AllianceBernstein Holding L.P. (NYSE:AB) Short Interest Down 15.4% in August

AllianceBernstein Holding L.P. (NYSE:AB) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 914,000 shares, a decrease of 15.4% from the August 15th total of 1,080,000 shares. Based on an average daily trading volume, of 277,600 shares, the short-interest ratio is currently 3.3 days.

AllianceBernstein Trading Down 0.1 %

Shares of AllianceBernstein stock traded down $0.02 on Monday, reaching $34.52. 186,244 shares of the company were exchanged, compared to its average volume of 301,320. The company has a market capitalization of $3.98 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 0.72 and a beta of 1.24. AllianceBernstein has a one year low of $25.83 and a one year high of $35.67. The company has a 50-day moving average of $34.07 and a 200 day moving average of $33.75.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings results on Friday, July 26th. The asset manager reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.04. AllianceBernstein had a net margin of 7.68% and a return on equity of 15.81%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $807.42 million. During the same period in the prior year, the firm posted $0.61 earnings per share. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. Analysts predict that AllianceBernstein will post 2.97 earnings per share for the current year.

AllianceBernstein Cuts Dividend

The firm 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. This represents a $2.84 dividend on an annualized basis and a yield of 8.23%. The ex-dividend date of this dividend was Monday, August 5th. AllianceBernstein’s payout ratio is currently 117.84%.

Analysts Set New Price Targets

AB has been the topic of several research analyst reports. Barclays began coverage on AllianceBernstein in a research note on Tuesday, August 27th. They set an “equal weight” rating and a $35.00 price objective on the stock. Evercore ISI lowered their target price on AllianceBernstein from $40.00 to $38.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Finally, TD Cowen lifted their price target on shares of AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $39.95.

Insider Buying and Selling

In related news, insider Christopher Hogbin sold 12,781 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $34.87, for a total value of $445,673.47. Following the completion of the transaction, the insider now owns 10,000 shares in the company, valued at approximately $348,700. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Charles G.T. Stonehill sold 4,000 shares of AllianceBernstein stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $34.87, for a total transaction of $139,480.00. Following the completion of the sale, the director now directly owns 25,923 shares of the company’s stock, valued at $903,935.01. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Christopher Hogbin sold 12,781 shares of the 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 completion of the transaction, the insider now directly owns 10,000 shares in the company, valued at approximately $348,700. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.

Institutional Trading of AllianceBernstein

Several institutional investors and hedge funds have recently bought and sold shares of AB. Principal Securities Inc. bought a new stake in shares of AllianceBernstein during the 4th quarter worth about $26,000. Geneos Wealth Management Inc. acquired a new position in shares of AllianceBernstein in the first quarter valued at approximately $28,000. SJS Investment Consulting Inc. bought a new position in shares of AllianceBernstein during the second quarter worth approximately $31,000. Register Financial Advisors LLC acquired a new stake in AllianceBernstein during the 1st quarter worth approximately $42,000. Finally, Cape Investment Advisory Inc. boosted its stake in AllianceBernstein by 198.7% in the 4th quarter. Cape Investment Advisory Inc. now owns 1,428 shares of the asset manager’s stock valued at $44,000 after purchasing an additional 950 shares during the period. Institutional investors own 19.25% of the company’s stock.

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.