Peddock Capital Advisors LLC Acquires New Position in AllianceBernstein Holding L.P. (NYSE:AB)

Peddock Capital Advisors LLC purchased a new stake in shares of AllianceBernstein Holding L.P. (NYSE:AB) during the 4th quarter, Holdings Channel.com reports. The fund purchased 5,780 shares of the asset manager’s stock, valued at approximately $214,000.

A number of other hedge funds have also modified their holdings of AB. One Capital Management LLC bought a new stake in AllianceBernstein in the 2nd quarter valued at $271,000. Blair William & Co. IL bought a new stake in AllianceBernstein in the second quarter worth $226,000. Sei Investments Co. raised its position in AllianceBernstein by 3.8% during the second quarter. Sei Investments Co. now owns 160,489 shares of the asset manager’s stock valued at $5,423,000 after purchasing an additional 5,891 shares during the period. Epoch Investment Partners Inc. lifted its position in AllianceBernstein by 5.5% in the second quarter. Epoch Investment Partners Inc. now owns 169,513 shares of the asset manager’s stock worth $5,728,000 after buying an additional 8,842 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in AllianceBernstein by 79.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,607 shares of the asset manager’s stock worth $92,000 after acquiring an additional 1,153 shares in the last quarter. 19.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on AB shares. Barclays dropped their price objective on shares of AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. Evercore ISI upped their target price on AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group raised their price target on AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $42.40.

AllianceBernstein Stock Performance

Shares of NYSE AB traded up $0.18 during midday trading on Monday, reaching $35.61. 230,172 shares of the stock were exchanged, compared to its average volume of 372,138. The company has a 50 day simple moving average of $36.44 and a 200 day simple moving average of $35.37. The stock has a market capitalization of $4.10 billion, a P/E ratio of 10.20, a PEG ratio of 0.83 and a beta of 1.20. AllianceBernstein Holding L.P. has a twelve month low of $30.57 and a twelve month high of $38.96.

AllianceBernstein Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Monday, November 4th were given a dividend of $0.77 per share. The ex-dividend date was Monday, November 4th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 8.65%. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.71. AllianceBernstein’s dividend payout ratio (DPR) is presently 88.25%.

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.