Highland Capital Management LLC Decreases Stock Holdings in AllianceBernstein Holding L.P. (NYSE:AB)

Highland Capital Management LLC lowered its holdings in AllianceBernstein Holding L.P. (NYSE:AB) by 64.2% during the 4th quarter, Holdings Channel reports. The firm owned 16,433 shares of the asset manager’s stock after selling 29,450 shares during the period. Highland Capital Management LLC’s holdings in AllianceBernstein were worth $610,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. New England Research & Management Inc. lifted its stake in AllianceBernstein by 51.2% in the fourth quarter. New England Research & Management Inc. now owns 15,950 shares of the asset manager’s stock valued at $592,000 after purchasing an additional 5,400 shares during the last quarter. Manning & Napier Advisors LLC lifted its position in shares of AllianceBernstein by 28.6% during the 4th quarter. Manning & Napier Advisors LLC now owns 180,000 shares of the asset manager’s stock valued at $6,676,000 after buying an additional 40,000 shares during the last quarter. Gateway Wealth Partners LLC bought a new position in shares of AllianceBernstein during the 4th quarter worth $226,000. Perigon Wealth Management LLC purchased a new stake in AllianceBernstein in the 4th quarter worth about $290,000. Finally, Janney Montgomery Scott LLC raised its stake in AllianceBernstein by 4.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 102,131 shares of the asset manager’s stock valued at $3,788,000 after acquiring an additional 4,422 shares during the period. Institutional investors own 19.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on AB shares. 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. Barclays cut their price target on AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating for the company in a report on Monday, December 9th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, AllianceBernstein presently has an average rating of “Moderate Buy” and an average target price of $42.40.

AllianceBernstein Price Performance

Shares of NYSE:AB opened at $40.13 on Friday. AllianceBernstein Holding L.P. has a one year low of $30.57 and a one year high of $40.86. The company has a market cap of $4.62 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 0.80 and a beta of 1.20. The firm has a fifty day moving average price of $37.05 and a two-hundred day moving average price of $35.87.

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.