AllianceBernstein (NYSE:AB) Share Price Crosses Above Fifty Day Moving Average – Here’s Why

Shares of AllianceBernstein Holding L.P. (NYSE:AB) crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $36.48 and traded as high as $36.68. AllianceBernstein shares last traded at $35.44, with a volume of 336,299 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on AB shares. Evercore ISI increased their price target on shares of AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. The Goldman Sachs Group lifted their target price 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, Barclays decreased their target price on shares of AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.40.

AllianceBernstein Price Performance

The firm has a 50 day moving average price of $36.44 and a 200-day moving average price of $35.36. The firm has a market capitalization of $4.08 billion, a price-to-earnings ratio of 10.15, a PEG ratio of 0.83 and a beta of 1.20.

AllianceBernstein Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Monday, November 4th were given a dividend of $0.77 per share. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. This represents a $3.08 annualized dividend and a yield of 8.69%. The ex-dividend date of this dividend was Monday, November 4th. AllianceBernstein’s dividend payout ratio (DPR) is presently 88.25%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of AB. NBC Securities Inc. increased its holdings in AllianceBernstein by 80.8% in 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 in the last quarter. Truvestments Capital LLC acquired a new position in shares of AllianceBernstein during the third quarter worth approximately $31,000. FSA Wealth Management LLC acquired a new position in shares of AllianceBernstein during the third quarter valued at $36,000. 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 worth $50,000 after acquiring an additional 764 shares during the period. Finally, CWM LLC increased its position in shares of AllianceBernstein by 740.7% during the 3rd quarter. CWM LLC now owns 2,270 shares of the asset manager’s stock valued at $79,000 after purchasing an additional 2,000 shares during the period. 19.25% of the stock is currently owned by institutional investors and hedge funds.

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.