Creative Planning Grows Position in AllianceBernstein Holding L.P. (NYSE:AB)

Creative Planning grew its stake in shares of AllianceBernstein Holding L.P. (NYSE:AB) by 3.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,005 shares of the asset manager’s stock after buying an additional 469 shares during the period. Creative Planning’s holdings in AllianceBernstein were worth $524,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Jennison Associates LLC purchased a new stake in shares of AllianceBernstein in the first quarter valued at $23,660,000. American Century Companies Inc. grew its position in shares of AllianceBernstein by 8.9% in the second quarter. American Century Companies Inc. now owns 2,873,324 shares of the asset manager’s stock valued at $97,090,000 after purchasing an additional 234,253 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of AllianceBernstein by 426.8% in the second quarter. The Manufacturers Life Insurance Company now owns 273,695 shares of the asset manager’s stock valued at $9,248,000 after purchasing an additional 221,736 shares during the period. Manning & Napier Advisors LLC purchased a new stake in shares of AllianceBernstein in the second quarter valued at $4,477,000. Finally, Sei Investments Co. grew its position in shares of AllianceBernstein by 159.4% in the first quarter. Sei Investments Co. now owns 154,598 shares of the asset manager’s stock valued at $5,371,000 after purchasing an additional 94,989 shares during the period. Hedge funds and other institutional investors own 19.25% of the company’s stock.

Insider Transactions at AllianceBernstein

In related news, Director Charles G.T. Stonehill sold 4,000 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $34.87, for a total value of $139,480.00. Following the transaction, the director now owns 25,923 shares in the company, valued at approximately $903,935.01. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Charles G.T. Stonehill sold 4,000 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $34.87, for a total value of $139,480.00. Following the transaction, the director now owns 25,923 shares in the company, valued at approximately $903,935.01. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Equitable Holdings, Inc. acquired 500,000 shares of the business’s stock in a transaction on Friday, September 20th. The shares were purchased at an average price of $34.18 per share, for a total transaction of $17,090,000.00. Following the purchase, the insider now directly owns 3,066,838 shares of the company’s stock, valued at $104,824,522.84. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.70% of the company’s stock.

Analyst Upgrades and Downgrades

AB has been the subject of a number of research reports. Evercore ISI boosted their price target on AllianceBernstein from $38.00 to $39.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Barclays boosted their price target on AllianceBernstein from $36.00 to $39.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. The Goldman Sachs Group boosted their price target on AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Finally, TD Cowen boosted their price target on AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $41.80.

AllianceBernstein Price Performance

Shares of NYSE AB opened at $36.47 on Wednesday. AllianceBernstein Holding L.P. has a 1-year low of $25.83 and a 1-year high of $38.96. The business has a 50-day moving average of $35.50 and a 200-day moving average of $34.36. The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of 10.45, a PEG ratio of 0.86 and a beta of 1.23.

AllianceBernstein Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Monday, November 4th will be given a $0.77 dividend. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.08 annualized dividend and a dividend yield of 8.45%. AllianceBernstein’s dividend payout ratio is presently 81.38%.

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.