AllianceBernstein Holding L.P. (NYSE:AB) Shares Sold by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. lessened its position in AllianceBernstein Holding L.P. (NYSE:AB) by 22.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,208 shares of the asset manager’s stock after selling 12,063 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in AllianceBernstein were worth $1,472,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Highland Capital Management LLC grew its stake in AllianceBernstein by 40.2% in the 2nd quarter. Highland Capital Management LLC now owns 53,883 shares of the asset manager’s stock worth $1,821,000 after acquiring an additional 15,450 shares during the period. Raymond James Trust N.A. grew its position in shares of AllianceBernstein by 8.1% in the second quarter. Raymond James Trust N.A. now owns 9,546 shares of the asset manager’s stock valued at $323,000 after purchasing an additional 713 shares during the period. F M Investments LLC acquired a new position in AllianceBernstein in the second quarter valued at $455,000. Rothschild Investment LLC purchased a new position in AllianceBernstein during the second quarter worth about $253,000. Finally, Nicola Wealth Management LTD. lifted its position in AllianceBernstein by 20.2% during the second quarter. Nicola Wealth Management LTD. now owns 107,000 shares of the asset manager’s stock worth $3,616,000 after buying an additional 18,000 shares during the period. Hedge funds and other institutional investors own 19.25% of the company’s stock.

Analyst Upgrades and Downgrades

AB has been the subject of several recent analyst reports. Barclays lowered their price target on AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating for the company in a report on Monday, December 9th. Evercore ISI boosted their target price on shares of AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group upped their price target 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. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $42.40.

AllianceBernstein Price Performance

NYSE AB opened at $35.71 on Tuesday. AllianceBernstein Holding L.P. has a 1-year low of $30.10 and a 1-year high of $38.96. The firm has a market capitalization of $4.11 billion, a P/E ratio of 10.22, a P/E/G ratio of 0.83 and a beta of 1.21. The business’s 50-day simple moving average is $36.61 and its 200-day simple moving average is $34.93.

AllianceBernstein Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Monday, November 4th were paid a dividend of $0.77 per share. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.71. This represents a $3.08 annualized dividend and a yield of 8.63%. The ex-dividend date of this dividend was Monday, November 4th. AllianceBernstein’s payout ratio is currently 88.25%.

Insiders Place Their Bets

In related news, insider Equitable Holdings, Inc. acquired 500,000 shares of AllianceBernstein stock in a transaction on Friday, September 20th. The shares were bought at an average price of $34.18 per share, for a total transaction of $17,090,000.00. Following the completion of the purchase, the insider now directly owns 3,066,838 shares in the company, valued at $104,824,522.84. This trade represents a 19.48 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.70% of the stock is owned by insiders.

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.