HighTower Advisors LLC Buys 3,403 Shares of AllianceBernstein Holding L.P. (NYSE:AB)

HighTower Advisors LLC increased its stake in shares of AllianceBernstein Holding L.P. (NYSE:AB) by 11.9% during the first quarter, HoldingsChannel.com reports. The fund owned 32,082 shares of the asset manager’s stock after purchasing an additional 3,403 shares during the period. HighTower Advisors LLC’s holdings in AllianceBernstein were worth $1,282,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of AB. Aviance Capital Partners LLC raised its position in shares of AllianceBernstein by 0.8% in the fourth quarter. Aviance Capital Partners LLC now owns 38,205 shares of the asset manager’s stock valued at $1,290,000 after purchasing an additional 320 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in AllianceBernstein by 14.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 59,139 shares of the asset manager’s stock worth $1,997,000 after acquiring an additional 7,534 shares during the last quarter. LPL Financial LLC boosted its holdings in AllianceBernstein by 14.6% during the fourth quarter. LPL Financial LLC now owns 150,587 shares of the asset manager’s stock valued at $5,085,000 after acquiring an additional 19,211 shares during the period. Nvwm LLC acquired a new stake in shares of AllianceBernstein in the fourth quarter valued at about $165,000. Finally, Cetera Investment Advisers bought a new position in shares of AllianceBernstein in the fourth quarter worth about $976,000. Hedge funds and other institutional investors own 15.16% of the company’s stock.

A number of research firms have issued reports on AB. Zacks Investment Research raised AllianceBernstein from a “sell” rating to a “hold” rating in a report on Monday, May 3rd. Sanford C. Bernstein lowered shares of AllianceBernstein from a “buy” rating to a “neutral” rating in a research report on Friday, April 9th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $42.00 price target on shares of AllianceBernstein in a report on Tuesday, April 13th. The Goldman Sachs Group restated a “neutral” rating and set a $40.00 price objective (down previously from $41.00) on shares of AllianceBernstein in a report on Thursday, April 1st. Finally, Bank of America reiterated a “neutral” rating and issued a $42.00 target price on shares of AllianceBernstein in a research note on Thursday, April 15th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. AllianceBernstein has a consensus rating of “Hold” and a consensus target price of $38.50.

Shares of AllianceBernstein stock opened at $45.50 on Friday. The firm has a market cap of $4.47 billion, a price-to-earnings ratio of 14.82, a P/E/G ratio of 1.06 and a beta of 1.39. The company’s 50-day simple moving average is $43.08. AllianceBernstein Holding L.P. has a twelve month low of $24.15 and a twelve month high of $46.92.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings results on Wednesday, April 28th. The asset manager reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.06. AllianceBernstein had a net margin of 7.76% and a return on equity of 19.31%. The firm had revenue of $819.98 million during the quarter, compared to analysts’ expectations of $811.30 million. During the same quarter last year, the company earned $0.64 earnings per share. As a group, equities research analysts anticipate that AllianceBernstein Holding L.P. will post 3.32 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, May 27th. Shareholders of record on Monday, May 10th were given a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 7.12%. The ex-dividend date was Friday, May 7th. AllianceBernstein’s dividend payout ratio (DPR) is 111.34%.

AllianceBernstein Company Profile

AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.

Featured Article: How dollar cost averaging works

Want to see what other hedge funds are holding AB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AllianceBernstein Holding L.P. (NYSE:AB).

Institutional Ownership by Quarter for AllianceBernstein (NYSE:AB)

Receive News & Ratings for AllianceBernstein Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AllianceBernstein and related companies with MarketBeat.com's FREE daily email newsletter.