Concurrent Investment Advisors LLC Increases Stock Holdings in AllianceBernstein Holding L.P. (NYSE:AB)

Concurrent Investment Advisors LLC boosted its holdings in shares of AllianceBernstein Holding L.P. (NYSE:AB) by 31.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 14,815 shares of the asset manager’s stock after purchasing an additional 3,518 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in AllianceBernstein were worth $549,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. FMR LLC increased its holdings in AllianceBernstein by 6.3% during the 3rd quarter. FMR LLC now owns 2,613,381 shares of the asset manager’s stock worth $91,181,000 after purchasing an additional 154,039 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in AllianceBernstein by 12.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,454,364 shares of the asset manager’s stock worth $85,633,000 after purchasing an additional 265,844 shares during the last quarter. Jennison Associates LLC increased its holdings in AllianceBernstein by 7.0% during the 4th quarter. Jennison Associates LLC now owns 939,649 shares of the asset manager’s stock worth $34,852,000 after purchasing an additional 61,326 shares during the last quarter. Citigroup Inc. grew its position in shares of AllianceBernstein by 59.1% in the 3rd quarter. Citigroup Inc. now owns 645,685 shares of the asset manager’s stock worth $22,528,000 after acquiring an additional 239,941 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in shares of AllianceBernstein by 0.5% in the 3rd quarter. Franklin Resources Inc. now owns 413,165 shares of the asset manager’s stock worth $14,919,000 after acquiring an additional 2,000 shares in the last quarter. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

AllianceBernstein Price Performance

NYSE:AB opened at $37.59 on Tuesday. AllianceBernstein Holding L.P. has a 12-month low of $30.57 and a 12-month high of $41.37. The firm has a market capitalization of $4.16 billion, a P/E ratio of 10.11, a P/E/G ratio of 0.79 and a beta of 1.21. The business has a 50 day simple moving average of $37.29 and a 200 day simple moving average of $36.20.

AllianceBernstein (NYSE:AB) last released its quarterly earnings data on Thursday, February 6th. The asset manager reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.18. AllianceBernstein had a return on equity of 17.88% and a net margin of 9.46%. Research analysts anticipate that AllianceBernstein Holding L.P. will post 3.58 EPS for the current fiscal year.

AllianceBernstein Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Investors 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 dividend on an annualized basis and a yield of 11.17%. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.77. AllianceBernstein’s payout ratio is currently 112.90%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on AB shares. Sanford C. Bernstein set a $45.00 target price on AllianceBernstein in a research report on Thursday, January 16th. Barclays decreased their target price on AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating for the company in a research report on Monday, December 9th. Finally, Evercore ISI lifted their target price on AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $42.83.

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.