Brokerages Set AllianceBernstein Holding L.P. (NYSE:AB) Price Target at $42.40

Shares of AllianceBernstein Holding L.P. (NYSE:AB) have received an average rating of “Moderate Buy” from the five analysts that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $42.40.

AB has been the subject of several analyst reports. Barclays decreased their price objective on AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating for the company in a report on Monday, December 9th. Evercore ISI boosted their target price on shares of AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group lifted their price objective on shares of AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd.

AllianceBernstein Stock Performance

NYSE AB opened at $37.71 on Wednesday. The stock’s 50 day moving average price is $36.54 and its two-hundred day moving average price is $35.25. The stock has a market capitalization of $4.34 billion, a price-to-earnings ratio of 10.81, a PEG ratio of 0.83 and a beta of 1.21. AllianceBernstein has a 52 week low of $30.57 and a 52 week high of $38.96.

AllianceBernstein Increases Dividend

The business also recently announced 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. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. The ex-dividend date was Monday, November 4th. This represents a $3.08 annualized dividend and a dividend yield of 8.17%. AllianceBernstein’s payout ratio is presently 88.25%.

Institutional Trading of AllianceBernstein

Several hedge funds have recently added to or reduced their stakes in the company. NBC Securities Inc. boosted its position in shares of AllianceBernstein by 80.8% in the third quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock valued at $25,000 after acquiring an additional 329 shares during the period. Truvestments Capital LLC acquired a new position in shares of AllianceBernstein during the 3rd quarter worth approximately $31,000. FSA Wealth Management LLC bought a new position in shares of AllianceBernstein during the third quarter worth approximately $36,000. Farther Finance Advisors LLC raised its position in shares of AllianceBernstein by 115.4% in the third quarter. Farther Finance Advisors LLC now owns 1,426 shares of the asset manager’s stock valued at $50,000 after buying an additional 764 shares in the last quarter. Finally, Larson Financial Group LLC acquired a new stake in shares of AllianceBernstein in the second quarter valued at approximately $51,000. 19.25% of the stock is owned by institutional investors and hedge funds.

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.