California Public Employees Retirement System lessened its stake in AllianceBernstein Holding LP (NYSE:AB) by 2.1% in the 4th quarter, HoldingsChannel reports. The fund owned 187,813 shares of the asset manager’s stock after selling 4,057 shares during the quarter. California Public Employees Retirement System’s holdings in AllianceBernstein were worth $4,705,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in AB. JPMorgan Chase & Co. grew its holdings in shares of AllianceBernstein by 787.3% during the third quarter. JPMorgan Chase & Co. now owns 456,134 shares of the asset manager’s stock worth $11,107,000 after buying an additional 404,727 shares in the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of AllianceBernstein during the third quarter worth $7,290,000. Seminole Management Co. Inc. grew its holdings in shares of AllianceBernstein by 216.2% during the fourth quarter. Seminole Management Co. Inc. now owns 239,399 shares of the asset manager’s stock worth $5,997,000 after buying an additional 163,694 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of AllianceBernstein by 3.8% during the fourth quarter. American Century Companies Inc. now owns 2,552,999 shares of the asset manager’s stock worth $63,953,000 after buying an additional 93,041 shares in the last quarter. Finally, Perkins Capital Management Inc. purchased a new stake in shares of AllianceBernstein during the fourth quarter worth $798,000. 22.89% of the stock is owned by institutional investors and hedge funds.
In other news, General Counsel Laurence E. Cranch sold 37,500 shares of the business’s stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $26.32, for a total transaction of $987,000.00. Following the transaction, the general counsel now owns 150,707 shares of the company’s stock, valued at approximately $3,966,608.24. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Axa Equitable Holdings, Inc. purchased 124,983 shares of the stock in a transaction dated Friday, December 15th. The shares were purchased at an average cost of $24.95 per share, for a total transaction of $3,118,325.85. The disclosure for this purchase can be found here. Insiders own 2.70% of the company’s stock.
AllianceBernstein (NYSE:AB) last announced its quarterly earnings results on Tuesday, February 13th. The asset manager reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.19. The firm had revenue of $919.14 million for the quarter, compared to analysts’ expectations of $839.49 million. AllianceBernstein had a net margin of 6.30% and a return on equity of 14.72%. The company’s revenue was up 16.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.67 EPS. research analysts anticipate that AllianceBernstein Holding LP will post 2.52 earnings per share for the current year.
A number of research firms have recently issued reports on AB. Zacks Investment Research raised shares of AllianceBernstein from a “hold” rating to a “strong-buy” rating and set a $30.00 target price for the company in a report on Wednesday, February 14th. ValuEngine raised shares of AllianceBernstein from a “hold” rating to a “buy” rating in a report on Friday, December 1st. One investment analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. AllianceBernstein currently has a consensus rating of “Buy” and a consensus price target of $28.00.
AllianceBernstein Holding L.P. is engaged in providing research, investment management and related services to a range of clients through its three buy-side distribution channels: Institutions, Retail and Private Wealth Management, and its sell-side business, Bernstein Research Services. The Company offers a range of investment services, including equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and equities; traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; passive management, including index and enhanced index strategies; alternative investments, including hedge funds, fund of funds and private equity, and multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds.
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