Perigon Wealth Management LLC Invests $290,000 in AllianceBernstein Holding L.P. (NYSE:AB)

Perigon Wealth Management LLC purchased a new position in AllianceBernstein Holding L.P. (NYSE:AB - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 7,891 shares of the asset manager's stock, valued at approximately $290,000.

Several other hedge funds have also bought and sold shares of the stock. Creative Planning raised its position in shares of AllianceBernstein by 21.5% during the 2nd quarter. Creative Planning now owns 14,536 shares of the asset manager's stock valued at $491,000 after buying an additional 2,569 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in AllianceBernstein by 7.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 17,449 shares of the asset manager's stock worth $590,000 after acquiring an additional 1,150 shares during the last quarter. Cetera Investment Advisers raised its position in AllianceBernstein by 1.4% during the second quarter. Cetera Investment Advisers now owns 128,951 shares of the asset manager's stock valued at $4,357,000 after purchasing an additional 1,731 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of AllianceBernstein in the 2nd quarter valued at approximately $622,000. Finally, Axiom Advisory LLC purchased a new position in shares of AllianceBernstein in the 3rd quarter worth approximately $272,000. Hedge funds and other institutional investors own 19.25% of the company's stock.

Wall Street Analyst Weigh In

AB has been the topic of several recent research reports. Evercore ISI increased their price target on AllianceBernstein from $43.00 to $45.00 and gave the company an "outperform" rating in a report on Thursday, November 7th. Barclays lowered their target price on shares of AllianceBernstein from $39.00 to $36.00 and set an "equal weight" rating for the company in a report on Monday, December 9th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $42.40.

AllianceBernstein Stock Performance

AllianceBernstein stock traded down $3.90 during mid-day trading on Thursday, hitting $36.00. The company's stock had a trading volume of 2,711,376 shares, compared to its average volume of 583,862. AllianceBernstein Holding L.P. has a one year low of $30.57 and a one year high of $41.37. The stock has a market cap of $4.15 billion, a PE ratio of 10.31, a P/E/G ratio of 0.81 and a beta of 1.21. The company has a 50 day moving average of $37.25 and a 200-day moving average of $35.99.

AllianceBernstein (NYSE:AB - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The asset manager reported $1.05 EPS for the quarter, topping the consensus estimate of $0.87 by $0.18. AllianceBernstein had a net margin of 9.22% and a return on equity of 16.23%. On average, equities research analysts forecast that AllianceBernstein Holding L.P. will post 3.06 EPS for the current fiscal year.

AllianceBernstein Company Profile

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.