Truvestments Capital LLC bought a new position in shares of AllianceBernstein Holding LP (NYSE:AB) during the first quarter, HoldingsChannel.com reports. The institutional investor bought 1,444 shares of the asset manager’s stock, valued at approximately $42,000.
Other large investors also recently modified their holdings of the company. TCI Wealth Advisors Inc. bought a new position in shares of AllianceBernstein during the fourth quarter valued at approximately $55,000. Ipswich Investment Management Co. Inc. bought a new position in shares of AllianceBernstein during the fourth quarter valued at approximately $87,000. Synovus Financial Corp boosted its stake in shares of AllianceBernstein by 26.8% during the fourth quarter. Synovus Financial Corp now owns 4,729 shares of the asset manager’s stock valued at $130,000 after purchasing an additional 1,000 shares in the last quarter. We Are One Seven LLC bought a new position in shares of AllianceBernstein during the fourth quarter valued at approximately $164,000. Finally, Meridian Wealth Management LLC boosted its stake in shares of AllianceBernstein by 7.1% during the fourth quarter. Meridian Wealth Management LLC now owns 7,560 shares of the asset manager’s stock valued at $207,000 after purchasing an additional 500 shares in the last quarter. 17.90% of the stock is currently owned by institutional investors and hedge funds.
In other news, COO James A. Gingrich sold 15,000 shares of AllianceBernstein stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $30.11, for a total transaction of $451,650.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Laurence E. Cranch sold 122,601 shares of AllianceBernstein stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $30.01, for a total transaction of $3,679,256.01. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 200,514 shares of company stock valued at $6,020,020. 2.70% of the stock is owned by insiders.
NYSE AB opened at $29.39 on Tuesday. AllianceBernstein Holding LP has a 52-week low of $23.34 and a 52-week high of $31.42. The company has a market cap of $2.84 billion, a PE ratio of 11.01, a price-to-earnings-growth ratio of 1.87 and a beta of 1.23.
AllianceBernstein (NYSE:AB) last released its quarterly earnings data on Wednesday, February 13th. The asset manager reported $0.64 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.64. AllianceBernstein had a net margin of 7.21% and a return on equity of 17.10%. The firm had revenue of $804.66 million for the quarter, compared to the consensus estimate of $706.20 million. During the same period last year, the firm earned $0.84 earnings per share. The company’s quarterly revenue was down 12.5% on a year-over-year basis. On average, analysts predict that AllianceBernstein Holding LP will post 2.42 EPS for the current year.
Separately, Zacks Investment Research upgraded shares of AllianceBernstein from a “sell” rating to a “hold” rating in a research note on Wednesday, March 13th.
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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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