JPMorgan Chase & Co. Raises Holdings in AllianceBernstein Holding L.P. (NYSE:AB)

JPMorgan Chase & Co. increased its position in AllianceBernstein Holding L.P. (NYSE:AB) by 12.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 2,454,364 shares of the asset manager’s stock after purchasing an additional 265,844 shares during the period. JPMorgan Chase & Co.’s holdings in AllianceBernstein were worth $85,633,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in AB. American Century Companies Inc. grew its position in AllianceBernstein by 8.9% during the 2nd quarter. American Century Companies Inc. now owns 2,873,324 shares of the asset manager’s stock worth $97,090,000 after purchasing an additional 234,253 shares during the last quarter. FMR LLC grew its holdings in shares of AllianceBernstein by 6.3% during the third quarter. FMR LLC now owns 2,613,381 shares of the asset manager’s stock worth $91,181,000 after buying an additional 154,039 shares during the last quarter. Jennison Associates LLC increased its position in AllianceBernstein by 12.2% in the 3rd quarter. Jennison Associates LLC now owns 878,323 shares of the asset manager’s stock valued at $30,645,000 after acquiring an additional 95,847 shares during the period. Citigroup Inc. raised its stake in AllianceBernstein by 59.1% during the 3rd quarter. Citigroup Inc. now owns 645,685 shares of the asset manager’s stock valued at $22,528,000 after acquiring an additional 239,941 shares during the last quarter. Finally, Franklin Resources Inc. lifted its position in AllianceBernstein by 0.5% during the 3rd quarter. Franklin Resources Inc. now owns 413,165 shares of the asset manager’s stock worth $14,919,000 after acquiring an additional 2,000 shares during the period. 19.25% of the stock is owned by institutional investors and hedge funds.

AllianceBernstein Stock Performance

Shares of NYSE AB opened at $37.06 on Friday. AllianceBernstein Holding L.P. has a one year low of $30.10 and a one year high of $38.96. The firm has a market capitalization of $4.27 billion, a P/E ratio of 10.62, a PEG ratio of 0.83 and a beta of 1.21. The company’s fifty day moving average is $36.55 and its two-hundred day moving average is $35.21.

AllianceBernstein Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Monday, November 4th were issued a dividend of $0.77 per share. The ex-dividend date was Monday, November 4th. This represents a $3.08 dividend on an annualized basis and a yield of 8.31%. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. AllianceBernstein’s payout ratio is currently 88.25%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on AB shares. Evercore ISI upped their price target on AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Barclays reduced their target price on shares of AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating for the company in a research note on Monday, December 9th. Finally, The Goldman Sachs Group boosted their price target 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. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $42.40.

About AllianceBernstein

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.