AllianceBernstein Holding L.P. (NYSE:AB) Shares Sold by Kovack Advisors Inc.

Kovack Advisors Inc. cut its stake in shares of AllianceBernstein Holding L.P. (NYSE:AB) by 10.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 14,610 shares of the asset manager’s stock after selling 1,647 shares during the quarter. Kovack Advisors Inc.’s holdings in AllianceBernstein were worth $510,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. NBC Securities Inc. grew its holdings in AllianceBernstein by 80.8% during the 3rd quarter. NBC Securities Inc. now owns 736 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 329 shares in the last quarter. SJS Investment Consulting Inc. bought a new stake in shares of AllianceBernstein in the 2nd quarter valued at approximately $31,000. EverSource Wealth Advisors LLC boosted its holdings in shares of AllianceBernstein by 1,354.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,454 shares of the asset manager’s stock valued at $49,000 after buying an additional 1,354 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of AllianceBernstein by 115.4% during the third quarter. Farther Finance Advisors LLC now owns 1,426 shares of the asset manager’s stock valued at $50,000 after purchasing an additional 764 shares during the last quarter. Finally, Larson Financial Group LLC bought a new stake in AllianceBernstein in the second quarter valued at $51,000. 19.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Charles G.T. Stonehill sold 4,000 shares of AllianceBernstein stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $34.87, for a total transaction of $139,480.00. Following the sale, the director now directly owns 25,923 shares of the company’s stock, valued at $903,935.01. This trade represents a 13.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Equitable Holdings, Inc. bought 500,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was purchased at an average price of $34.18 per share, with a total value of $17,090,000.00. Following the completion of 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 disclosure for this purchase can be found here. Insiders own 2.70% of the company’s stock.

Analyst Ratings Changes

AB has been the subject of a number of research analyst reports. Barclays upped their price target 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. TD Cowen increased their price objective on AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Evercore ISI lifted their target price on AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group upped their target price on AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. One equities research 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, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

AllianceBernstein Price Performance

Shares of AB opened at $37.05 on Friday. The company has a market capitalization of $4.27 billion, a price-to-earnings ratio of 10.62, a P/E/G ratio of 0.83 and a beta of 1.23. The business’s 50-day moving average is $35.83 and its 200-day moving average is $34.48. AllianceBernstein Holding L.P. has a fifty-two week low of $27.16 and a fifty-two week high of $38.96.

AllianceBernstein Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Monday, November 4th will be paid a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a dividend yield of 8.31%. The ex-dividend date of this dividend is Monday, November 4th. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. AllianceBernstein’s dividend payout ratio is 88.25%.

AllianceBernstein 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.