Gateway Wealth Partners LLC Invests $226,000 in AllianceBernstein Holding L.P. (NYSE:AB)

Gateway Wealth Partners LLC purchased a new position in shares of AllianceBernstein Holding L.P. (NYSE:AB) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 6,100 shares of the asset manager’s stock, valued at approximately $226,000.

A number of other hedge funds have also bought and sold shares of AB. NBC Securities Inc. lifted its holdings in AllianceBernstein by 80.8% during the 3rd quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock worth $25,000 after buying an additional 329 shares during the last quarter. Truvestments Capital LLC bought a new position in AllianceBernstein during the third quarter worth $31,000. FSA Wealth Management LLC acquired a new position in AllianceBernstein in the third quarter worth $36,000. Farther Finance Advisors LLC increased its stake in AllianceBernstein by 115.4% during the third quarter. Farther Finance Advisors LLC now owns 1,426 shares of the asset manager’s stock valued at $50,000 after purchasing an additional 764 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of AllianceBernstein by 740.7% during the third quarter. CWM LLC now owns 2,270 shares of the asset manager’s stock worth $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.

AllianceBernstein Trading Down 1.7 %

AB opened at $39.53 on Thursday. The business’s 50 day moving average is $36.90 and its 200-day moving average is $35.79. The stock has a market cap of $4.55 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 0.81 and a beta of 1.20. AllianceBernstein Holding L.P. has a twelve month low of $30.57 and a twelve month high of $40.86.

Wall Street Analyst Weigh In

Several research firms have recently commented on AB. Evercore ISI lifted their price target on shares of AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. The Goldman Sachs Group upped their target price on AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. Finally, Barclays cut their price target on AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a report on Monday, December 9th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, AllianceBernstein has a consensus 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.