AllianceBernstein Holding L.P. (NYSE:AB) Receives $43.00 Consensus Target Price from Analysts

AllianceBernstein Holding L.P. (NYSE:AB) has received a consensus recommendation of “Moderate Buy” from the five analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $43.00.

AB has been the subject of a number of recent research reports. The Goldman Sachs Group increased their price objective on shares of AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. TD Cowen increased their price target on AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Barclays upped their price objective on AllianceBernstein from $36.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Finally, Evercore ISI raised their target price on shares of AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th.

AllianceBernstein Trading Up 3.5 %

Shares of AB opened at $37.05 on Tuesday. The stock has a market capitalization of $4.27 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 0.83 and a beta of 1.23. AllianceBernstein has a 12 month low of $27.16 and a 12 month high of $38.96. The firm has a fifty day simple moving average of $35.83 and a 200 day simple moving average of $34.48.

AllianceBernstein Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Monday, November 4th will be paid a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 8.31%. The ex-dividend date is Monday, November 4th. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.71. AllianceBernstein’s dividend payout ratio is 88.25%.

Insiders Place Their Bets

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

Institutional Investors Weigh In On AllianceBernstein

A number of institutional investors have recently modified their holdings of the business. American Century Companies Inc. grew its position in AllianceBernstein by 8.9% during the second quarter. American Century Companies Inc. now owns 2,873,324 shares of the asset manager’s stock worth $97,090,000 after buying an additional 234,253 shares in the last quarter. FMR LLC grew its holdings in shares of AllianceBernstein by 6.3% during the 3rd quarter. FMR LLC now owns 2,613,381 shares of the asset manager’s stock worth $91,181,000 after purchasing an additional 154,039 shares in the last quarter. Jennison Associates LLC increased its position in shares of AllianceBernstein by 12.2% in the third quarter. Jennison Associates LLC now owns 878,323 shares of the asset manager’s stock worth $30,645,000 after purchasing an additional 95,847 shares during the period. Citigroup Inc. raised its stake in AllianceBernstein by 59.1% in the third quarter. Citigroup Inc. now owns 645,685 shares of the asset manager’s stock valued at $22,528,000 after purchasing an additional 239,941 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in AllianceBernstein by 20.9% during the third quarter. The Manufacturers Life Insurance Company now owns 330,868 shares of the asset manager’s stock worth $11,544,000 after purchasing an additional 57,173 shares during the period. Institutional investors own 19.25% of the company’s stock.

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.