Gateway Wealth Partners LLC Makes New Investment in AllianceBernstein Holding L.P. (NYSE:AB)

Gateway Wealth Partners LLC acquired a new stake in AllianceBernstein Holding L.P. (NYSE:AB) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 6,100 shares of the asset manager’s stock, valued at approximately $226,000.

Other hedge funds have also made changes to their positions in the company. Jennison Associates LLC lifted its position in AllianceBernstein by 12.2% in the third quarter. Jennison Associates LLC now owns 878,323 shares of the asset manager’s stock worth $30,645,000 after purchasing an additional 95,847 shares during the period. Citigroup Inc. lifted its holdings in shares of AllianceBernstein by 59.1% in the third quarter. Citigroup Inc. now owns 645,685 shares of the asset manager’s stock valued at $22,528,000 after buying an additional 239,941 shares during the period. JPMorgan Chase & Co. boosted its stake in AllianceBernstein by 12.1% during the third quarter. JPMorgan Chase & Co. now owns 2,454,364 shares of the asset manager’s stock valued at $85,633,000 after buying an additional 265,844 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new position in AllianceBernstein during the third quarter worth about $671,000. Finally, International Assets Investment Management LLC bought a new stake in AllianceBernstein in the third quarter worth about $31,650,000. Institutional investors and hedge funds own 19.25% of the company’s stock.

AllianceBernstein Price Performance

AB stock opened at $39.53 on Thursday. The company’s 50 day simple moving average is $36.90 and its 200-day simple moving average is $35.79. AllianceBernstein Holding L.P. has a 52-week low of $30.57 and a 52-week high of $40.86. The firm has a market capitalization of $4.55 billion, a P/E ratio of 11.33, a P/E/G ratio of 0.81 and a beta of 1.20.

Analysts Set New Price Targets

Several brokerages have recently issued reports on AB. Barclays lowered their price objective on shares of AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. The Goldman Sachs Group upped their price target on AllianceBernstein from $40.75 to $41.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. Finally, Evercore ISI raised their price objective on AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $42.40.

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.