Atria Wealth Solutions Inc. Sells 337 Shares of AllianceBernstein Holding L.P. (NYSE:AB)

Atria Wealth Solutions Inc. cut its holdings in AllianceBernstein Holding L.P. (NYSE:AB) by 4.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,134 shares of the asset manager’s stock after selling 337 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in AllianceBernstein were worth $273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. Costello Asset Management INC bought a new stake in shares of AllianceBernstein in the first quarter worth about $73,000. Cary Street Partners Financial LLC grew its stake in shares of AllianceBernstein by 3.9% in the first quarter. Cary Street Partners Financial LLC now owns 7,792 shares of the asset manager’s stock worth $298,000 after purchasing an additional 293 shares during the last quarter. Argent Trust Co grew its stake in shares of AllianceBernstein by 1.5% in the first quarter. Argent Trust Co now owns 72,831 shares of the asset manager’s stock worth $2,790,000 after purchasing an additional 1,102 shares during the last quarter. Moors & Cabot Inc. grew its stake in shares of AllianceBernstein by 5.3% in the first quarter. Moors & Cabot Inc. now owns 61,940 shares of the asset manager’s stock worth $2,373,000 after purchasing an additional 3,102 shares during the last quarter. Finally, US Bancorp DE grew its stake in shares of AllianceBernstein by 44.0% in the first quarter. US Bancorp DE now owns 14,620 shares of the asset manager’s stock worth $560,000 after purchasing an additional 4,465 shares during the last quarter. 19.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on AB shares. Evercore ISI raised their price objective on shares of AllianceBernstein from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, July 25th. Wall Street Zen upgraded shares of AllianceBernstein from a “sell” rating to a “hold” rating in a report on Saturday, May 10th. The Goldman Sachs Group lowered shares of AllianceBernstein from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $42.25 to $40.00 in a report on Friday, June 27th. Sanford C. Bernstein restated a “mixed” rating on shares of AllianceBernstein in a report on Wednesday, July 16th. Finally, Barclays raised their price objective on shares of AllianceBernstein from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Friday, July 25th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $39.67.

AllianceBernstein Stock Performance

AB stock opened at $40.41 on Friday. The firm has a 50 day moving average price of $40.82 and a 200-day moving average price of $39.07. AllianceBernstein Holding L.P. has a 52-week low of $32.28 and a 52-week high of $43.30. The firm has a market capitalization of $4.47 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 1.56 and a beta of 0.81.

AllianceBernstein (NYSE:AB) last released its earnings results on Thursday, July 24th. The asset manager reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.01). AllianceBernstein had a net margin of 8.35% and a return on equity of 18.63%. The business had revenue of $844.43 million for the quarter, compared to analysts’ expectations of $853.64 million. During the same quarter in the previous year, the business posted $0.71 earnings per share. AllianceBernstein’s revenue for the quarter was up 5.9% on a year-over-year basis. As a group, sell-side analysts forecast that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 4th were issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 7.5%. The ex-dividend date was Monday, August 4th. AllianceBernstein’s dividend payout ratio (DPR) is presently 90.21%.

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.