Crestwood Advisors Group LLC Purchases 202,451 Shares of AllianceBernstein Holding L.P. $AB

by · The Cerbat Gem

Crestwood Advisors Group LLC grew its position in shares of AllianceBernstein Holding L.P. (NYSE:AB – Free Report) by 1,243.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 218,727 shares of the asset manager’s stock after purchasing an additional 202,451 shares during the quarter. Crestwood Advisors Group LLC’s holdings in AllianceBernstein were worth $8,417,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in AB. CWM LLC increased its stake in shares of AllianceBernstein by 4,164.8% in the 3rd quarter. CWM LLC now owns 3,028 shares of the asset manager’s stock valued at $116,000 after acquiring an additional 2,957 shares in the last quarter. 44 Wealth Management LLC bought a new stake in shares of AllianceBernstein in the 2nd quarter valued at $204,000. Ausdal Financial Partners Inc. bought a new stake in shares of AllianceBernstein in the 2nd quarter valued at $210,000. Avior Wealth Management LLC bought a new stake in shares of AllianceBernstein in the 4th quarter valued at $204,000. Finally, Crumly & Associates Inc. bought a new stake in shares of AllianceBernstein in the 3rd quarter valued at $210,000. Institutional investors own 19.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AB. Evercore reiterated an “outperform” rating and issued a $42.00 price objective on shares of AllianceBernstein in a research note on Wednesday, April 29th. Zacks Research lowered shares of AllianceBernstein from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 21st. Barclays lowered their price objective on shares of AllianceBernstein from $40.00 to $39.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 29th. Sanford C. Bernstein reiterated a “buy” rating on shares of AllianceBernstein in a research note on Wednesday, April 29th. Finally, Weiss Ratings upgraded shares of AllianceBernstein from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $40.25.

Read Our Latest Research Report on AllianceBernstein

AllianceBernstein Trading Down 0.5%

Shares of AB stock opened at $39.82 on Friday. The firm has a market capitalization of $3.67 billion, a PE ratio of 12.25, a price-to-earnings-growth ratio of 1.89 and a beta of 0.83. The firm has a fifty day simple moving average of $38.40 and a two-hundred day simple moving average of $39.46. AllianceBernstein Holding L.P. has a 12 month low of $35.59 and a 12 month high of $44.11.

AllianceBernstein (NYSE:AB – Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The asset manager reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.04). The business had revenue of $871.14 million for the quarter, compared to the consensus estimate of $894.70 million. AllianceBernstein had a net margin of 6.69% and a return on equity of 23.11%. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.80 EPS. On average, equities analysts predict that AllianceBernstein Holding L.P. will post 3.46 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 21st. Shareholders of record on Friday, May 8th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 8.3%. The ex-dividend date is Friday, May 8th. AllianceBernstein’s payout ratio is 118.15%.

AllianceBernstein Company Profile

(Free Report)

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.

See Also

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