Phase 2 Partners LLC Makes New Investment in AllianceBernstein Holding L.P. (NYSE:AB)

Phase 2 Partners LLC acquired a new position in shares of AllianceBernstein Holding L.P. (NYSE:AB) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 60,905 shares of the asset manager’s stock, valued at approximately $2,125,000. AllianceBernstein comprises about 1.3% of Phase 2 Partners LLC’s holdings, making the stock its 26th largest position.

Other large investors have also made changes to their positions in the company. American Century Companies Inc. lifted its stake in shares of AllianceBernstein by 8.9% during the second quarter. American Century Companies Inc. now owns 2,873,324 shares of the asset manager’s stock worth $97,090,000 after purchasing an additional 234,253 shares in the last quarter. FMR LLC grew 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 acquiring an additional 154,039 shares in the last quarter. Jennison Associates LLC increased its holdings in AllianceBernstein by 12.2% in the third quarter. Jennison Associates LLC now owns 878,323 shares of the asset manager’s stock valued at $30,645,000 after buying an additional 95,847 shares during the last quarter. Citigroup Inc. increased its holdings in shares of AllianceBernstein by 59.1% in the 3rd quarter. Citigroup Inc. now owns 645,685 shares of the asset manager’s stock valued at $22,528,000 after acquiring an additional 239,941 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of AllianceBernstein by 20.9% during the third quarter. The Manufacturers Life Insurance Company now owns 330,868 shares of the asset manager’s stock worth $11,544,000 after purchasing an additional 57,173 shares during the period. 19.25% of the stock is owned by hedge funds and other institutional investors.

AllianceBernstein Stock Down 1.5 %

Shares of AllianceBernstein stock opened at $35.86 on Wednesday. The stock’s fifty day moving average is $36.42 and its 200-day moving average is $34.80. The firm has a market capitalization of $4.13 billion, a PE ratio of 10.28, a price-to-earnings-growth ratio of 0.83 and a beta of 1.21. AllianceBernstein Holding L.P. has a 12-month low of $28.02 and a 12-month high of $38.96.

AllianceBernstein Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Monday, November 4th were given a $0.77 dividend. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. This represents a $3.08 annualized dividend and a dividend yield of 8.59%. The ex-dividend date of this dividend was Monday, November 4th. AllianceBernstein’s dividend payout ratio (DPR) is 88.25%.

Insider Activity

In related news, insider Equitable Holdings, Inc. purchased 500,000 shares of AllianceBernstein stock in a transaction dated Friday, September 20th. The stock was acquired at an average cost of $34.18 per share, with a total value of $17,090,000.00. Following the completion of the transaction, the insider now directly owns 3,066,838 shares of the company’s stock, valued at $104,824,522.84. This trade represents a 19.48 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. The Goldman Sachs Group increased their price target on AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Barclays increased their target price on shares of AllianceBernstein from $36.00 to $39.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. Finally, Evercore ISI boosted their price objective on AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $43.00.

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.