Sun Sep 15 10:38:52 UTC 2024: ## Wedbush Securities Reduces Stake in AllianceBernstein, While Other Investors Show Interest
**New York, NY** – Wedbush Securities Inc. has lowered its stake in AllianceBernstein Holding L.P. (NYSE:AB) by 47.6% during the second quarter, according to a recent filing with the Securities and Exchange Commission. The firm sold 6,550 shares, leaving them with 7,205 shares worth $243,000 at the end of the reporting period.
While Wedbush reduced its holdings, other institutional investors have shown interest in AllianceBernstein. Principal Securities Inc., Geneos Wealth Management Inc., SJS Investment Consulting Inc., and Register Financial Advisors LLC all acquired new positions in the asset manager’s stock during the first and second quarters. Cape Investment Advisory Inc. increased its holdings by 198.7% in the fourth quarter. Overall, institutional investors and hedge funds own 19.25% of the company’s stock.
In recent insider transactions, Director Charles G.T. Stonehill sold 4,000 shares on August 22nd, while insider Christopher Hogbin sold 12,781 shares on July 29th. Company insiders own 2.70% of the company’s stock.
AllianceBernstein’s stock opened at $34.54 on Friday, with a market capitalization of $3.98 billion. The company’s price-to-earnings ratio is 14.33, price-to-earnings-growth ratio is 0.72, and beta is 1.24. The stock’s 50-day moving average is $34.07 and its 200-day moving average is $33.74.
AllianceBernstein reported earnings of $0.71 per share for the second quarter, exceeding analyst estimates of $0.67. Revenue for the quarter reached $1.03 billion, compared to analyst estimates of $807.42 million. The company also announced a quarterly dividend of $0.71, representing a $2.84 annualized dividend and a yield of 8.22%.
AllianceBernstein Holding L.P. is a publicly owned investment manager that manages separate client-focused portfolios. The firm primarily invests in a variety of assets including stocks, bonds, commodities, and real estate.
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