BNP Paribas Financial Markets Has $1.09 Million Stake in AllianceBernstein Holding L.P. (NYSE:AB)

BNP Paribas Financial Markets lifted its stake in AllianceBernstein Holding L.P. (NYSE:AB) by 11.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,329 shares of the asset manager’s stock after purchasing an additional 3,339 shares during the period. BNP Paribas Financial Markets’ holdings in AllianceBernstein were worth $1,093,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. FMR LLC increased its holdings in shares of AllianceBernstein by 6.3% in the third quarter. FMR LLC now owns 2,613,381 shares of the asset manager’s stock valued at $91,181,000 after purchasing an additional 154,039 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of AllianceBernstein by 20.9% in the third quarter. The Manufacturers Life Insurance Company now owns 330,868 shares of the asset manager’s stock valued at $11,544,000 after purchasing an additional 57,173 shares in the last quarter. Horizon Kinetics Asset Management LLC acquired a new stake in shares of AllianceBernstein in the third quarter valued at approximately $903,000. Truvestments Capital LLC acquired a new stake in shares of AllianceBernstein in the third quarter valued at approximately $31,000. Finally, Citigroup Inc. boosted 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 acquiring an additional 239,941 shares during the last quarter. Institutional investors and hedge funds own 19.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on AB shares. The Goldman Sachs Group raised their price objective on shares of AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Evercore ISI raised their price objective 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. Finally, Barclays reduced their price objective on shares of AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Monday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.40.

Insider Transactions at AllianceBernstein

In related news, insider Equitable Holdings, Inc. acquired 500,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were acquired at an average cost of $34.18 per share, with a total value of $17,090,000.00. Following 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 19.48 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.70% of the company’s stock.

AllianceBernstein Stock Down 1.3 %

Shares of NYSE AB opened at $35.84 on Wednesday. The company’s fifty day moving average is $36.53 and its 200-day moving average is $34.87. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 10.27, a P/E/G ratio of 0.82 and a beta of 1.21. AllianceBernstein Holding L.P. has a twelve month low of $28.68 and a twelve month high of $38.96.

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 given a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 8.59%. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.71. The ex-dividend date was Monday, November 4th. AllianceBernstein’s dividend payout ratio (DPR) is currently 88.25%.

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.