AllianceBernstein Holding L.P. (NYSE:AB) Stock Position Lifted by Jennison Associates LLC

Jennison Associates LLC boosted its stake in AllianceBernstein Holding L.P. (NYSE:AB) by 12.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 878,323 shares of the asset manager’s stock after buying an additional 95,847 shares during the quarter. Jennison Associates LLC owned approximately 0.76% of AllianceBernstein worth $30,645,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of AB. Segall Bryant & Hamill LLC bought a new stake in AllianceBernstein in the third quarter worth approximately $492,000. Sheaff Brock Investment Advisors LLC bought a new position in AllianceBernstein during the third quarter valued at about $238,000. Nicola Wealth Management LTD. lifted its position in AllianceBernstein by 44.9% in the third quarter. Nicola Wealth Management LTD. now owns 155,000 shares of the asset manager’s stock worth $5,408,000 after purchasing an additional 48,000 shares during the period. Haverford Trust Co acquired a new stake in shares of AllianceBernstein during the 3rd quarter valued at about $276,000. Finally, Aptus Capital Advisors LLC grew its stake in shares of AllianceBernstein by 8.1% in the 3rd quarter. Aptus Capital Advisors LLC now owns 8,122 shares of the asset manager’s stock valued at $283,000 after purchasing an additional 610 shares during the period. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at AllianceBernstein

In other news, insider Equitable Holdings, Inc. purchased 500,000 shares of the business’s stock in a transaction on 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 purchase, the insider now directly owns 3,066,838 shares in the company, valued at $104,824,522.84. The trade was a 19.48 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.70% of the stock is owned by company insiders.

AllianceBernstein Stock Performance

NYSE AB opened at $36.79 on Friday. The stock has a market cap of $4.24 billion, a price-to-earnings ratio of 10.52, a PEG ratio of 0.83 and a beta of 1.23. The business has a 50 day simple moving average of $36.15 and a 200 day simple moving average of $34.60. AllianceBernstein Holding L.P. has a 52-week low of $27.58 and a 52-week high of $38.96.

AllianceBernstein Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Monday, November 4th were paid a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 8.37%. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. The ex-dividend date was Monday, November 4th. AllianceBernstein’s dividend payout ratio is currently 88.25%.

Wall Street Analysts Forecast Growth

AB has been the subject of several research analyst reports. The Goldman Sachs Group lifted their price objective on AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Evercore ISI increased their price target on AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. TD Cowen lifted their price objective on AllianceBernstein to $41.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Barclays increased their target price on AllianceBernstein from $36.00 to $39.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, AllianceBernstein has a consensus rating of “Moderate Buy” and a consensus target price of $43.40.

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.