AllianceBernstein Holding L.P. (NYSE:AB) Shares Sold by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. cut its holdings in shares of AllianceBernstein Holding L.P. (NYSE:AB) by 22.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 42,208 shares of the asset manager’s stock after selling 12,063 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in AllianceBernstein were worth $1,472,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Highland Capital Management LLC raised its stake in shares of AllianceBernstein by 40.2% during the second quarter. Highland Capital Management LLC now owns 53,883 shares of the asset manager’s stock valued at $1,821,000 after purchasing an additional 15,450 shares in the last quarter. Raymond James Trust N.A. raised its position in shares of AllianceBernstein by 8.1% during the 2nd quarter. Raymond James Trust N.A. now owns 9,546 shares of the asset manager’s stock worth $323,000 after buying an additional 713 shares in the last quarter. F M Investments LLC acquired a new stake in shares of AllianceBernstein in the 2nd quarter worth approximately $455,000. Rothschild Investment LLC bought a new position in shares of AllianceBernstein in the second quarter valued at approximately $253,000. Finally, Nicola Wealth Management LTD. increased its stake in shares of AllianceBernstein by 20.2% during the second quarter. Nicola Wealth Management LTD. now owns 107,000 shares of the asset manager’s stock valued at $3,616,000 after acquiring an additional 18,000 shares during the period. Institutional investors own 19.25% of the company’s stock.

Insider Activity at AllianceBernstein

In related news, insider Equitable Holdings, Inc. acquired 500,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were purchased at an average price 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 represents a 19.48 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.70% of the stock is owned by insiders.

AllianceBernstein Stock Down 0.7 %

Shares of NYSE AB opened at $35.71 on Tuesday. The stock’s fifty day simple moving average is $36.61 and its 200 day simple moving average is $34.93. The stock has a market capitalization of $4.11 billion, a price-to-earnings ratio of 10.22, a PEG 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. Shareholders of record on Monday, November 4th were issued a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a yield of 8.63%. The ex-dividend date of this dividend was Monday, November 4th. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. AllianceBernstein’s payout ratio is presently 88.25%.

Wall Street Analysts Forecast Growth

AB has been the subject of a number of research analyst reports. 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. Barclays decreased their target price on AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating for the company in a research note on Monday, December 9th. Finally, The Goldman Sachs Group boosted their price target on shares of AllianceBernstein from $40.75 to $41.00 and gave the stock 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $42.40.

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.