AllianceBernstein (NYSE:AB) Sets New 1-Year High – Here’s What Happened

Shares of AllianceBernstein Holding L.P. (NYSE:AB) reached a new 52-week high during trading on Tuesday . The stock traded as high as $39.02 and last traded at $39.34, with a volume of 105549 shares trading hands. The stock had previously closed at $38.30.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Barclays dropped 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. The Goldman Sachs Group increased their price objective 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. Finally, Evercore ISI boosted their target price on AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a research report 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.com, the company has an average rating of “Moderate Buy” and a consensus target price of $42.40.

AllianceBernstein Stock Up 2.5 %

The stock’s 50 day moving average price is $36.41 and its 200-day moving average price is $35.50. The stock has a market capitalization of $4.52 billion, a P/E ratio of 11.26, a P/E/G ratio of 0.77 and a beta of 1.20.

AllianceBernstein Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Monday, November 4th were given a dividend of $0.77 per share. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.08 dividend on an annualized basis and a yield of 7.85%. AllianceBernstein’s dividend payout ratio is presently 88.25%.

Hedge Funds Weigh In On AllianceBernstein

Hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its position in AllianceBernstein by 12.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,454,364 shares of the asset manager’s stock worth $85,633,000 after acquiring an additional 265,844 shares during the period. Crestwood Advisors Group LLC raised its position in AllianceBernstein by 1,019.7% during the 3rd quarter. Crestwood Advisors Group LLC now owns 280,961 shares of the asset manager’s stock worth $9,803,000 after buying an additional 255,868 shares during the last quarter. Citigroup Inc. lifted its stake in 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 period. The Manufacturers Life Insurance Company boosted its holdings in shares of AllianceBernstein by 426.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 273,695 shares of the asset manager’s stock valued at $9,248,000 after acquiring an additional 221,736 shares during the last quarter. Finally, FMR LLC increased its stake in shares of AllianceBernstein by 6.3% in the third quarter. FMR LLC now owns 2,613,381 shares of the asset manager’s stock worth $91,181,000 after acquiring an additional 154,039 shares during the period. Institutional investors and hedge funds own 19.25% of the company’s stock.

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.