Janney Montgomery Scott LLC increased its position in AllianceBernstein Holding L.P. (NYSE:AB – Free Report) by 0.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 153,954 shares of the asset manager’s stock after buying an additional 1,444 shares during the quarter. Janney Montgomery Scott LLC owned about 0.14% of AllianceBernstein worth $5,629,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also made changes to their positions in AB. Cowa LLC purchased a new position in shares of AllianceBernstein in the 1st quarter worth $27,000. JPMorgan Chase & Co. increased its holdings in AllianceBernstein by 216.7% in the 4th quarter. JPMorgan Chase & Co. now owns 1,965,237 shares of the asset manager’s stock valued at $67,546,000 after purchasing an additional 1,344,671 shares in the last quarter. American Century Companies Inc. increased its holdings in AllianceBernstein by 1,962.8% in the 4th quarter. American Century Companies Inc. now owns 1,249,902 shares of the asset manager’s stock valued at $42,959,000 after purchasing an additional 1,189,310 shares in the last quarter. CIBC Private Wealth Group LLC acquired a new stake in AllianceBernstein in the 4th quarter valued at $10,761,000. Finally, The Manufacturers Life Insurance Company increased its holdings in AllianceBernstein by 98.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 501,095 shares of the asset manager’s stock valued at $23,561,000 after purchasing an additional 248,055 shares in the last quarter. 13.28% of the stock is owned by hedge funds and other institutional investors.
AllianceBernstein Price Performance
Shares of AllianceBernstein stock opened at $33.60 on Friday. The business has a 50-day moving average of $33.48 and a 200-day moving average of $35.65. The company has a market capitalization of $3.81 billion, a PE ratio of 13.83, a P/E/G ratio of 1.15 and a beta of 1.29. AllianceBernstein Holding L.P. has a 1-year low of $31.18 and a 1-year high of $45.75.
AllianceBernstein Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, May 25th. Investors of record on Monday, May 8th were paid a $0.66 dividend. The ex-dividend date was Friday, May 5th. This represents a $2.64 dividend on an annualized basis and a yield of 7.86%. AllianceBernstein’s dividend payout ratio (DPR) is 108.64%.
Insider Buying and Selling
In related news, CFO Kate C. Burke sold 12,500 shares of AllianceBernstein stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $33.79, for a total value of $422,375.00. Following the completion of the transaction, the chief financial officer now directly owns 115,205 shares in the company, valued at $3,892,776.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.70% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on the company. StockNews.com assumed coverage on AllianceBernstein in a report on Thursday, May 18th. They issued a “hold” rating for the company. Evercore ISI lowered their target price on AllianceBernstein from $44.00 to $38.00 and set an “outperform” rating for the company in a research note on Thursday, April 13th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $42.50.
AllianceBernstein Profile
AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.
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