Newbridge Financial Services Group Inc. Lowers Holdings in AllianceBernstein Holding L.P. (NYSE:AB)

Newbridge Financial Services Group Inc. trimmed its position in AllianceBernstein Holding L.P. (NYSE:ABFree Report) by 23.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,300 shares of the asset manager’s stock after selling 700 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in AllianceBernstein were worth $71,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Nomura Holdings Inc. lifted its holdings in shares of AllianceBernstein by 61.7% in the 4th quarter. Nomura Holdings Inc. now owns 230,600 shares of the asset manager’s stock worth $7,156,000 after buying an additional 88,000 shares during the period. B. Riley Wealth Advisors Inc. lifted its holdings in shares of AllianceBernstein by 79.1% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 20,034 shares of the asset manager’s stock worth $622,000 after buying an additional 8,851 shares during the period. Virtu Financial LLC purchased a new stake in shares of AllianceBernstein in the 4th quarter worth $230,000. Epoch Investment Partners Inc. raised its position in shares of AllianceBernstein by 59.3% in the 4th quarter. Epoch Investment Partners Inc. now owns 129,272 shares of the asset manager’s stock worth $4,011,000 after acquiring an additional 48,122 shares in the last quarter. Finally, Tower Research Capital LLC TRC bought a new position in shares of AllianceBernstein in the 4th quarter worth $58,000. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

AllianceBernstein Stock Performance

NYSE:AB traded up $0.31 during mid-day trading on Tuesday, hitting $33.39. 17,267 shares of the company’s stock traded hands, compared to its average volume of 309,936. The company has a fifty day moving average of $33.34 and a 200 day moving average of $32.95. AllianceBernstein Holding L.P. has a twelve month low of $25.83 and a twelve month high of $35.43. The company has a market capitalization of $3.85 billion, a P/E ratio of 13.73, a P/E/G ratio of 0.76 and a beta of 1.25.

AllianceBernstein (NYSE:ABGet Free Report) last announced its earnings results on Thursday, April 25th. The asset manager reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.02. AllianceBernstein had a return on equity of 15.27% and a net margin of 6.47%. The company had revenue of $884.18 million for the quarter, compared to analyst estimates of $900.60 million. On average, research analysts expect that AllianceBernstein Holding L.P. will post 2.96 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Monday, May 6th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 8.75%. The ex-dividend date of this dividend was Friday, May 3rd. AllianceBernstein’s dividend payout ratio is presently 121.16%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. TD Cowen reduced their price target on AllianceBernstein from $40.00 to $39.00 and set a “buy” rating for the company in a research report on Monday, April 29th. Bank of America reduced their price target on AllianceBernstein from $54.00 to $51.00 and set a “buy” rating for the company in a research report on Monday, April 29th. TheStreet raised AllianceBernstein from a “c” rating to a “b-” rating in a research report on Friday, March 8th. Finally, Evercore ISI reissued a “buy” rating and issued a $38.00 price target on shares of AllianceBernstein in a research report on Tuesday, March 12th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $41.19.

Get Our Latest Stock Analysis on AllianceBernstein

AllianceBernstein Company Profile

(Free Report)

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.

See Also

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 L.P. (NYSE:ABFree Report).

Institutional Ownership by Quarter for AllianceBernstein (NYSE:AB)

Receive News & Ratings for AllianceBernstein Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AllianceBernstein and related companies with MarketBeat.com's FREE daily email newsletter.