AllianceBernstein Holding L.P. (NYSE:AB) Shares Acquired by Citigroup Inc.

Citigroup Inc. boosted its holdings in AllianceBernstein Holding L.P. (NYSE:AB) by 59.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 645,685 shares of the asset manager’s stock after acquiring an additional 239,941 shares during the quarter. Citigroup Inc. owned 0.56% of AllianceBernstein worth $22,528,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. NBC Securities Inc. lifted its stake in shares of AllianceBernstein by 80.8% in the 3rd quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock worth $25,000 after acquiring an additional 329 shares during the period. SJS Investment Consulting Inc. bought a new position in AllianceBernstein during the 2nd quarter valued at $31,000. EverSource Wealth Advisors LLC increased its position in shares of AllianceBernstein by 1,354.0% during the 1st 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 during the period. Farther Finance Advisors LLC raised its stake in shares of AllianceBernstein by 115.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,426 shares of the asset manager’s stock worth $50,000 after buying an additional 764 shares in the last quarter. Finally, Larson Financial Group LLC bought a new stake in AllianceBernstein during the second quarter worth approximately $51,000. Institutional investors own 19.25% of the company’s stock.

Insider Activity at AllianceBernstein

In related news, insider Equitable Holdings, Inc. bought 500,000 shares of the business’s stock in a transaction on Friday, September 20th. The shares were bought 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 directly 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.70% of the stock is currently owned by company insiders.

AllianceBernstein Trading Up 1.2 %

Shares of NYSE:AB opened at $35.73 on Wednesday. The business has a fifty day simple moving average of $36.24 and a 200 day simple moving average of $34.68. AllianceBernstein Holding L.P. has a 1 year low of $27.58 and a 1 year high of $38.96. The firm has a market cap of $4.11 billion, a price-to-earnings ratio of 10.11, a P/E/G ratio of 0.81 and a beta of 1.23.

AllianceBernstein Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Monday, November 4th were issued a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a dividend yield of 8.62%. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Monday, November 4th. AllianceBernstein’s payout ratio is currently 88.25%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Evercore ISI upped their price target on AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Barclays upped their price target on shares of AllianceBernstein from $36.00 to $39.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. Finally, The Goldman Sachs Group raised their target price on AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, AllianceBernstein has a consensus rating of “Moderate Buy” and an average price target of $43.00.

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.