HighTower Advisors LLC Sells 23,924 Shares of AllianceBernstein Holding L.P. (NYSE:AB)

HighTower Advisors LLC trimmed its holdings in shares of AllianceBernstein Holding L.P. (NYSE:AB) by 43.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 31,448 shares of the asset manager’s stock after selling 23,924 shares during the period. HighTower Advisors LLC’s holdings in AllianceBernstein were worth $1,095,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. NBC Securities Inc. raised its stake in AllianceBernstein by 80.8% during the 3rd quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock worth $25,000 after buying an additional 329 shares during the period. Truvestments Capital LLC acquired a new position in shares of AllianceBernstein during the third quarter worth approximately $31,000. FSA Wealth Management LLC acquired a new position in shares of AllianceBernstein during the third quarter worth approximately $36,000. Farther Finance Advisors LLC lifted its holdings 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 purchasing an additional 764 shares in the last quarter. Finally, Larson Financial Group LLC acquired a new stake in AllianceBernstein in the 2nd quarter valued at $51,000. Institutional investors and hedge funds own 19.25% of the company’s stock.

AllianceBernstein Price Performance

Shares of AB stock opened at $35.43 on Wednesday. AllianceBernstein Holding L.P. has a one year low of $30.10 and a one year high of $38.96. The firm has a 50-day moving average of $36.63 and a 200-day moving average of $34.95. The company has a market cap of $4.08 billion, a P/E ratio of 10.20, a P/E/G ratio of 0.83 and a beta of 1.21.

AllianceBernstein Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Monday, November 4th were given a dividend of $0.77 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.08 annualized dividend and a dividend yield of 8.69%. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.71. AllianceBernstein’s dividend payout ratio (DPR) is currently 88.25%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. 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. Barclays lowered their target price on shares of AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a report on Monday, December 9th. Finally, Evercore ISI boosted their price objective on AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.40.

Insider Activity

In related news, insider Equitable Holdings, Inc. acquired 500,000 shares of the stock in a transaction on Friday, September 20th. The shares were acquired at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the transaction, the insider now owns 3,066,838 shares in the company, valued at approximately $104,824,522.84. The trade was a 19.48 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 2.70% of the stock is currently owned by corporate insiders.

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.