Haverford Trust Co Makes New Investment in AllianceBernstein Holding L.P. (NYSE:AB)

Haverford Trust Co bought a new stake in AllianceBernstein Holding L.P. (NYSE:AB) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 7,906 shares of the asset manager’s stock, valued at approximately $276,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Crestwood Advisors Group LLC raised its position in AllianceBernstein by 1,019.7% in the 3rd quarter. Crestwood Advisors Group LLC now owns 280,961 shares of the asset manager’s stock valued at $9,803,000 after purchasing an additional 255,868 shares during the last quarter. American Century Companies Inc. grew its holdings in AllianceBernstein by 8.9% during the 2nd quarter. American Century Companies Inc. now owns 2,873,324 shares of the asset manager’s stock worth $97,090,000 after acquiring an additional 234,253 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in AllianceBernstein by 426.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 273,695 shares of the asset manager’s stock valued at $9,248,000 after acquiring an additional 221,736 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in shares of AllianceBernstein in the second quarter worth about $4,477,000. Finally, Sei Investments Co. lifted its position in shares of AllianceBernstein by 159.4% during the first quarter. Sei Investments Co. now owns 154,598 shares of the asset manager’s stock worth $5,371,000 after purchasing an additional 94,989 shares in the last quarter. 19.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AllianceBernstein

In related news, insider Equitable Holdings, Inc. acquired 500,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were acquired at an average cost of $34.18 per share, with a total value of $17,090,000.00. Following the transaction, the insider now owns 3,066,838 shares of the company’s stock, valued at $104,824,522.84. The trade was a 19.48 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles G.T. Stonehill sold 4,000 shares of AllianceBernstein stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $34.87, for a total value of $139,480.00. Following the completion of the sale, the director now directly owns 25,923 shares in the company, valued at $903,935.01. This represents a 13.37 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

Wall Street Analysts Forecast Growth

AB has been the subject of several research analyst reports. The Goldman Sachs Group boosted their price objective on shares of AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Evercore ISI upped their price target on AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Barclays lifted their price objective on AllianceBernstein from $36.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. Finally, TD Cowen upped their target price on shares of AllianceBernstein from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

AllianceBernstein Trading Up 3.5 %

Shares of AB opened at $37.05 on Friday. The stock has a market cap of $4.27 billion, a P/E ratio of 10.61, a price-to-earnings-growth ratio of 0.83 and a beta of 1.23. AllianceBernstein Holding L.P. has a 1 year low of $27.16 and a 1 year high of $38.96. The stock’s 50-day moving average price is $35.83 and its two-hundred day moving average price is $34.48.

AllianceBernstein Increases Dividend

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