Jennison Associates LLC Has $30.65 Million Holdings in AllianceBernstein Holding L.P. (NYSE:AB)

Jennison Associates LLC grew its position in shares of AllianceBernstein Holding L.P. (NYSE:AB) by 12.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 878,323 shares of the asset manager’s stock after purchasing an additional 95,847 shares during the quarter. Jennison Associates LLC’s holdings in AllianceBernstein were worth $30,645,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. NBC Securities Inc. increased its position in AllianceBernstein by 80.8% during the 3rd 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. SJS Investment Consulting Inc. acquired a new stake in shares of AllianceBernstein during the second quarter worth $31,000. EverSource Wealth Advisors LLC lifted its holdings in AllianceBernstein by 1,354.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,454 shares of the asset manager’s stock valued at $49,000 after buying an additional 1,354 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of AllianceBernstein by 115.4% in the 3rd 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 period. Finally, Larson Financial Group LLC bought a new stake in AllianceBernstein in the second quarter worth approximately $51,000. 19.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Barclays increased their target price on shares of AllianceBernstein from $36.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. The Goldman Sachs Group raised their price objective on AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Evercore ISI upped their target price on AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Finally, TD Cowen lifted their price target on shares of AllianceBernstein to $41.00 and gave the company a “buy” rating in a research report on Wednesday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, AllianceBernstein currently has a consensus rating of “Moderate Buy” and an average target price of $43.40.

Insider Buying and Selling at AllianceBernstein

In related news, insider Equitable Holdings, Inc. acquired 500,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were bought at an average cost of $34.18 per share, for a total transaction of $17,090,000.00. Following the purchase, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.70% of the company’s stock.

AllianceBernstein Trading Down 1.0 %

NYSE:AB opened at $36.79 on Friday. The stock has a market capitalization of $4.24 billion, a PE ratio of 10.52, a price-to-earnings-growth ratio of 0.83 and a beta of 1.23. The firm’s 50 day moving average is $36.15 and its 200 day moving average is $34.60. AllianceBernstein Holding L.P. has a 12 month low of $27.58 and a 12 month high of $38.96.

AllianceBernstein Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Investors 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. This represents a $3.08 dividend on an annualized basis and a yield of 8.37%. The ex-dividend date of this dividend was Monday, November 4th. AllianceBernstein’s payout ratio is currently 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.