The Manufacturers Life Insurance Company Boosts Stock Holdings in AllianceBernstein Holding L.P. (NYSE:AB)

The Manufacturers Life Insurance Company raised its holdings in shares of AllianceBernstein Holding L.P. (NYSE:AB - Free Report) by 20.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 330,868 shares of the asset manager's stock after acquiring an additional 57,173 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.29% of AllianceBernstein worth $11,544,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. NBC Securities Inc. lifted its position in AllianceBernstein by 80.8% in the 3rd quarter. NBC Securities Inc. now owns 736 shares of the asset manager's stock worth $25,000 after buying an additional 329 shares during the last quarter. Truvestments Capital LLC purchased a new stake in AllianceBernstein during the 3rd quarter valued at about $31,000. SJS Investment Consulting Inc. bought a new position in AllianceBernstein during the 2nd quarter worth approximately $31,000. Farther Finance Advisors LLC grew its holdings in shares of AllianceBernstein by 115.4% in the third 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 during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of AllianceBernstein by 1,354.0% in the first 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 period. Hedge funds and other institutional investors own 19.25% of the company's stock.

Insider Buying and Selling at AllianceBernstein

In other AllianceBernstein news, insider Equitable Holdings, Inc. bought 500,000 shares of AllianceBernstein stock in a transaction that occurred on Friday, September 20th. The stock was purchased at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the acquisition, the insider now directly owns 3,066,838 shares in the company, valued at approximately $104,824,522.84. This trade represents a 19.48 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.70% of the stock is owned by insiders.

AllianceBernstein Trading Down 1.2 %

Shares of AB traded down $0.44 during midday trading on Tuesday, reaching $35.95. 91,159 shares of the stock were exchanged, compared to its average volume of 297,645. The company has a market capitalization of $4.14 billion, a P/E ratio of 10.43, a PEG ratio of 0.83 and a beta of 1.21. The company's 50 day moving average is $36.40 and its two-hundred day moving average is $34.78. AllianceBernstein Holding L.P. has a 52 week low of $28.02 and a 52 week high of $38.96.

AllianceBernstein Increases Dividend

The company 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. This represents a $3.08 annualized dividend and a dividend yield of 8.57%. This is a positive change from AllianceBernstein's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Monday, November 4th. AllianceBernstein's dividend payout ratio is presently 88.25%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on AB shares. The Goldman Sachs Group boosted their price objective on shares of AllianceBernstein from $40.75 to $41.00 and gave the company a "buy" rating in a research report on Thursday, October 3rd. Barclays lifted their target price on shares of AllianceBernstein from $36.00 to $39.00 and gave the stock an "equal weight" rating in a report on Friday, October 25th. Finally, Evercore ISI upped 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. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $43.00.

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.