted its earnings results on Wednesday, February 7th. The asset manager reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.14. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $857.85 million. AllianceBernstein had a net margin of 6.47% and a return on equity of 15.27%. The business’s revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.70 EPS. Research analysts expect that AllianceBernstein Holding L.P. will post 3.06 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Monday, May 6th will be paid a $0.73 dividend. The ex-dividend date is Friday, May 3rd. This represents a $2.92 annualized dividend and a dividend yield of 8.58%. AllianceBernstein’s dividend payout ratio is presently 121.16%.

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.