Nicholas Wealth LLC. Buys 5,154 Shares of AllianceBernstein Holding L.P. $AB

Nicholas Wealth LLC. lifted its position in AllianceBernstein Holding L.P. (NYSE:AB) by 22.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,437 shares of the asset manager’s stock after purchasing an additional 5,154 shares during the quarter. Nicholas Wealth LLC.’s holdings in AllianceBernstein were worth $1,161,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AB. SVB Wealth LLC purchased a new position in AllianceBernstein during the 1st quarter valued at approximately $32,000. Costello Asset Management INC purchased a new stake in shares of AllianceBernstein during the 1st quarter worth approximately $73,000. Zions Bancorporation National Association UT purchased a new stake in shares of AllianceBernstein during the 1st quarter worth approximately $77,000. Bessemer Group Inc. bought a new position in shares of AllianceBernstein during the 2nd quarter valued at approximately $163,000. Finally, Tyche Wealth Partners LLC bought a new stake in AllianceBernstein in the second quarter worth $204,000. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AB has been the topic of a number of recent research reports. Bank of America upped their price target on shares of AllianceBernstein from $41.00 to $42.00 and gave the company a “neutral” rating in a research note on Thursday, October 2nd. Cowen restated a “hold” rating on shares of AllianceBernstein in a research report on Friday, October 24th. TD Cowen lifted their price target on AllianceBernstein from $36.50 to $40.00 and gave the stock a “hold” rating in a research report on Friday, October 24th. Weiss Ratings reissued a “hold (c)” rating on shares of AllianceBernstein in a research note on Wednesday, October 8th. Finally, Evercore ISI lowered their price objective on AllianceBernstein from $46.00 to $44.00 and set an “outperform” rating for the company in a research note on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $41.50.

AllianceBernstein Stock Performance

AB opened at $39.20 on Wednesday. The stock’s 50 day moving average price is $38.94 and its 200-day moving average price is $39.90. AllianceBernstein Holding L.P. has a one year low of $32.28 and a one year high of $43.30. The stock has a market cap of $3.57 billion, a price-to-earnings ratio of 12.89, a P/E/G ratio of 1.24 and a beta of 0.86.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings data on Thursday, October 23rd. The asset manager reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.01. The company had revenue of $884.67 million during the quarter, compared to analysts’ expectations of $900.69 million. AllianceBernstein had a return on equity of 20.56% and a net margin of 7.09%.AllianceBernstein’s revenue was up 1.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.77 EPS. As a group, analysts predict that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current fiscal year.

AllianceBernstein Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Monday, November 3rd will be issued a $0.86 dividend. The ex-dividend date is Monday, November 3rd. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.76. This represents a $3.44 dividend on an annualized basis and a dividend yield of 8.8%. AllianceBernstein’s dividend payout ratio (DPR) is currently 113.16%.

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.