Summit Securities Group LLC Makes New $41,000 Investment in AllianceBernstein Holding L.P. (NYSE:AB)

Summit Securities Group LLC bought a new stake in AllianceBernstein Holding L.P. (NYSE:AB) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,100 shares of the asset manager’s stock, valued at approximately $41,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Luken Investment Analytics LLC acquired a new stake in AllianceBernstein in the 4th quarter worth about $37,000. FSA Wealth Management LLC purchased a new position in shares of AllianceBernstein in the third quarter valued at approximately $36,000. HHM Wealth Advisors LLC acquired a new stake in shares of AllianceBernstein in the fourth quarter worth approximately $61,000. PNC Financial Services Group Inc. increased its position in shares of AllianceBernstein by 19.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,929 shares of the asset manager’s stock worth $72,000 after purchasing an additional 319 shares in the last quarter. Finally, Golden State Wealth Management LLC purchased a new position in AllianceBernstein in the 4th quarter valued at $96,000. Hedge funds and other institutional investors own 19.25% of the company’s stock.

AllianceBernstein Trading Down 0.2 %

AllianceBernstein stock opened at $38.31 on Monday. The stock has a market cap of $4.23 billion, a P/E ratio of 10.30, a PEG ratio of 0.78 and a beta of 1.25. The company has a 50-day moving average price of $37.85 and a 200 day moving average price of $36.80. AllianceBernstein Holding L.P. has a 12-month low of $30.57 and a 12-month high of $41.37.

AllianceBernstein (NYSE:AB) last released its quarterly earnings results on Thursday, February 6th. The asset manager reported $1.05 EPS for the quarter, beating the consensus estimate of $0.87 by $0.18. AllianceBernstein had a net margin of 9.46% and a return on equity of 17.88%. As a group, analysts forecast that AllianceBernstein Holding L.P. will post 3.58 EPS for the current year.

AllianceBernstein Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were paid a $1.05 dividend. This represents a $4.20 annualized dividend and a dividend yield of 10.96%. The ex-dividend date of this dividend was Tuesday, February 18th. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.77. AllianceBernstein’s dividend payout ratio is 112.90%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on AB shares. Barclays lowered their price target on shares of AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Monday, December 9th. TD Cowen lowered shares of AllianceBernstein from a “buy” rating to a “hold” rating and raised their target price for the stock from $38.00 to $38.50 in a research note on Tuesday, February 25th. Finally, Sanford C. Bernstein set a $45.00 price target on AllianceBernstein in a research report on Thursday, January 16th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, AllianceBernstein presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.75.

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.