AllianceBernstein Holding L.P. $AB Shares Bought by Canton Hathaway LLC

Canton Hathaway LLC raised its position in AllianceBernstein Holding L.P. (NYSE:AB) by 25.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 27,000 shares of the asset manager’s stock after acquiring an additional 5,525 shares during the quarter. Canton Hathaway LLC’s holdings in AllianceBernstein were worth $1,102,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of AB. DAVENPORT & Co LLC increased its stake in AllianceBernstein by 1.9% in the 1st quarter. DAVENPORT & Co LLC now owns 36,722 shares of the asset manager’s stock valued at $1,407,000 after buying an additional 700 shares during the period. Fiduciary Group LLC increased its stake in AllianceBernstein by 7.7% in the 1st quarter. Fiduciary Group LLC now owns 6,965 shares of the asset manager’s stock valued at $267,000 after buying an additional 500 shares during the period. OneDigital Investment Advisors LLC acquired a new position in AllianceBernstein in the 1st quarter valued at $548,000. Concurrent Investment Advisors LLC increased its stake in AllianceBernstein by 13.3% in the 1st quarter. Concurrent Investment Advisors LLC now owns 16,791 shares of the asset manager’s stock valued at $643,000 after buying an additional 1,976 shares during the period. Finally, Chilton Capital Management LLC increased its stake in AllianceBernstein by 2.8% in the 1st quarter. Chilton Capital Management LLC now owns 31,190 shares of the asset manager’s stock valued at $1,195,000 after buying an additional 838 shares during the period. 19.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on AB. Weiss Ratings reissued a “hold (c)” rating on shares of AllianceBernstein in a research note on Wednesday, October 8th. Sanford C. Bernstein set a $43.00 price objective on shares of AllianceBernstein in a research note on Friday, October 24th. TD Cowen boosted their target price on shares of AllianceBernstein from $36.50 to $40.00 and gave the stock a “hold” rating in a research report on Friday, October 24th. Zacks Research upgraded shares of AllianceBernstein from a “hold” rating to a “strong-buy” rating in a research report on Monday. Finally, Cowen restated a “hold” rating on shares of AllianceBernstein in a research report on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $41.50.

AllianceBernstein Stock Down 0.6%

AllianceBernstein stock opened at $39.76 on Friday. AllianceBernstein Holding L.P. has a 52 week low of $32.28 and a 52 week high of $43.30. The firm’s 50-day simple moving average is $38.92 and its 200 day simple moving average is $39.74. The firm has a market capitalization of $4.39 billion, a PE ratio of 13.08, a P/E/G ratio of 1.24 and a beta of 0.82.

AllianceBernstein (NYSE:AB) last released its quarterly earnings data on Thursday, October 23rd. The asset manager reported $0.86 EPS for the quarter, topping the consensus estimate of $0.85 by $0.01. AllianceBernstein had a net margin of 7.09% and a return on equity of 20.56%. The business had revenue of $884.67 million for the quarter, compared to analyst estimates of $900.69 million. During the same period in the previous year, the firm earned $0.77 EPS. The business’s revenue for the quarter was up 1.3% compared to the same quarter last year. On average, research analysts expect that AllianceBernstein Holding L.P. will post 3.58 EPS for the current fiscal year.

AllianceBernstein Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Monday, November 3rd will be issued a $0.86 dividend. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.76. The ex-dividend date is Monday, November 3rd. This represents a $3.44 dividend on an annualized basis and a yield of 8.7%. AllianceBernstein’s payout ratio is currently 100.00%.

AllianceBernstein Company 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.