6,630 Shares in AllianceBernstein Holding L.P. (NYSE:AB) Bought by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. acquired a new stake in shares of AllianceBernstein Holding L.P. (NYSE:AB) in the 4th quarter, Holdings Channel reports. The firm acquired 6,630 shares of the asset manager’s stock, valued at approximately $246,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. PNC Financial Services Group Inc. raised its position in AllianceBernstein by 19.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,929 shares of the asset manager’s stock valued at $72,000 after purchasing an additional 319 shares during the period. Captrust Financial Advisors raised its holdings in AllianceBernstein by 4.9% during the 3rd quarter. Captrust Financial Advisors now owns 7,587 shares of the asset manager’s stock valued at $265,000 after buying an additional 355 shares during the period. Second Line Capital LLC lifted its position in AllianceBernstein by 5.9% in the third quarter. Second Line Capital LLC now owns 7,907 shares of the asset manager’s stock worth $276,000 after buying an additional 443 shares during the last quarter. Sanctuary Advisors LLC boosted its stake in AllianceBernstein by 3.0% during the third quarter. Sanctuary Advisors LLC now owns 19,071 shares of the asset manager’s stock worth $679,000 after buying an additional 549 shares during the period. Finally, Independent Advisor Alliance increased its position in AllianceBernstein by 7.1% during the fourth quarter. Independent Advisor Alliance now owns 9,518 shares of the asset manager’s stock valued at $353,000 after acquiring an additional 630 shares during the last quarter. 19.25% of the stock is owned by hedge funds and other institutional investors.

AllianceBernstein Price Performance

AB stock opened at $38.31 on Tuesday. AllianceBernstein Holding L.P. has a 1-year low of $30.57 and a 1-year high of $41.37. The business has a 50-day moving average price of $37.85 and a 200 day moving average price of $36.83. The company has a market capitalization of $4.23 billion, a P/E ratio of 10.30, a PEG ratio of 0.78 and a beta of 1.25.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings results 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 17.88%. On average, analysts anticipate that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current fiscal year.

AllianceBernstein Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were given a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 10.96%. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.77. The ex-dividend date was Tuesday, February 18th. AllianceBernstein’s dividend payout ratio is presently 112.90%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on AB shares. Barclays dropped their price target on shares of AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating for the company in a research note on Monday, December 9th. TD Cowen cut AllianceBernstein from a “buy” rating to a “hold” rating and upped their target price for the company from $38.00 to $38.50 in a research note on Tuesday, February 25th. Finally, Sanford C. Bernstein set a $45.00 price objective on AllianceBernstein in a research report on Thursday, January 16th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $42.75.

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.