AllianceBernstein Holding L.P. (NYSE:AB) Receives $43.00 Average PT from Brokerages

Shares of AllianceBernstein Holding L.P. (NYSE:AB) have earned an average rating of “Moderate Buy” from the five research firms that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $43.00.

A number of analysts have weighed in on the stock. Evercore ISI increased their target price on shares of AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. TD Cowen upped their price target on shares of AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Barclays raised their price target on AllianceBernstein from $36.00 to $39.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. Finally, The Goldman Sachs Group lifted their price objective on AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd.

Insider Buying and Selling

In other AllianceBernstein news, Director Charles G.T. Stonehill sold 4,000 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $34.87, for a total transaction of $139,480.00. Following the sale, the director now directly owns 25,923 shares in the company, valued at $903,935.01. This represents a 13.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Equitable Holdings, Inc. acquired 500,000 shares of AllianceBernstein stock in a transaction dated Friday, September 20th. The stock was purchased at an average price of $34.18 per share, for a total transaction 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 represents a 19.48 % increase in their position. The disclosure for this purchase can be found here. 2.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AllianceBernstein

Several large investors have recently modified their holdings of the stock. American Century Companies Inc. boosted its position in shares of AllianceBernstein by 8.9% during the second quarter. American Century Companies Inc. now owns 2,873,324 shares of the asset manager’s stock worth $97,090,000 after buying an additional 234,253 shares during the period. FMR LLC increased its stake in shares of AllianceBernstein by 6.3% during the 3rd quarter. FMR LLC now owns 2,613,381 shares of the asset manager’s stock worth $91,181,000 after purchasing an additional 154,039 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of AllianceBernstein by 12.2% during the 3rd quarter. Jennison Associates LLC now owns 878,323 shares of the asset manager’s stock worth $30,645,000 after acquiring an additional 95,847 shares during the period. 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 valued at $22,528,000 after purchasing an additional 239,941 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in shares of AllianceBernstein by 20.9% during the third quarter. The Manufacturers Life Insurance Company now owns 330,868 shares of the asset manager’s stock valued at $11,544,000 after buying an additional 57,173 shares during the last quarter. Hedge funds and other institutional investors own 19.25% of the company’s stock.

AllianceBernstein Trading Down 1.2 %

Shares of NYSE AB opened at $36.57 on Tuesday. The company has a market capitalization of $4.21 billion, a P/E ratio of 10.48, a P/E/G ratio of 0.82 and a beta of 1.23. The stock has a 50 day moving average of $35.96 and a 200-day moving average of $34.53. AllianceBernstein has a 12 month low of $27.40 and a 12 month high of $38.96.

AllianceBernstein Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Monday, November 4th will be given a dividend of $0.77 per share. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.08 dividend on an annualized basis and a yield of 8.42%. AllianceBernstein’s dividend payout ratio is presently 88.25%.

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.