JPMorgan Chase & Co. Boosts Stake in AllianceBernstein Holding L.P. (NYSE:AB)

JPMorgan Chase & Co. increased its stake in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) by 12.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,454,364 shares of the asset manager's stock after acquiring an additional 265,844 shares during the period. JPMorgan Chase & Co. owned approximately 2.13% of AllianceBernstein worth $85,633,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Franklin Resources Inc. grew its holdings in AllianceBernstein by 0.5% during the 3rd quarter. Franklin Resources Inc. now owns 413,165 shares of the asset manager's stock worth $14,919,000 after acquiring an additional 2,000 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of AllianceBernstein during the 3rd quarter worth $180,000. Sanctuary Advisors LLC grew its stake in shares of AllianceBernstein by 3.0% during the third quarter. Sanctuary Advisors LLC now owns 19,071 shares of the asset manager's stock worth $679,000 after purchasing an additional 549 shares in the last quarter. Second Line Capital LLC increased its holdings in AllianceBernstein by 5.9% in the third quarter. Second Line Capital LLC now owns 7,907 shares of the asset manager's stock valued at $276,000 after buying an additional 443 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in AllianceBernstein in the third quarter valued at $418,000. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

AllianceBernstein Stock Up 1.8 %

AB traded up $0.65 during trading on Friday, hitting $37.71. 575,690 shares of the stock were exchanged, compared to its average volume of 625,095. AllianceBernstein Holding L.P. has a 1-year low of $30.57 and a 1-year high of $38.96. The stock has a fifty day moving average price of $36.54 and a two-hundred day moving average price of $35.25. The firm has a market capitalization of $4.34 billion, a P/E ratio of 10.81, a PEG ratio of 0.83 and a beta of 1.21.

AllianceBernstein Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Monday, November 4th were paid a $0.77 dividend. The ex-dividend date was Monday, November 4th. This is a positive change from AllianceBernstein's previous quarterly dividend of $0.71. This represents a $3.08 dividend on an annualized basis and a yield of 8.17%. AllianceBernstein's payout ratio is currently 88.25%.

Analyst Upgrades and Downgrades

AB has been the subject of several analyst reports. 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. The Goldman Sachs Group upped their price target on AllianceBernstein from $40.75 to $41.00 and gave the company a "buy" rating in a report on Thursday, October 3rd. Finally, Barclays cut their price objective on shares of AllianceBernstein from $39.00 to $36.00 and set an "equal weight" rating on the stock in a report on Monday, December 9th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $42.40.

About AllianceBernstein

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.