International Assets Investment Management LLC Takes Position in AllianceBernstein Holding L.P. (NYSE:AB)

International Assets Investment Management LLC purchased a new position in AllianceBernstein Holding L.P. (NYSE:AB) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 90,714 shares of the asset manager’s stock, valued at approximately $31,650,000.

A number of other large investors have also added to or reduced their stakes in the stock. NBC Securities Inc. boosted its position in AllianceBernstein by 80.8% during the third quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock worth $25,000 after purchasing an additional 329 shares during the period. Geneos Wealth Management Inc. purchased a new stake in shares of AllianceBernstein during the first quarter worth $28,000. SJS Investment Consulting Inc. bought a new position in shares of AllianceBernstein in the second quarter worth $31,000. EverSource Wealth Advisors LLC grew its position in shares of AllianceBernstein by 1,354.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,454 shares of the asset manager’s stock valued at $49,000 after purchasing an additional 1,354 shares in the last quarter. Finally, Larson Financial Group LLC bought a new stake in shares of AllianceBernstein during the 2nd quarter valued at $51,000. Hedge funds and other institutional investors own 19.25% of the company’s stock.

AllianceBernstein Stock Down 0.9 %

Shares of NYSE:AB opened at $38.04 on Tuesday. The stock has a market cap of $4.38 billion, a PE ratio of 15.78, a PEG ratio of 0.66 and a beta of 1.24. The company’s fifty day moving average is $35.17 and its 200 day moving average is $34.14. AllianceBernstein Holding L.P. has a 52 week low of $25.83 and a 52 week high of $38.96.

AllianceBernstein (NYSE:AB) last released its earnings results on Friday, July 26th. The asset manager reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.04. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $807.42 million. AllianceBernstein had a return on equity of 15.81% and a net margin of 7.68%. During the same quarter in the previous year, the company posted $0.61 EPS. AllianceBernstein’s revenue for the quarter was up 1.9% on a year-over-year basis. Sell-side analysts anticipate that AllianceBernstein Holding L.P. will post 3.02 EPS for the current year.

AllianceBernstein Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Monday, November 4th will be given a $0.77 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.08 annualized dividend and a yield of 8.10%. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. AllianceBernstein’s payout ratio is presently 117.84%.

Insider Activity

In other news, insider Equitable Holdings, Inc. acquired 500,000 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were purchased at an average price of $34.18 per share, for a total transaction of $17,090,000.00. Following the completion of the transaction, the insider now owns 3,066,838 shares of the company’s stock, valued at $104,824,522.84. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Charles G.T. Stonehill sold 4,000 shares of AllianceBernstein stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $34.87, for a total value of $139,480.00. Following the sale, the director now owns 25,923 shares in the company, valued at $903,935.01. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Equitable Holdings, Inc. acquired 500,000 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was bought at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the acquisition, the insider now directly owns 3,066,838 shares in the company, valued at approximately $104,824,522.84. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Barclays upped their price target on AllianceBernstein from $36.00 to $39.00 and gave the company an “equal weight” rating in a research report on Friday. TD Cowen upped their target price on AllianceBernstein from $36.00 to $39.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Evercore ISI lifted their price objective on shares of AllianceBernstein from $38.00 to $39.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. Finally, The Goldman Sachs Group raised their price target on AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $41.80.

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.