Truvestments Capital LLC Buys Shares of 876 AllianceBernstein Holding L.P. (NYSE:AB)

Truvestments Capital LLC purchased a new position in shares of AllianceBernstein Holding L.P. (NYSE:AB) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 876 shares of the asset manager’s stock, valued at approximately $31,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Crestwood Advisors Group LLC grew its position in AllianceBernstein by 1,019.7% in the third quarter. Crestwood Advisors Group LLC now owns 280,961 shares of the asset manager’s stock worth $9,803,000 after acquiring an additional 255,868 shares during the period. Citigroup Inc. increased its position in shares of AllianceBernstein by 59.1% during the 3rd quarter. Citigroup Inc. now owns 645,685 shares of the asset manager’s stock worth $22,528,000 after purchasing an additional 239,941 shares during the last quarter. American Century Companies Inc. raised its holdings in AllianceBernstein by 8.9% in 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 buying an additional 234,253 shares during the period. The Manufacturers Life Insurance Company lifted its position in AllianceBernstein by 426.8% in the second quarter. The Manufacturers Life Insurance Company now owns 273,695 shares of the asset manager’s stock valued at $9,248,000 after buying an additional 221,736 shares during the last quarter. Finally, Manning & Napier Advisors LLC purchased a new position in AllianceBernstein during the second quarter worth about $4,477,000. Institutional investors and hedge funds own 19.25% of the company’s stock.

AllianceBernstein Stock Up 2.4 %

Shares of AB stock opened at $36.65 on Thursday. The firm has a 50 day moving average of $36.27 and a two-hundred day moving average of $34.70. The stock has a market capitalization of $4.22 billion, a PE ratio of 10.43, a P/E/G ratio of 0.81 and a beta of 1.23. AllianceBernstein Holding L.P. has a 52 week low of $27.71 and a 52 week high of $38.96.

AllianceBernstein Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Monday, November 4th were issued a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a dividend yield of 8.40%. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.71. The ex-dividend date was Monday, November 4th. AllianceBernstein’s dividend payout ratio (DPR) is presently 88.25%.

Insider Transactions at AllianceBernstein

In other AllianceBernstein news, insider Equitable Holdings, Inc. bought 500,000 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were acquired at an average price 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 approximately $104,824,522.84. The trade was a 19.48 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.70% of the company’s stock.

Analysts Set New Price Targets

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

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.