AllianceBernstein Holding (AB)
NYSE:AB
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AllianceBernstein
(NYSE:AB)
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Rating:78Outperform
Price Target:
$41.00
▲(9.19% Upside)
Action:ReiteratedDate:02/14/26
The score is driven primarily by strong underlying financial quality (high profitability, strong cash conversion, and zero debt) and supportive valuation (moderate P/E with a high dividend yield). Offsetting factors are the earnings-call risks around net outflows and weaker equity performance, plus only moderate technical momentum.
Positive Factors
High profitability & margins
Exceptionally high net margins and proven earnings quality indicate durable operating leverage in AB’s business model. Such margin strength supports cash returns, reinvestment and resilience through market cycles, enabling sustained distributions and funding of strategic initiatives.
Negative Factors
Material net outflows
Sustained net outflows, concentrated in active equity, erode AUM and fee-income base over time. Given AB’s AUM-linked revenue model, persistent redemptions pressure organic growth, reduce high-fee product share, and make margin targets harder to sustain without offsetting inflows or higher-margin product mix shifts.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability & margins
Exceptionally high net margins and proven earnings quality indicate durable operating leverage in AB’s business model. Such margin strength supports cash returns, reinvestment and resilience through market cycles, enabling sustained distributions and funding of strategic initiatives.
Read all positive factors
AllianceBernstein (AB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.52B
Dividend Yield8.93%
Average Volume (3M)363.02K
Price to Earnings (P/E)13.0
Beta (1Y)0.74
Revenue GrowthN/A
EPS Growth-12.92%
CountryUS
Employees4,341
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.96
Shares Outstanding92,184,364
10 Day Avg. Volume352,249
30 Day Avg. Volume363,023
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 Cap1.18
Enterprise Value/Revenue12.47
Enterprise Value/Gross Profit12.47
Enterprise Value/Ebitda17.08
Forecast
1Y Price Target
$39.00Price Target Upside3.86% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)3.56
Revenue Forecast (FY)$3.76B
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 investment management fees for managing client assets. These fees are generally calculated as a percentage of assets under management (AUM) and vary by asset class, strategy complexity (e.g., act...
AllianceBernstein Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: meaningful strategic and operational progress (record AUM, private markets scaling +18% YoY, margin expansion to 33.7%, strong private wealth and muni growth) alongside significant distribution and performance challenges (net outflows of $9.4B, $22.5B active equity outflows, weakened public equity performance and a 24% decline in performance fees). Management is pursuing disciplined expense control and targeted investments (Equitable partnership, new tech platform, commercial mortgage build-out) to offset flow and performance headwinds, but near-term implementation costs and mix effects may weigh on fee income and margins before long-term benefits are realized.Positive Updates
Record Assets Under Management
Firm-wide AUM reached a record $867 billion at year-end 2025, reflecting market appreciation, strong sales, and organic growth across key channels.
Negative Updates
Firm-Wide Net Outflows and Active Equity Redemptions
Total net outflows were $9.4 billion in 2025 (including $3.8 billion in Q4). Active equity experienced $22.5 billion of outflows for the year and $7.6 billion in Q4, with roughly half driven by retail redemptions—a material headwind to AUM and higher-fee products.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Assets Under Management
Firm-wide AUM reached a record $867 billion at year-end 2025, reflecting market appreciation, strong sales, and organic growth across key channels.
Read all positive updates
Company Guidance
AB gave granular 2026 guidance and multi‑year targets: they will begin accruing compensation at a 48.5% ratio in 2026, expect non‑compensation expense of $625–$650M (implying ~6–7% YoY growth at the midpoint) with promo & servicing ~20–30% and G&A ~70–80% of non‑comp, and assume roughly $10M of 2026 P&L impact from technology implementation and commercial mortgage loan (CML) onboarding; ABLP’s effective tax rate is forecast at 6–7% for 2026; performance‑fee guidance assumes private markets will contribute $70–80M and public markets at least $10–20M (a floor), and they plan to onboard >$10B of long‑duration commercial mortgage assets for Equitable by year‑end 2026 while expecting to add ~$3B of insurance private‑asset mandates in 2026; longer term AB reiterated a $90–100B private‑markets AUM target for 2027, noted Q4 adjusted operating margin of 34.5% (FY 33.7%, Investor Day target 30–35%), and outlined tech implementation cash flow of ~$40M over four years with $20–25M annual net savings beginning in 2030.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
Negative
37.55
Price Trends
38.87
Negative
38.85
Negative
38.36
Negative
Market Momentum
-0.28
Negative
47.67
Neutral
73.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AB, the sentiment is Negative. The current price of 37.55 is below the 20-day moving average (MA) of 37.59, below the 50-day MA of 38.87, and below the 200-day MA of 38.36, indicating a bearish trend. The MACD of -0.28 indicates Negative momentum. The RSI at 47.67 is Neutral, neither overbought nor oversold. The STOCH value of 73.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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% | 9.32% | 53.51% | |
78 Outperform | $3.52B | 12.97 | 18.76% | 8.93% | ― | -12.92% | |
72 Outperform | $7.21B | 11.47 | 22.04% | 0.01% | 1.08% | 8.24% | |
70 Outperform | $4.02B | 12.51 | 15.65% | 3.00% | 33.03% | -3.55% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $3.23B | 21.00 | 28.53% | 3.92% | 12.73% | 19.01% | |
65 Neutral | $2.87B | 9.21 | 73.54% | 8.72% | 5.46% | 2.10% |
* Financial Sector Average
AB
AllianceBernstein
37.55
4.53
13.72%
AMG
Affiliated Managers
270.31
110.51
69.15%
CNS
Cohen & Steers
62.80
-11.50
-15.48%
FHI
Federated Hermes
56.79
20.09
54.73%
APAM
Artisan Partners
35.52
1.51
4.44%
VCTR
Victory Capital Holdings
62.83
6.59
11.72%
AllianceBernstein Corporate Events
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...
Financial DisclosuresRegulatory Filings and Compliance
AllianceBernstein Reports Preliminary Year-End 2025 Assets Under Management
Neutral
Jan 12, 2026
AllianceBernstein L.P. and AllianceBernstein Holding L.P. announced that they have furnished a news release dated January 12, 2026, reporting the firm’s preliminary assets under management as of December 31, 2025. The disclosure of these pre...
Business Operations and StrategyExecutive/Board Changes
AllianceBernstein Names Onur Erzan as New President
Positive
Jan 5, 2026
On January 5, 2026, AllianceBernstein appointed 50-year-old Onur Erzan as President, effective immediately, elevating him from his prior role as Head of Global Client Group and Private Wealth and his more recent oversight of Global Private Alterna...
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.