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

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

A number of other hedge funds and other institutional investors have also made changes to their positions in AB. Citigroup Inc. increased its holdings in shares of AllianceBernstein by 59.1% in 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. Jennison Associates LLC increased its stake in AllianceBernstein by 12.2% in the third quarter. Jennison Associates LLC now owns 878,323 shares of the asset manager’s stock valued at $30,645,000 after purchasing an additional 95,847 shares during the period. Segall Bryant & Hamill LLC purchased a new stake in shares of AllianceBernstein in the third quarter valued at about $492,000. Sheaff Brock Investment Advisors LLC acquired a new stake in shares of AllianceBernstein during the third quarter worth about $238,000. Finally, Nicola Wealth Management LTD. grew its holdings in shares of AllianceBernstein by 44.9% during the third quarter. Nicola Wealth Management LTD. now owns 155,000 shares of the asset manager’s stock worth $5,408,000 after buying an additional 48,000 shares during the last quarter. Institutional investors and hedge funds own 19.25% of the company’s stock.

AllianceBernstein Stock Performance

AllianceBernstein stock opened at $36.65 on Thursday. AllianceBernstein Holding L.P. has a one year low of $27.71 and a one year high of $38.96. The company has a market cap of $4.22 billion, a P/E ratio of 10.43, a price-to-earnings-growth ratio of 0.81 and a beta of 1.23. The business has a fifty day moving average of $36.27 and a two-hundred day moving average of $34.70.

AllianceBernstein Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Monday, November 4th were issued a dividend of $0.77 per share. The ex-dividend date was Monday, November 4th. This represents a $3.08 dividend on an annualized basis and a yield of 8.40%. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. AllianceBernstein’s payout ratio is currently 88.25%.

Insiders Place Their Bets

In other news, insider Equitable Holdings, Inc. purchased 500,000 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was acquired at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the purchase, the insider now directly owns 3,066,838 shares of the company’s stock, valued at $104,824,522.84. This represents a 19.48 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AB. The Goldman Sachs Group increased their price objective on AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Barclays raised their target price on shares of AllianceBernstein from $36.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Finally, 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. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.00.

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.