AllianceBernstein (AB)
NYSE:AB
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AllianceBernstein
(NYSE:AB)
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Rating:76Outperform
Price Target:
$43.00
▲(10.57% Upside)
Action:ReiteratedDate:04/28/26
The score is driven primarily by strong financial performance (high profitability, strong cash conversion, and zero debt) and supportive valuation (moderate P/E and high dividend yield). This is partially offset by weaker technical positioning below key moving averages and a mixed earnings-call backdrop where strategic progress and raised fee guidance are tempered by sizable active equity outflows and fee-rate pressure.
Positive Factors
Zero debt, conservative capital structure
A zero-debt balance sheet materially reduces financial risk and preserves strategic optionality. Over 2–6 months this underpins flexibility to fund buybacks, support distributions, invest in private markets or absorb integration costs for the Equitable Corebridge transaction without stress on liquidity or credit metrics.
Negative Factors
Material active equity outflows
Sustained active equity redemptions erode scale in higher-fee strategies and reduce recurring management fees. If client reallocations persist, revenue and margin profiles can weaken, forcing higher marketing spend and discounting to retain mandates, which pressures medium-term profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Zero debt, conservative capital structure
A zero-debt balance sheet materially reduces financial risk and preserves strategic optionality. Over 2–6 months this underpins flexibility to fund buybacks, support distributions, invest in private markets or absorb integration costs for the Equitable Corebridge transaction without stress on liquidity or credit metrics.
Read all positive factors
AllianceBernstein (AB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.51B
Dividend Yield8.93%
Average Volume (3M)317.15K
Price to Earnings (P/E)13.0
Beta (1Y)0.70
Revenue GrowthN/A
EPS Growth-19.10%
CountryUS
Employees4,341
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.83
Shares Outstanding92,184,364
10 Day Avg. Volume194,662
30 Day Avg. Volume317,146
Financial Highlights & Ratios
PEG Ratio-0.65
Price to Book (P/B)3.14
Price to Sales (P/S)11.69
P/FCF Ratio11.04
Enterprise Value/Market Cap1.24
Enterprise Value/Revenue13.06
Enterprise Value/Gross Profit13.06
Enterprise Value/Ebitda17.89
Forecast
1Y Price Target
$39.25Price Target Upside0.93% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)3.47
Revenue Forecast (FY)$3.70B
AllianceBernstein Business Overview & Revenue Model
Company Description
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...
How the Company Makes Money
AllianceBernstein primarily makes money by charging fees for managing client assets and providing investment-related services. The largest and most recurring revenue stream is investment management fees, typically calculated as a percentage of ass...
AllianceBernstein Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Neutral
The call presented a mixed but resilient picture: AB highlighted material strategic progress (notably the Equitable Corebridge opportunity), meaningful private markets and ETF growth, record institutional pipeline, modest revenue and adjusted EPS growth (+4% YoY), and sustained strength in private wealth and SMAs. Offsetting these positives were significant active equity outflows (~$11B) and retail redemptions (nearly $6B), pressured public equity performance metrics, a lower firm fee rate (38.1 bps) from mix shifts, and light near-term private markets realizations. Management emphasized confidence in medium-term growth drivers and reiterated targets while acknowledging near-term performance and flow challenges.Positive Updates
Strategic Equitable Corebridge Transaction
Proposed merger with Equitable Corebridge positions AB with a combined newCo general account base >$350 billion, expected to generate $70–$80 billion of new liabilities annually and AB expects to manage at least $100 billion of general and separate account assets over time; deal expected to close ~late 2026 with funding more likely in 2027 and beyond.
Negative Updates
Significant Active Equity Outflows
Firm-wide active net outflows were approximately $6 billion in Q1, with active equity outflows of roughly $11 billion spanning channels driven by performance challenges and client allocation decisions; retail and institutional active equity outflows contributed materially to the weakness.
Read all updates
Q1-2026 Updates
Positive
Negative
Strategic Equitable Corebridge Transaction
Proposed merger with Equitable Corebridge positions AB with a combined newCo general account base >$350 billion, expected to generate $70–$80 billion of new liabilities annually and AB expects to manage at least $100 billion of general and separate account assets over time; deal expected to close ~late 2026 with funding more likely in 2027 and beyond.
Read all positive updates
Company Guidance
The company reiterated a constructive outlook while updating several key metrics: Q1 adjusted EPS was $0.83 per unit (distributions equal 100% of adjusted earnings), net revenues were $871M (+4% YoY) and adjusted operating income $291M with a 33.4% adjusted operating margin; operating expenses were $580M (+4% YoY) with compensation up 4% (Q1 compensation ratio 48.5% and a Q2 accrual target of 40.5%). For full-year 2026 they raised performance fee guidance to $95M–$115M (public markets $25M–$35M; private markets unchanged at $70M–$80M), expect non‑compensation expenses of $625M–$650M (promotion/servicing 20–30% of that, G&A 70–80%), and forecast ABLP’s tax rate at 6%–7%. Key AUM and growth metrics include private markets AUM of $85B (+13% YoY) with a $90B–$100B target by 2027, Bernstein Private Wealth at $155B (contributing >1/3 of firm revenues), SMA AUM $63B (15% annualized Q1 growth), firm-wide fee rate of 38.1 bps in Q1, a record institutional pipeline of $27.5B (fee rate 19 bps; 23 bps for active mandates excluding ~$5B passive), and material channel flows this quarter including ~ $6B firm‑wide active net outflows (≈$11B active equity outflows, nearly $2B taxable fixed income outflows) alongside pockets of strong inflows (tax-exempt fixed income, alternatives/multi‑asset and ETFs).AllianceBernstein Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
82
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 332.76M | 461.95M | 299.78M | 305.50M | 416.33M |
| Gross Profit | 332.76M | 461.95M | 299.78M | 305.50M | 416.33M |
| EBITDA | 243.00M | 461.95M | 299.78M | 305.50M | 416.33M |
| Net Income | 299.84M | 423.37M | 264.18M | 274.17M | 385.84M |
Balance Sheet | |||||
| Total Assets | 1.24B | 2.03B | 2.08B | 2.07B | 1.62B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 832.04M | 0.00 | 0.00 | 0.00 |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 1.66M | 2.77M | 1.29M | 1.62M | 2.14M |
| Stockholders Equity | 1.24B | 2.03B | 2.08B | 2.07B | 1.62B |
Cash Flow | |||||
| Free Cash Flow | 352.37M | 1.28B | 293.98M | 362.61M | 355.11M |
| Operating Cash Flow | 352.37M | 1.41B | 293.98M | 362.61M | 355.11M |
| Investing Cash Flow | 0.00 | -115.73M | 0.00 | -1.77M | -3.40M |
| Financing Cash Flow | -352.37M | -1.60B | -293.98M | -360.85M | -351.71M |
AllianceBernstein Technical Analysis
Positive
38.89
Price Trends
38.47
Positive
38.86
Positive
38.39
Positive
Market Momentum
0.17
Negative
56.41
Neutral
77.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AB, the sentiment is Positive. The current price of 38.89 is above the 20-day moving average (MA) of 37.76, above the 50-day MA of 38.47, and above the 200-day MA of 38.39, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 56.41 is Neutral, neither overbought nor oversold. The STOCH value of 77.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AB.
AllianceBernstein Risk Analysis
AllianceBernstein disclosed 38 risk factors in its most recent earnings report. AllianceBernstein reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
AllianceBernstein Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $4.31B | 9.70 | 35.33% | 2.46% | 10.72% | 60.80% | |
76 Outperform | $3.51B | 12.97 | 18.76% | 8.93% | ― | -19.10% | |
72 Outperform | $7.78B | 11.47 | 22.04% | 0.01% | 13.90% | 54.60% | |
70 Outperform | $4.87B | 12.51 | 15.65% | 3.00% | 44.69% | -7.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $3.50B | 18.99 | 29.01% | 3.92% | 9.99% | -1.69% | |
60 Neutral | $3.08B | 11.17 | 73.54% | 8.72% | 8.40% | 10.24% |
* Financial Sector Average
AB
AllianceBernstein
39.33
3.09
8.53%
AMG
Affiliated Managers
289.10
123.50
74.58%
CNS
Cohen & Steers
67.69
-5.95
-8.08%
FHI
Federated Hermes
56.36
16.88
42.74%
APAM
Artisan Partners
36.63
2.77
8.17%
VCTR
Victory Capital Holdings
75.30
19.68
35.39%
AllianceBernstein Corporate Events
Financial Disclosures
AllianceBernstein Reports Preliminary First-Quarter 2026 AUM Update
Neutral
Apr 13, 2026
On April 13, 2026, AllianceBernstein L.P. and AllianceBernstein Holding L.P. reported that they had issued a news release detailing AB’s preliminary assets under management as of March 31, 2026. The disclosure of preliminary AUM figures prov...
Financial Disclosures
AllianceBernstein Reports Preliminary February 2026 AUM Figures
Neutral
Mar 12, 2026
AllianceBernstein announced on March 11, 2026 that it had released preliminary figures for its assets under management as of February 28, 2026. The disclosure of updated AUM data provides stakeholders with a snapshot of the firm’s scale and ...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
AllianceBernstein Reports Preliminary January 2026 Assets Under Management
Neutral
Feb 11, 2026
AllianceBernstein announced on February 11, 2026 that it had furnished a news release detailing its preliminary assets under management as of January 31, 2026. The disclosure of updated AUM figures provides investors and stakeholders with an early...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.