Capital Advisory Group Advisory Services LLC Makes New Investment in AllianceBernstein Holding L.P. (NYSE:AB)

Capital Advisory Group Advisory Services LLC bought a new stake in AllianceBernstein Holding L.P. (NYSE:AB) during the fourth quarter, Holdings Channel reports. The institutional investor bought 43,631 shares of the asset manager’s stock, valued at approximately $1,618,000.

Other hedge funds also recently modified their holdings of the company. Concurrent Investment Advisors LLC lifted its position in shares of AllianceBernstein by 31.1% during the fourth quarter. Concurrent Investment Advisors LLC now owns 14,815 shares of the asset manager’s stock valued at $549,000 after purchasing an additional 3,518 shares in the last quarter. Atria Wealth Solutions Inc. purchased a new stake in shares of AllianceBernstein during the fourth quarter valued at approximately $277,000. D.A. Davidson & CO. lifted its holdings in AllianceBernstein by 8.2% during the fourth quarter. D.A. Davidson & CO. now owns 149,031 shares of the asset manager’s stock worth $5,528,000 after acquiring an additional 11,296 shares during the period. Truist Financial Corp boosted its position in AllianceBernstein by 13.2% in the fourth quarter. Truist Financial Corp now owns 23,679 shares of the asset manager’s stock worth $878,000 after purchasing an additional 2,768 shares during the last quarter. Finally, Summit Trail Advisors LLC bought a new position in AllianceBernstein in the 4th quarter valued at $325,000. Hedge funds and other institutional investors own 19.25% of the company’s stock.

AllianceBernstein Price Performance

Shares of NYSE AB opened at $36.00 on Friday. The stock has a market capitalization of $4.15 billion, a PE ratio of 9.68, a P/E/G ratio of 0.79 and a beta of 1.21. AllianceBernstein Holding L.P. has a one year low of $30.57 and a one year high of $41.37. The business’s fifty day moving average price is $37.26 and its 200-day moving average price is $36.10.

AllianceBernstein (NYSE:AB) last released its quarterly earnings data on Thursday, February 6th. The asset manager reported $1.05 EPS for the quarter, beating the consensus estimate of $0.87 by $0.18. AllianceBernstein had a net margin of 9.46% and a return on equity of 17.77%. As a group, equities analysts expect that AllianceBernstein Holding L.P. will post 3.58 EPS for the current fiscal year.

AllianceBernstein Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th will be given a dividend of $1.05 per share. The ex-dividend date is Tuesday, February 18th. This represents a $4.20 annualized dividend and a dividend yield of 11.67%. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.77. AllianceBernstein’s dividend payout ratio is currently 112.90%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on AB shares. Barclays lowered their target price on AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. Evercore ISI lifted their price objective on shares of AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, AllianceBernstein 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.