Apollon Wealth Management LLC Sells 402 Shares of AllianceBernstein Holding L.P. (NYSE:AB)

Apollon Wealth Management LLC cut its stake in shares of AllianceBernstein Holding L.P. (NYSE:AB) by 2.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,565 shares of the asset manager’s stock after selling 402 shares during the period. Apollon Wealth Management LLC’s holdings in AllianceBernstein were worth $543,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Sei Investments Co. raised its holdings in shares of AllianceBernstein by 159.4% in the first quarter. Sei Investments Co. now owns 154,598 shares of the asset manager’s stock valued at $5,371,000 after purchasing an additional 94,989 shares during the last quarter. US Bancorp DE lifted its position in shares of AllianceBernstein by 12.3% during the 1st quarter. US Bancorp DE now owns 9,506 shares of the asset manager’s stock worth $330,000 after buying an additional 1,040 shares in the last quarter. Avantax Advisory Services Inc. boosted its stake in shares of AllianceBernstein by 65.7% in the 1st quarter. Avantax Advisory Services Inc. now owns 13,277 shares of the asset manager’s stock worth $461,000 after buying an additional 5,263 shares during the last quarter. Osaic Holdings Inc. grew its holdings in shares of AllianceBernstein by 13.1% in the first quarter. Osaic Holdings Inc. now owns 215,337 shares of the asset manager’s stock valued at $7,481,000 after acquiring an additional 24,951 shares in the last quarter. Finally, Epoch Investment Partners Inc. increased its position in shares of AllianceBernstein by 24.3% during the first quarter. Epoch Investment Partners Inc. now owns 160,671 shares of the asset manager’s stock valued at $5,582,000 after acquiring an additional 31,399 shares during the last quarter. 19.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on AB. Barclays boosted their price objective on AllianceBernstein from $36.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. TD Cowen increased their price target on shares of AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Evercore ISI raised their price objective on shares of AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group boosted their target price on shares of AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

AllianceBernstein Stock Down 1.2 %

AB opened at $36.57 on Friday. AllianceBernstein Holding L.P. has a twelve month low of $27.40 and a twelve month high of $38.96. The company has a market capitalization of $4.21 billion, a price-to-earnings ratio of 10.48, a PEG ratio of 0.82 and a beta of 1.23. The firm has a 50-day moving average price of $35.96 and a 200-day moving average price of $34.53.

AllianceBernstein Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Monday, November 4th will be given a $0.77 dividend. The ex-dividend date is Monday, November 4th. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.71. This represents a $3.08 annualized dividend and a dividend yield of 8.42%. AllianceBernstein’s payout ratio is 88.25%.

Insider Activity at AllianceBernstein

In other news, insider Equitable Holdings, Inc. bought 500,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were acquired at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the acquisition, the insider now owns 3,066,838 shares of the company’s stock, valued at approximately $104,824,522.84. The trade was a 19.48 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles G.T. Stonehill sold 4,000 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $34.87, for a total transaction of $139,480.00. Following the completion of the transaction, the director now directly owns 25,923 shares of the company’s stock, valued at approximately $903,935.01. The trade was a 13.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.

AllianceBernstein 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.