AllianceBernstein (NYSE:AB) Sees Strong Trading Volume

AllianceBernstein Holding L.P. (NYSE:AB) shares saw unusually-high trading volume on Monday . Approximately 225,329 shares were traded during trading, a decline of 27% from the previous session’s volume of 309,744 shares.The stock last traded at $31.41 and had previously closed at $34.16.

Wall Street Analysts Forecast Growth

AB has been the topic of a number of research analyst reports. Bank of America reduced their target price on AllianceBernstein from $54.00 to $51.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. TD Cowen lifted their target price on AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, July 29th. 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, the stock has an average rating of “Moderate Buy” and an average price target of $41.19.

AllianceBernstein Trading Down 5.8 %

The stock has a market cap of $3.71 billion, a PE ratio of 14.17, a P/E/G ratio of 0.75 and a beta of 1.24. The company has a fifty day moving average of $33.79 and a 200-day moving average of $33.63.

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

AllianceBernstein Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 5th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $2.84 annualized dividend and a dividend yield of 8.82%. AllianceBernstein’s dividend payout ratio is currently 121.16%.

Insider Transactions at AllianceBernstein

In related news, insider Christopher Hogbin sold 12,781 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $34.87, for a total value of $445,673.47. Following the completion of the sale, the insider now directly owns 10,000 shares of the company’s stock, valued at approximately $348,700. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.70% of the company’s stock.

Institutional Trading of AllianceBernstein

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Larson Financial Group LLC purchased a new position in shares of AllianceBernstein in the 2nd quarter valued at approximately $51,000. Essex Financial Services Inc. purchased a new position in shares of AllianceBernstein in the 2nd quarter valued at approximately $236,000. Nicola Wealth Management LTD. grew its stake in shares of AllianceBernstein by 20.2% in the 2nd quarter. Nicola Wealth Management LTD. now owns 107,000 shares of the asset manager’s stock valued at $3,616,000 after purchasing an additional 18,000 shares during the last quarter. Rothschild Investment LLC acquired a new stake in shares of AllianceBernstein in the 2nd quarter valued at approximately $253,000. Finally, F M Investments LLC acquired a new stake in shares of AllianceBernstein in the 2nd quarter valued at approximately $455,000. 19.25% of the stock is owned by hedge funds and other institutional investors.

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.