HighTower Advisors LLC Has $1.10 Million Holdings in AllianceBernstein Holding L.P. (NYSE:AB)

HighTower Advisors LLC trimmed its position in shares of AllianceBernstein Holding L.P. (NYSE:AB) by 43.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,448 shares of the asset manager’s stock after selling 23,924 shares during the period. HighTower Advisors LLC’s holdings in AllianceBernstein were worth $1,095,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of AB. Jennison Associates LLC increased its stake in shares of AllianceBernstein by 12.2% in the 3rd quarter. Jennison Associates LLC now owns 878,323 shares of the asset manager’s stock valued at $30,645,000 after purchasing an additional 95,847 shares during the last quarter. Citigroup Inc. grew its position in AllianceBernstein by 59.1% in the third quarter. Citigroup Inc. now owns 645,685 shares of the asset manager’s stock valued at $22,528,000 after acquiring an additional 239,941 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in AllianceBernstein in the third quarter valued at about $671,000. International Assets Investment Management LLC acquired a new position in AllianceBernstein during the third quarter worth about $31,650,000. Finally, GSA Capital Partners LLP bought a new position in shares of AllianceBernstein in the third quarter worth about $786,000. 19.25% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Equitable Holdings, Inc. purchased 500,000 shares of the stock in a transaction on Friday, September 20th. The stock was purchased at an average price of $34.18 per share, for a total transaction of $17,090,000.00. Following the acquisition, the insider now owns 3,066,838 shares in the company, valued at $104,824,522.84. This trade represents a 19.48 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. Barclays decreased their target price on shares of AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. Finally, Evercore ISI increased their price target on AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. One 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 currently has a consensus rating of “Moderate Buy” and an average price target of $42.40.

AllianceBernstein Stock Performance

Shares of NYSE AB opened at $35.43 on Wednesday. The firm has a 50 day moving average price of $36.63 and a two-hundred day moving average price of $34.95. The stock has a market cap of $4.08 billion, a P/E ratio of 10.20, a price-to-earnings-growth ratio of 0.83 and a beta of 1.21. AllianceBernstein Holding L.P. has a 52-week low of $30.10 and a 52-week high of $38.96.

AllianceBernstein Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Monday, November 4th were issued a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 8.69%. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. The ex-dividend date was Monday, November 4th. AllianceBernstein’s dividend payout ratio is presently 88.25%.

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.