Clare Market Investments LLC bought a new stake in AllianceBernstein Holding L.P. (NYSE:AB – Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 20,000 shares of the asset manager’s stock, valued at approximately $749,000.
Other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its stake in shares of AllianceBernstein by 17,664.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,640,896 shares of the asset manager’s stock worth $140,102,000 after buying an additional 3,620,401 shares during the last quarter. Morgan Stanley raised its position in shares of AllianceBernstein by 79.2% during the 4th quarter. Morgan Stanley now owns 1,412,548 shares of the asset manager’s stock valued at $54,355,000 after acquiring an additional 624,270 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of AllianceBernstein by 51.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 916,574 shares of the asset manager’s stock valued at $35,114,000 after purchasing an additional 312,878 shares during the period. Focus Partners Wealth lifted its stake in shares of AllianceBernstein by 1,154.2% in the 3rd quarter. Focus Partners Wealth now owns 336,502 shares of the asset manager’s stock valued at $12,861,000 after purchasing an additional 309,673 shares during the period. Finally, Crestwood Advisors Group LLC boosted its position in shares of AllianceBernstein by 1,243.9% in the 4th quarter. Crestwood Advisors Group LLC now owns 218,727 shares of the asset manager’s stock worth $8,417,000 after purchasing an additional 202,451 shares during the last quarter. Institutional investors and hedge funds own 19.25% of the company’s stock.
AllianceBernstein Stock Up 0.9%
NYSE:AB opened at $37.16 on Tuesday. The company has a market cap of $3.47 billion, a P/E ratio of 11.40, a price-to-earnings-growth ratio of 1.71 and a beta of 0.81. AllianceBernstein Holding L.P. has a twelve month low of $34.92 and a twelve month high of $44.11. The business has a 50 day moving average price of $37.34 and a two-hundred day moving average price of $38.51.
AllianceBernstein Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Friday, May 8th were given a $0.83 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 8.9%. AllianceBernstein’s payout ratio is currently 102.15%.
Wall Street Analysts Forecast Growth
A number of research firms recently commented on AB. Barclays dropped their price objective on AllianceBernstein from $40.00 to $39.00 and set an “equal weight” rating for the company in a report on Wednesday, April 29th. Evercore set a $40.00 price target on shares of AllianceBernstein in a report on Monday, June 8th. Sanford C. Bernstein reiterated an “outperform” rating on shares of AllianceBernstein in a research report on Monday, June 8th. TD Cowen dropped their target price on shares of AllianceBernstein from $39.50 to $39.00 and set a “hold” rating on the stock in a report on Wednesday, April 29th. Finally, Weiss Ratings downgraded shares of AllianceBernstein from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, June 29th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $39.90.
Check Out Our Latest Analysis on AllianceBernstein
AllianceBernstein Profile
AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.
The firm’s roots date back to 1967 with the founding of Sanford C.
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