Merrion Investment Management Co LLC Cuts Stock Position in AllianceBernstein Holding L.P. (NYSE:AB)

Merrion Investment Management Co LLC lowered its stake in AllianceBernstein Holding L.P. (NYSE:AB) by 35.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 6,500 shares of the asset manager’s stock after selling 3,500 shares during the quarter. Merrion Investment Management Co LLC’s holdings in AllianceBernstein were worth $241,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. New England Research & Management Inc. grew its stake in shares of AllianceBernstein by 51.2% in the 4th quarter. New England Research & Management Inc. now owns 15,950 shares of the asset manager’s stock worth $592,000 after buying an additional 5,400 shares during the last quarter. Manning & Napier Advisors LLC grew its stake in shares of AllianceBernstein by 28.6% in the 4th quarter. Manning & Napier Advisors LLC now owns 180,000 shares of the asset manager’s stock worth $6,676,000 after buying an additional 40,000 shares during the last quarter. Gateway Wealth Partners LLC purchased a new stake in shares of AllianceBernstein in the 4th quarter worth approximately $226,000. Perigon Wealth Management LLC purchased a new stake in shares of AllianceBernstein in the 4th quarter worth approximately $290,000. Finally, Janney Montgomery Scott LLC grew its stake in shares of AllianceBernstein by 4.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 102,131 shares of the asset manager’s stock worth $3,788,000 after buying an additional 4,422 shares during the last quarter. Hedge funds and other institutional investors own 19.25% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. The Goldman Sachs Group upped their price target on AllianceBernstein from $40.75 to $41.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Evercore ISI increased their target price on AllianceBernstein from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Finally, Barclays cut their target price on AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.40.

AllianceBernstein Price Performance

AB stock opened at $39.53 on Thursday. The company has a market cap of $4.55 billion, a P/E ratio of 11.33, a price-to-earnings-growth ratio of 0.81 and a beta of 1.20. AllianceBernstein Holding L.P. has a 1 year low of $30.57 and a 1 year high of $40.86. The stock’s fifty day moving average price is $36.90 and its 200-day moving average price is $35.79.

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.