JPMorgan Chase & Co. Boosts Stake in AllianceBernstein Holding L.P. (NYSE:AB)

JPMorgan Chase & Co. boosted its stake in AllianceBernstein Holding L.P. (NYSE:AB) by 12.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 2,454,364 shares of the asset manager’s stock after purchasing an additional 265,844 shares during the period. JPMorgan Chase & Co. owned about 2.13% of AllianceBernstein worth $85,633,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. NBC Securities Inc. boosted its stake in shares of AllianceBernstein by 80.8% in the third quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 329 shares during the period. Captrust Financial Advisors lifted its holdings in AllianceBernstein by 4.9% during the 3rd quarter. Captrust Financial Advisors now owns 7,587 shares of the asset manager’s stock worth $265,000 after buying an additional 355 shares in the last quarter. Second Line Capital LLC boosted its position in AllianceBernstein by 5.9% in the 3rd quarter. Second Line Capital LLC now owns 7,907 shares of the asset manager’s stock valued at $276,000 after buying an additional 443 shares during the period. Creative Planning grew its stake in shares of AllianceBernstein by 3.2% in the third quarter. Creative Planning now owns 15,005 shares of the asset manager’s stock worth $524,000 after acquiring an additional 469 shares in the last quarter. Finally, Sanctuary Advisors LLC increased its position in shares of AllianceBernstein by 3.0% during the third quarter. Sanctuary Advisors LLC now owns 19,071 shares of the asset manager’s stock worth $679,000 after acquiring an additional 549 shares during the period. Hedge funds and other institutional investors own 19.25% of the company’s stock.

AllianceBernstein Stock Performance

NYSE:AB opened at $37.06 on Friday. AllianceBernstein Holding L.P. has a 1 year low of $30.10 and a 1 year high of $38.96. The stock has a market cap of $4.27 billion, a P/E ratio of 10.62, a P/E/G ratio of 0.83 and a beta of 1.21. The stock has a 50-day simple moving average of $36.55 and a 200-day simple moving average of $35.21.

AllianceBernstein Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Monday, November 4th were issued a dividend of $0.77 per share. The ex-dividend date was Monday, November 4th. This represents a $3.08 dividend on an annualized basis and a yield of 8.31%. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.71. AllianceBernstein’s dividend payout ratio (DPR) is presently 88.25%.

Wall Street Analyst Weigh In

AB has been the subject of a number of recent research reports. Barclays decreased their target price on AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating for the company in a report on Monday, December 9th. Evercore ISI lifted their price objective on AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group upped their target price on shares of AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, AllianceBernstein currently has a consensus rating of “Moderate Buy” and an average price target of $42.40.

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.