Jennison Associates LLC lifted its stake in shares of AllianceBernstein Holding L.P. (NYSE:AB - Free Report) by 12.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 878,323 shares of the asset manager's stock after acquiring an additional 95,847 shares during the quarter. Jennison Associates LLC owned approximately 0.76% of AllianceBernstein worth $30,645,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. NBC Securities Inc. raised its holdings in shares of AllianceBernstein by 80.8% in the 3rd quarter. NBC Securities Inc. now owns 736 shares of the asset manager's stock valued at $25,000 after purchasing an additional 329 shares in the last quarter. SJS Investment Consulting Inc. purchased a new stake in shares of AllianceBernstein during the 2nd quarter valued at $31,000. Farther Finance Advisors LLC boosted its position in shares of AllianceBernstein by 115.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,426 shares of the asset manager's stock worth $50,000 after purchasing an additional 764 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in AllianceBernstein by 1,354.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,454 shares of the asset manager's stock worth $49,000 after buying an additional 1,354 shares during the last quarter. Finally, Larson Financial Group LLC purchased a new stake in AllianceBernstein in the second quarter valued at about $51,000. Institutional investors own 19.25% of the company's stock.
Insider Transactions at AllianceBernstein
In other AllianceBernstein news, insider Equitable Holdings, Inc. purchased 500,000 shares of the business's stock in a transaction on Friday, September 20th. The shares were bought at an average cost of $34.18 per share, for a total transaction of $17,090,000.00. Following the completion of the purchase, the insider now directly owns 3,066,838 shares in the company, valued at approximately $104,824,522.84. This represents a 19.48 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.70% of the company's stock.
Analyst Ratings Changes
AB has been the subject of several research analyst reports. TD Cowen increased their price objective on shares of AllianceBernstein to $41.00 and gave the company a "buy" rating in a research report on Wednesday. Barclays raised their target price on AllianceBernstein from $36.00 to $39.00 and gave the stock an "equal weight" rating in a report on Friday, October 25th. Evercore ISI upped their price objective on AllianceBernstein from $43.00 to $45.00 and gave the stock an "outperform" rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group lifted their target price on shares of AllianceBernstein from $40.75 to $41.00 and gave the company a "buy" rating in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $43.40.
Read Our Latest Analysis on AllianceBernstein
AllianceBernstein Price Performance
NYSE AB traded down $0.97 during trading hours on Friday, hitting $35.75. 557,394 shares of the company's stock traded hands, compared to its average volume of 297,428. AllianceBernstein Holding L.P. has a 52-week low of $27.58 and a 52-week high of $38.96. The firm's 50-day moving average is $36.21 and its 200-day moving average is $34.62. The company has a market capitalization of $4.12 billion, a PE ratio of 10.15, a PEG ratio of 0.83 and a beta of 1.23.
AllianceBernstein Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Monday, November 4th were given a dividend of $0.77 per share. The ex-dividend date of this dividend was Monday, November 4th. This is a boost from AllianceBernstein's previous quarterly dividend of $0.71. This represents a $3.08 dividend on an annualized basis and a dividend yield of 8.62%. AllianceBernstein's dividend payout ratio (DPR) is currently 88.25%.
AllianceBernstein Profile
(
Free Report)
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.
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