Horizon Kinetics Asset Management LLC acquired a new position in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 25,874 shares of the asset manager's stock, valued at approximately $903,000.
Other large investors have also bought and sold shares of the company. Truvestments Capital LLC purchased a new stake in shares of AllianceBernstein in the 3rd quarter worth approximately $31,000. Citigroup Inc. increased its holdings in shares of AllianceBernstein by 59.1% during the third quarter. Citigroup Inc. now owns 645,685 shares of the asset manager's stock valued at $22,528,000 after acquiring an additional 239,941 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of AllianceBernstein by 12.2% during the third quarter. Jennison Associates LLC now owns 878,323 shares of the asset manager's stock valued at $30,645,000 after acquiring an additional 95,847 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new position in shares of AllianceBernstein in the 3rd quarter worth about $492,000. Finally, Sheaff Brock Investment Advisors LLC purchased a new stake in AllianceBernstein during the 3rd quarter valued at about $238,000. 19.25% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several research analysts have recently weighed in on the company. The Goldman Sachs Group boosted their price target on AllianceBernstein from $40.75 to $41.00 and gave the stock a "buy" rating in a research note on Thursday, October 3rd. TD Cowen boosted their target price on AllianceBernstein from $36.00 to $39.00 and gave the stock a "buy" rating in a research report on Monday, July 29th. Barclays upped their target price on shares of AllianceBernstein from $36.00 to $39.00 and gave the company an "equal weight" rating in a research note on Friday, October 25th. Finally, Evercore ISI lifted their price target on shares of AllianceBernstein from $43.00 to $45.00 and gave the stock an "outperform" rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $43.00.
Get Our Latest Analysis on AB
AllianceBernstein Price Performance
Shares of AB stock traded up $0.43 during trading hours on Tuesday, reaching $35.73. 431,296 shares of the company traded hands, compared to its average volume of 299,479. The firm has a 50-day moving average price of $36.24 and a 200 day moving average price of $34.68. The company has a market cap of $4.11 billion, a P/E ratio of 10.11, a P/E/G ratio of 0.81 and a beta of 1.23. AllianceBernstein Holding L.P. has a 12-month low of $27.58 and a 12-month high of $38.96.
AllianceBernstein Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Monday, November 4th were issued a $0.77 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.08 annualized dividend and a yield of 8.62%. This is an increase from AllianceBernstein's previous quarterly dividend of $0.71. AllianceBernstein's dividend payout ratio is currently 88.25%.
Insiders Place Their Bets
In related news, insider Equitable Holdings, Inc. purchased 500,000 shares of AllianceBernstein 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 acquisition, the insider now owns 3,066,838 shares in the company, valued at approximately $104,824,522.84. The trade was a 19.48 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.70% of the stock is currently owned by company insiders.
About AllianceBernstein
(
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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