AllianceBernstein (NYSE:AB) Sees Unusually-High Trading Volume – Here’s Why

Shares of AllianceBernstein Holding L.P. (NYSE:AB) saw an uptick in trading volume on Friday . 1,127,543 shares traded hands during trading, an increase of 180% from the previous session’s volume of 402,136 shares.The stock last traded at $38.03 and had previously closed at $38.12.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Barclays decreased their target price on shares of AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a report on Monday, December 9th. TD Cowen cut shares of AllianceBernstein from a “buy” rating to a “hold” rating and lifted their price objective for the company from $38.00 to $38.50 in a research note on Tuesday, February 25th. Finally, Sanford C. Bernstein set a $45.00 target price on AllianceBernstein in a research note on Thursday, January 16th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, AllianceBernstein presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.75.

AllianceBernstein Stock Performance

The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of 10.22, a P/E/G ratio of 0.78 and a beta of 1.25. The stock has a fifty day simple moving average of $37.65 and a two-hundred day simple moving average of $36.61.

AllianceBernstein (NYSE:AB) last issued its earnings results on Thursday, February 6th. The asset manager reported $1.05 EPS for the quarter, beating the consensus estimate of $0.87 by $0.18. AllianceBernstein had a return on equity of 17.88% and a net margin of 9.46%. Research analysts forecast that AllianceBernstein Holding L.P. will post 3.58 earnings per share for the current year.

AllianceBernstein Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Tuesday, February 18th were given a dividend of $1.05 per share. The ex-dividend date was Tuesday, February 18th. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.77. This represents a $4.20 annualized dividend and a dividend yield of 11.05%. AllianceBernstein’s payout ratio is presently 112.90%.

Hedge Funds Weigh In On AllianceBernstein

A number of hedge funds have recently added to or reduced their stakes in AB. Segall Bryant & Hamill LLC bought a new position in shares of AllianceBernstein in the third quarter valued at approximately $492,000. Citigroup Inc. lifted its stake in AllianceBernstein by 59.1% during 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 in the last quarter. Truvestments Capital LLC purchased a new position in AllianceBernstein during the 3rd quarter worth $31,000. Horizon Kinetics Asset Management LLC bought a new stake in shares of AllianceBernstein in the 3rd quarter worth $903,000. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of AllianceBernstein by 20.9% in the third quarter. The Manufacturers Life Insurance Company now owns 330,868 shares of the asset manager’s stock valued at $11,544,000 after purchasing an additional 57,173 shares during the last quarter. Institutional investors and hedge funds own 19.25% of the company’s stock.

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.