AllianceBernstein (NYSE:AB) Shares Down 3.7% – Should You Sell?

Shares of AllianceBernstein Holding L.P. (NYSE:AB) were down 3.7% during mid-day trading on Friday . The company traded as low as $35.31 and last traded at $35.37. Approximately 230,967 shares changed hands during trading, a decline of 22% from the average daily volume of 295,990 shares. The stock had previously closed at $36.72.

Wall Street Analyst Weigh In

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

AllianceBernstein Price Performance

The company has a market cap of $4.09 billion, a PE ratio of 10.15, a PEG ratio of 0.83 and a beta of 1.23. The firm’s 50 day moving average is $36.21 and its 200 day moving average is $34.62.

AllianceBernstein Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Monday, November 4th were issued a dividend of $0.77 per share. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.71. This represents a $3.08 dividend on an annualized basis and a yield of 8.68%. The ex-dividend date of this dividend was Monday, November 4th. AllianceBernstein’s dividend payout ratio is currently 88.25%.

Insiders Place Their Bets

In other news, insider Equitable Holdings, Inc. acquired 500,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were bought at an average cost of $34.18 per share, with a total value of $17,090,000.00. Following the transaction, the insider now owns 3,066,838 shares of the company’s stock, valued at $104,824,522.84. This trade represents a 19.48 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.70% of the company’s stock.

Institutional Trading of AllianceBernstein

Several institutional investors have recently bought and sold shares of the company. American Century Companies Inc. boosted its holdings in shares of AllianceBernstein by 8.9% during the 2nd quarter. American Century Companies Inc. now owns 2,873,324 shares of the asset manager’s stock valued at $97,090,000 after acquiring an additional 234,253 shares during the last quarter. FMR LLC boosted its holdings in shares of AllianceBernstein by 6.3% during the 3rd quarter. FMR LLC now owns 2,613,381 shares of the asset manager’s stock valued at $91,181,000 after acquiring an additional 154,039 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of AllianceBernstein by 12.2% during the 3rd quarter. Jennison Associates LLC now owns 878,323 shares of the asset manager’s stock valued at $30,645,000 after acquiring an additional 95,847 shares during the last quarter. Citigroup Inc. boosted its holdings in shares of AllianceBernstein by 59.1% during the 3rd 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. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of AllianceBernstein by 20.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 330,868 shares of the asset manager’s stock valued at $11,544,000 after acquiring an additional 57,173 shares during the last quarter. 19.25% of the stock is owned by hedge funds and other institutional investors.

AllianceBernstein Company 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.