Raymond James Financial Inc. acquired a new stake in shares of AllianceBernstein Holding L.P. (NYSE:AB - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 180,187 shares of the asset manager's stock, valued at approximately $6,683,000. Raymond James Financial Inc. owned about 0.16% of AllianceBernstein as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in AB. Segall Bryant & Hamill LLC acquired a new position in shares of AllianceBernstein during the third quarter worth about $492,000. Citigroup Inc. increased its position in AllianceBernstein by 59.1% during the 3rd quarter. Citigroup Inc. now owns 645,685 shares of the asset manager's stock worth $22,528,000 after purchasing an additional 239,941 shares during the period. Truvestments Capital LLC acquired a new stake in shares of AllianceBernstein in the 3rd quarter valued at approximately $31,000. Horizon Kinetics Asset Management LLC purchased a new stake in shares of AllianceBernstein in the third quarter valued at approximately $903,000. Finally, The Manufacturers Life Insurance Company grew its holdings in AllianceBernstein by 20.9% during the third quarter. The Manufacturers Life Insurance Company now owns 330,868 shares of the asset manager's stock worth $11,544,000 after acquiring an additional 57,173 shares during the period. 19.25% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
AB has been the subject of a number of recent analyst reports. Sanford C. Bernstein set a $45.00 target price on AllianceBernstein in a report on Thursday, January 16th. TD Cowen downgraded shares of AllianceBernstein from a "buy" rating to a "hold" rating and boosted their price objective for the stock from $38.00 to $38.50 in a report on Tuesday, February 25th. Finally, Barclays dropped 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. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $42.75.
View Our Latest Analysis on AllianceBernstein
AllianceBernstein Stock Performance
NYSE AB traded up $0.01 during trading hours on Thursday, reaching $38.36. The company's stock had a trading volume of 634,439 shares, compared to its average volume of 414,967. The company's 50-day moving average is $37.81 and its two-hundred day moving average is $36.72. AllianceBernstein Holding L.P. has a fifty-two week low of $30.57 and a fifty-two week high of $41.37. The stock has a market cap of $4.24 billion, a PE ratio of 10.31, a PEG ratio of 0.78 and a beta of 1.25.
AllianceBernstein (NYSE:AB - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The asset manager reported $1.05 EPS for the quarter, beating the consensus estimate of $0.87 by $0.18. AllianceBernstein had a net margin of 9.46% and a return on equity of 17.88%. Equities analysts expect that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current fiscal year.
AllianceBernstein Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were given a $1.05 dividend. This is an increase from AllianceBernstein's previous quarterly dividend of $0.77. This represents a $4.20 annualized dividend and a dividend yield of 10.95%. The ex-dividend date was Tuesday, February 18th. AllianceBernstein's dividend payout ratio is currently 112.90%.
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.
Further Reading
Before you consider AllianceBernstein, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and AllianceBernstein wasn't on the list.
While AllianceBernstein currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking for the next FAANG stock before everyone has heard about it? Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
