Second Line Capital LLC Boosts Position in AllianceBernstein Holding L.P. (NYSE:AB)

Second Line Capital LLC boosted its stake in AllianceBernstein Holding L.P. (NYSE:AB) by 24.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,464 shares of the asset manager’s stock after acquiring an additional 1,444 shares during the period. Second Line Capital LLC’s holdings in AllianceBernstein were worth $252,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. American Century Companies Inc. lifted its position in AllianceBernstein by 8.9% during the 2nd quarter. American Century Companies Inc. now owns 2,873,324 shares of the asset manager’s stock valued at $97,090,000 after acquiring an additional 234,253 shares during the period. Jennison Associates LLC purchased a new position in AllianceBernstein in the 1st quarter worth about $23,660,000. The Manufacturers Life Insurance Company lifted its stake in AllianceBernstein by 426.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 273,695 shares of the asset manager’s stock valued at $9,248,000 after acquiring an additional 221,736 shares during the period. Nomura Holdings Inc. boosted its holdings in shares of AllianceBernstein by 61.7% during the 4th quarter. Nomura Holdings Inc. now owns 230,600 shares of the asset manager’s stock valued at $7,156,000 after acquiring an additional 88,000 shares during the last quarter. Finally, Osaic Holdings Inc. grew its stake in shares of AllianceBernstein by 13.1% in the first quarter. Osaic Holdings Inc. now owns 215,337 shares of the asset manager’s stock worth $7,481,000 after acquiring an additional 24,951 shares during the period. 19.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other AllianceBernstein news, insider Equitable Holdings, Inc. purchased 500,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was purchased at an average cost of $34.18 per share, with a total value of $17,090,000.00. Following the purchase, the insider now owns 3,066,838 shares of the company’s stock, valued at $104,824,522.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AllianceBernstein news, insider Christopher Hogbin sold 12,781 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $34.87, for a total value of $445,673.47. Following the transaction, the insider now directly owns 10,000 shares in the company, valued at approximately $348,700. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Equitable Holdings, Inc. purchased 500,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were bought at an average cost of $34.18 per share, with a total value of $17,090,000.00. Following the purchase, the insider now directly owns 3,066,838 shares of the company’s stock, valued at approximately $104,824,522.84. The disclosure for this purchase can be found here. 2.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. TD Cowen increased their price target on AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a report on Monday, July 29th. Evercore ISI reissued a “buy” rating and issued a $38.00 target price on shares of AllianceBernstein in a report on Tuesday, September 24th. Finally, Barclays assumed coverage on AllianceBernstein in a research note on Tuesday, August 27th. They set an “equal weight” rating and a $35.00 price target for the company. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.95.

AllianceBernstein Price Performance

Shares of NYSE AB opened at $35.01 on Monday. The stock has a market capitalization of $4.03 billion, a P/E ratio of 14.53, a PEG ratio of 0.74 and a beta of 1.24. AllianceBernstein Holding L.P. has a 1-year low of $25.83 and a 1-year high of $35.67. The business’s 50 day moving average is $34.27 and its two-hundred day moving average is $33.84.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings results on Friday, July 26th. The asset manager reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.04. AllianceBernstein had a return on equity of 15.81% and a net margin of 7.68%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $807.42 million. During the same period last year, the company earned $0.61 earnings per share. AllianceBernstein’s revenue was up 1.9% on a year-over-year basis. As a group, equities research analysts anticipate that AllianceBernstein Holding L.P. will post 2.97 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $2.84 annualized dividend and a yield of 8.11%. AllianceBernstein’s payout ratio is 117.84%.

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.