Captrust Financial Advisors grew its holdings in AllianceBernstein Holding L.P. (NYSE:AB – Free Report) by 4.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,587 shares of the asset manager’s stock after acquiring an additional 355 shares during the period. Captrust Financial Advisors’ holdings in AllianceBernstein were worth $265,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in AB. NBC Securities Inc. raised its position in AllianceBernstein by 80.8% in the third quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 329 shares during the period. Truvestments Capital LLC acquired a new stake in shares of AllianceBernstein in the third quarter valued at about $31,000. Farther Finance Advisors LLC raised its holdings in shares of AllianceBernstein by 115.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,426 shares of the asset manager’s stock valued at $50,000 after buying an additional 764 shares during the period. Larson Financial Group LLC acquired a new position in AllianceBernstein during the 2nd quarter worth approximately $51,000. Finally, CWM LLC boosted its holdings in AllianceBernstein by 740.7% in the 3rd quarter. CWM LLC now owns 2,270 shares of the asset manager’s stock worth $79,000 after acquiring an additional 2,000 shares during the period. Institutional investors and hedge funds own 19.25% of the company’s stock.
AllianceBernstein Stock Performance
AB opened at $35.95 on Friday. AllianceBernstein Holding L.P. has a 1-year low of $30.10 and a 1-year high of $38.96. The company has a 50-day moving average of $36.61 and a 200-day moving average of $34.92. The company has a market capitalization of $4.14 billion, a P/E ratio of 10.30, a PEG ratio of 0.83 and a beta of 1.21.
AllianceBernstein Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Monday, November 4th were paid a dividend of $0.77 per share. The ex-dividend date was Monday, November 4th. This represents a $3.08 annualized dividend and a yield of 8.57%. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.71. AllianceBernstein’s dividend payout ratio is presently 88.25%.
Insider Transactions at AllianceBernstein
In other AllianceBernstein news, insider Equitable Holdings, Inc. purchased 500,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was acquired at an average cost 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. This represents a 19.48 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.70% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on AB shares. The Goldman Sachs Group lifted their price objective 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. Barclays cut their price objective on shares of AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a report on Monday, December 9th. Finally, Evercore ISI raised their target price on AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $42.40.
View Our Latest Research Report on AB
About AllianceBernstein
(Free Report)
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.
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