AllianceBernstein (NYSE:AB) Shares Gap Down After Analyst Downgrade

AllianceBernstein Holding L.P. (NYSE:AB) gapped down prior to trading on Monday after Barclays lowered their price target on the stock from $39.00 to $36.00. The stock had previously closed at $35.60, but opened at $34.58. Barclays currently has an equal weight rating on the stock. AllianceBernstein shares last traded at $35.22, with a volume of 188,619 shares changing hands.

Other equities analysts have also recently issued research reports about the company. Evercore ISI lifted their price target on AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. The Goldman Sachs Group lifted their target price on AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $42.40.

Insider Activity

In other news, insider Equitable Holdings, Inc. purchased 500,000 shares of AllianceBernstein stock in a transaction that occurred on Friday, September 20th. The shares were acquired at an average price of $34.18 per share, for a total transaction of $17,090,000.00. Following the transaction, the insider now owns 3,066,838 shares of the company’s stock, valued at approximately $104,824,522.84. The trade was a 19.48 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

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

AllianceBernstein Price Performance

The company has a fifty day moving average price of $36.50 and a two-hundred day moving average price of $34.86. The company has a market capitalization of $4.18 billion, a P/E ratio of 10.40, a PEG ratio of 0.82 and a beta of 1.21.

AllianceBernstein Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Monday, November 4th were paid a $0.77 dividend. This is a boost 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 8.48%. AllianceBernstein’s dividend payout ratio is presently 88.25%.

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.