AllianceBernstein Holding L.P.
- Open
- 36.74
- Day high
- 36.98
- Day low
- 36.55
- Prev close
- 36.63
- Volume
- 117K
- Mkt cap
- $3.4B
- P/E (TTM)
- 10.9
- EPS (TTM)
- $3.38
- P/B
- 2.8
- P/S
- 10.0
- Yield
- 9.44%
- Per share
- $3.47
- ▼Insiders net selling -$186K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
AllianceBernstein Holding L.P. (AB) is a Financial Services company listed on NYSE. The stock is down 7% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 2 published research articles covering AB.
AllianceBernstein Holding L.P. (AB) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $0.83 | $0.82 | -1.2% | $888M | -0.8% |
| Apr 28, 2026 | $0.87 | $0.83 | -4.6% | $871M | -1.2% |
| Feb 5, 2026 | $0.88 | $1.05 | +19.9% | $90M | -90.2% |
| Oct 23, 2025 | $0.85 | $0.86 | +1.1% | $885M | -1.4% |
| Jul 24, 2025 | $0.77 | $0.76 | -1.3% | $844M | +0.4% |
| Apr 24, 2025 | $0.78 | $0.80 | +3.0% | $838M | -1.7% |
| Feb 6, 2025 | $0.86 | $1.05 | +22.4% | $973M | +8.7% |
| Oct 24, 2024 | $0.72 | $0.77 | +6.6% | $845M | +0.6% |
| Jul 26, 2024 | $0.67 | $0.71 | +6.6% | $826M | +2.3% |
| Apr 25, 2024 | $0.71 | $0.73 | +2.2% | $884M | -2.1% |
| Oct 27, 2023 | $0.62 | $0.65 | +5.0% | $846M | +0.7% |
| Jul 27, 2023 | $0.66 | $0.61 | -6.9% | $1.0B | +19.6% |
AB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 6, 2026 | Stonehill Charles G.T.director | Sell | 5,000 | $37.17 |
| May 22, 2026 | Kaye Daniel Gdirector | Grant | 4,397 | $38.67 |
| May 22, 2026 | Narayandas Dasdirector | Grant | 4,397 | $38.67 |
| May 22, 2026 | LAMMTENNANT JOAN Mdirector | Grant | 4,397 | $38.67 |
| May 22, 2026 | Holley Bruce Mdirector | Grant | 4,397 | $38.67 |
| May 22, 2026 | Stonehill Charles G.T.director | Grant | 4,397 | $38.67 |
| May 22, 2026 | Walthall Todddirector | Grant | 4,397 | $38.67 |
| May 4, 2026 | BERNSTEIN SETH Pdirector, officer: CEO | Sell | 29,000 | $39.54 |
| Feb 19, 2026 | BERNSTEIN SETH Pdirector, officer: CEO | Sell | 26,840 | $41.08 |
| Dec 12, 2025 | Sprules Karlofficer: Chief Operating Officer | Grant | 44,393 | $41.11 |
| Dec 12, 2025 | Simeone Thomasofficer: Chief Accounting Officer | Grant | 11,554 | $41.11 |
| Dec 12, 2025 | BERNSTEIN SETH Pdirector, officer: President and CEO | Grant | 159,937 | $41.11 |
| Dec 12, 2025 | MANLEY MARK Rofficer: General Counsel & Corp Sec | Grant | 11,068 | $41.11 |
| Dec 12, 2025 | Luckey Alexisofficer: Chief Accounting Officer | Grant | 517 | $41.11 |
| Dec 12, 2025 | Erzan Onurofficer: Head, Gl. Cl. Grp. & Pr. Wlth. | Grant | 65,678 | $41.11 |
Source: AB SEC Form 4 filings, latest Aug 6, 2026. For informational purposes only — not investment advice.
See the full AB insider & 13F page →AB research & analysis
[EQH] Equitable Holdings Thesis 2026: Annuity Spread Cycle Drives AllianceBernstein Capital Return
Equitable Holdings Inc. (NYSE: EQH) FY2025 revenue ~$13.5-14.5B (+5-12%) with adj. EPS ~$6.30-7.00 reflecting continued post-2024 ~$5.2-5.6B aggregate Individual Retirement (~38% aggregate revenue mix) + selected continued post-2024 ~$3.5-3.8B aggregate Group Retirement (~26%) + selected continued post-2024 ~$2.0-2.2B aggregate AllianceBernstein revenue (~15%) + selected continued post-2024 ~$1.4-1.6B aggregate Investment Management & Research + selected various Protection Solutions revenue (~21%) + selected post-September 2018 selected various AXA Equitable Holdings IPO + selected continued post-September 2018 selected various AXA ownership reduction trajectory under continued President + CEO Mark Pearson since 2008 (~17-year tenure as Equitable Holdings CEO). One of the largest US life insurance + retirement services + investment management companies (~64%+ AllianceBernstein ownership). Founded 1859 as The Equitable Life Assurance Society of the United States in New York City (~166-year heritage); selected post-1991 AXA SA acquisition; selected post-September 2018 AXA Equitable Holdings IPO; selected post-September 2018 Equitable Holdings name change. Headquartered in New York City; ~9,000+ employees globally with ~$13.5-14.5B revenue. Five primary business segments: Individual Retirement (~38% ~$5.2-5.6B), Group Retirement (~26% ~$3.5-3.8B), AllianceBernstein (~15% ~$2.0-2.2B), Investment Management & Research (~12% ~$1.6-1.7B), Protection Solutions (~9% ~$1.2-1.3B). Geographic mix: US ~95%+ + selected various international ~5%. Annuity spread cycle: ~$5.2-5.6B Individual Retirement revenue; ~3.5-4.0% Net Investment Income spread. AllianceBernstein + Investment Management: ~64%+ aggregate Equitable Holdings ownership of AllianceBernstein; ~$700-800B aggregate AllianceBernstein AUM. President + CEO Mark Pearson since 2008 (~17-year tenure); CFO Robin Raju. Capital return + AXA ownership reduction: ~$1.00 annual dividend FY2025 (~7-year continuous dividend track post-September 2018); ~$1.5-2.0B aggregate FY2024-2025 buyback program (~$700M-1B aggregate FY2025); aggregate capital return ~$1.05-1.30B; net leverage ratio ~25-30% debt-to-capital; investment-grade Baa1/A- credit rating; selected continued post-September 2018 AXA ownership reduction trajectory. FY2026 thesis: Annuity spread cycle + AllianceBernstein + Investment Management recovery + ~$1.00 annual dividend + ~7-year continuous dividend track + ~$700M-1B aggregate annual buybacks + ~$1.10-1.40B aggregate FY2026 capital return + selected continued post-September 2018 AXA ownership reduction + selected potential post-2024 dividend acceleration. Risks: Athene + MetLife + Lincoln + Corebridge competition, Federal Reserve rate vs Net Investment Income spread, US fixed annuity cycle, AllianceBernstein AUM volatility, life insurance reserve adequacy.
EQH[AB] AllianceBernstein Thesis 2026: A Diversified Institutional Asset-Manager Rides Private-Markets and Fixed-Income Inflection
AllianceBernstein Holding L.P. (NYSE: AB), headquartered in Nashville, Tennessee (corporate HQ post-2024 relocation, with substantial New York City + selective-multi-jurisdiction-multi-channel operational presence), is a diversified institutional + retail asset-manager + emerging-private-markets-and-alternatives platform providing distinctive multi-cycle-multi-strategy-and-multi-channel-and-multi-asset-and-multi-jurisdiction institutional + retail + private-wealth-and-multi-family-office + emerging-private-markets-and-alternatives asset-management services to institutional (pension + sovereign-wealth + insurance + endowment + corporate-and-treasury), retail (mutual-fund + emerging-ETF + emerging-direct-to-consumer-and-omnichannel + emerging-multi-channel-and-multi-retailer + emerging-multi-jurisdiction + private-wealth + multi-family-office + emerging-private-markets-and-alternatives), and selective-multi-cycle private-markets-and-alternatives (emerging-private-credit + emerging-private-equity + emerging-private-real-estate-and-infrastructure + emerging-multi-strategy-alternative) clients globally. The company has a distinctive multi-decade AllianceBernstein-and-Equitable-and-AXA-Equitable heritage: founded as a multi-decade-asset-manager combining the heritage of Alliance Capital (founded 1971 NYC institutional-and-retail equity-and-multi-asset-and-emerging-multi-cycle-multi-strategy-and-multi-channel asset-manager) + Sanford C. Bernstein (founded 1967 NYC distinctive multi-cycle-equity-research-and-equity-and-multi-strategy institutional-and-retail asset-manager + emerging-private-wealth + emerging-multi-family-office); 2000 merger of Alliance Capital + Sanford C. Bernstein providing distinctive multi-cycle merged-AllianceBernstein-equity-and-fixed-income-and-multi-asset platform; selective-multi-cycle AXA-Equitable + Equitable-Holdings ownership-and-multi-cycle-affiliate + multi-cycle Equitable-AllianceBernstein and Equitable-Holdings-economic-and-operating-partnership. Multi-decade strategic-evolution: 1971-2000 Alliance-Capital-and-Sanford-Bernstein institutional-and-retail-equity-and-fixed-income-and-multi-asset platform build-out; 2000 Alliance-Capital + Sanford-Bernstein merger; 2000-2020 AllianceBernstein-Equitable-and-AXA-Equitable + Equitable-Holdings-economic-and-operating-partnership + institutional-and-retail-and-private-wealth-and-multi-strategy-and-multi-channel build-out + global-multi-jurisdiction expansion; 2017 Seth Bernstein CEO appointment (prior JPMorgan-Chase + JPMorgan-Investment-Management executive); 2023-2024 Nashville-TN HQ relocation providing emerging-Tennessee-state-tax + multi-cycle-cost-and-operational-efficiency + multi-cycle-talent-relocation; emerging-private-markets-and-alternatives + emerging-private-credit-and-private-equity-and-private-real-estate-and-private-infrastructure + emerging-multi-strategy-alternative growth. Under President & CEO Seth Bernstein (since 2017), FY2025 closes with selected various aggregate firm-level revenue ~$4.4-4.7B, GAAP net income (Holding LP) ~$0.32-0.38B, EPS per unit ~$2.95-3.50, distribution ~$2.95/yr, and ~115M Holding LP units + ~270M operating-partnership-units outstanding. The first deep-dive — diversified institutional + retail + private-wealth asset-management franchise — covers entire institutional-and-retail-and-private-wealth-and-emerging-private-markets-and-alternatives business + distinctive multi-cycle multi-strategy-and-multi-channel positioning. Asset-mix: AUM ~$770-830B across Equities (~30-35%, US + global + emerging-markets + EAFE), Fixed Income (~40-45%, Sanford-Bernstein-and-AllianceBernstein-fixed-income-heritage providing distinctive multi-cycle US + global + emerging-markets + multi-sector + investment-grade + high-yield), Multi-Asset (~15-20%, balanced + target-date + multi-strategy), Alternatives + Private-Wealth (~10-15%, emerging-private-credit + private-equity + private-real-estate + private-infrastructure + multi-strategy-alternative + Bernstein-Private-Wealth-Management + emerging-multi-family-office). Channel-mix: Institutional ~50-60% (pension + sovereign-wealth + insurance + endowment + corporate-and-treasury), Retail ~25-30% (mutual-fund + emerging-ETF + emerging-direct-to-consumer-and-omnichannel + Bernstein-Private-Wealth-Management), Private-wealth-and-multi-family-office ~10-15%. Competes with BlackRock (BLK most-direct-larger-comp), Vanguard (private), State Street (STT-subsidiary), Invesco (IVZ), Franklin Resources (BEN), T. Rowe Price (TROW), Federated Hermes (FHI), AMG, Janus Henderson (JHG), WisdomTree (WT), Cohen & Steers (CNS); emerging-private-markets Blackstone (BX), KKR, Apollo (APO most-direct-emerging-private-credit), Ares (ARES), Carlyle (CG), TPG, Brookfield (BAM), Hamilton Lane (HLNE), StepStone (STEP). The second deep-dive — Equitable-Holdings-majority-owned + Nashville-relocation + multi-decade compounder thesis — covers Equitable-Holdings (EQH) ~62-64% economic-and-operating-partnership-stake providing multi-cycle-strategic-direction + multi-cycle Equitable-AllianceBernstein-and-AXA-Equitable-heritage + multi-cycle Equitable-Holdings + AllianceBernstein-and-insurance-platform synergy, 2023-2024 Nashville-TN HQ relocation providing emerging-Tennessee-state-tax + operational-efficiency, emerging-private-markets-and-alternatives growth trajectory, and Seth Bernstein + JPMorgan-Chase-and-JPMorgan-Investment-Management expertise. Multi-decade compounder thesis combines AllianceBernstein-and-Equitable-and-AXA-Equitable heritage, diversified-asset-management AUM ~$770-830B + multi-strategy-and-multi-channel franchise, Equitable-Holdings ~62-64% controlling-equity, Nashville-TN HQ relocation, emerging-private-markets-and-alternatives growth, Seth Bernstein expertise, and substantial-LP-pass-through-distribution. Capital position is IG-asset-manager, distribution-substantial-LP-pass-through, conservative: net debt ~$0.10-0.30B (~0.3-0.6x leverage), BBB+/A- IG-equivalent, $0.5-0.8B cash + undrawn revolver liquidity, FCF ~$350-450M/yr deployed into distribution (~$2.95/yr, ~7.5-9.5% yield, ~100% LP-pass-through-payout) + selective-modest-investments + selective-strategic-M&A-and-private-markets-build-out, no-buyback (LP-distribution model), ~115M Holding LP units + ~270M operating-partnership-units. At ~$32-44 per share, equity value ~$3.7-5.1B (Holding LP-only), ~11-15x EPS and ~5-7x firm-level EV/revenue. Base case: AUM-and-flow-cycle constructive + emerging-private-markets-and-alternatives growth + EPS per unit $3.20-3.85 + distribution maintained-and-modestly-grown + ~5-15% return. Bull case: emerging-private-markets-and-alternatives + emerging-multi-channel-and-multi-jurisdiction inflects + AUM ~$880-970B + EPS per unit $3.85-5.00 + distribution increased + re-rate 14-18x + 20-40%+ return. Bear case: AUM-outflows + fee-margin-stress + EPS per unit $2.10-2.65 + distribution-cut + de-rate 8-11x + flat-to-negative.
AllianceBernstein Holding L.P. company profile
Overview
AllianceBernstein Holding L.P. (NYSE:AB) is a global investment management firm founded in 1987 and headquartered in New York City. The company was formed through the merger of Alliance Capital Management and Bernstein, creating one of the world's largest publicly traded asset managers. With over $800 billion in assets under management as of 2024, AllianceBernstein serves institutional investors, high-net-worth individuals, and retail clients worldwide through a comprehensive range of investment strategies spanning traditional and alternative asset classes.
Business
AllianceBernstein operates in the asset management industry, which involves managing investment portfolios on behalf of clients in exchange for fees. The company provides professional investment management services across multiple asset classes and investment strategies. The firm's core business is divided into several key segments: Traditional Asset Management represents the largest portion of revenues, encompassing equity and fixed income investment strategies. Fixed income management, which includes municipal bonds, corporate bonds, and government securities, has been particularly strong, generating approximately $24 billion in net inflows during 2024. The equity business focuses on both active management strategies and passive index-based products, though it has faced some headwinds with institutional outflows in recent years. Private Markets has become an increasingly important growth driver, reaching $70 billion in assets under management by 2024, representing approximately 9% of total firm assets. This segment includes private credit, real estate investments, and other alternative investment strategies. The company significantly expanded this capability through the acquisition of CarVal Investors, a distressed debt and special situations investment firm. Private Wealth Management serves high-net-worth and ultra-high-net-worth individuals, providing customized investment solutions and comprehensive wealth management services. This segment has shown consistent organic growth, with alternatives allocation currently around 10% of client portfolios but with potential to reach 20% for ultra-high-net-worth clients. The company also operates through three primary distribution channels: Retail (serving individual investors through financial advisors and direct channels), Institutional (serving pension funds, endowments, and other large institutional clients), and Private Wealth (serving affluent individuals and families). Additionally, AllianceBernstein has expanded into Exchange-Traded Funds (ETFs), launching 15 active ETFs totaling $4.6 billion in assets, representing a growing segment of the asset management industry.
Revenue model
AllianceBernstein generates revenue primarily through management fees calculated as a percentage of assets under management (AUM). These base management fees typically range from 0.25% to 2.0% annually depending on the asset class, strategy complexity, and client type. Fixed income and passive strategies generally command lower fees, while alternative investments and active equity strategies command higher fees. The company also earns performance fees from certain strategies, particularly in private markets and alternative investments, when returns exceed predetermined benchmarks. These performance fees can be substantial but are inherently variable, with the company projecting $90-$105 million in performance fees for 2025. Client composition includes institutional investors such as pension funds, insurance companies, and endowments, which typically pay lower fees but provide larger, more stable asset bases. Retail investors and private wealth clients generally pay higher fees but may be more volatile in their investment behavior. The company has been focusing on expanding relationships with insurance companies, which represent a growing source of stable, long-term capital. Several factors influence the company's profitability margins. Market performance directly impacts AUM levels and therefore fee revenue, as rising markets increase asset values while falling markets reduce them. Interest rate environments significantly affect fixed income strategies, with the company positioned to benefit from potential reallocation from money market funds to bond strategies as interest rates normalize. Competition from low-cost index funds and ETFs continues to pressure fees on traditional active management strategies, driving the company's focus on higher-value alternative investments and specialized strategies. Operational leverage is a key margin driver, as many costs are relatively fixed while revenues fluctuate with AUM levels. The company has been focused on improving operational efficiency, targeting a 33% operating margin for 2025, up from historical levels in the high 20s. Talent retention and investment performance are critical factors, as poor performance can lead to client redemptions and fee pressure, while strong performance can attract new assets and justify premium fees.
Competitive moat
AllianceBernstein's competitive moat is moderate but faces ongoing challenges from industry-wide pressures. The company's primary defensive characteristics stem from its diversified platform, established client relationships, and specialized investment capabilities, though these advantages are not insurmountable. The firm's scale and diversification across asset classes, geographies, and client types provides some protection against market volatility and client concentration risk. With over $800 billion in AUM, the company benefits from operational leverage and can invest in technology, research, and talent that smaller competitors cannot match. The private markets platform, particularly following the CarVal acquisition, represents a stronger moat as alternative investments typically involve longer lock-up periods, higher switching costs, and more specialized expertise requirements. Client relationships and distribution provide moderate defensive value, particularly in the institutional and private wealth segments where relationships are built over years and switching costs include due diligence, operational complexity, and potential tax implications. The company's established presence in municipal bond management, where it has gained market share through technology and customization capabilities, represents a niche competitive advantage. However, the moat faces significant structural headwinds. The ongoing shift toward passive investing and low-cost ETFs continues to pressure traditional active management fees and market share. Large institutional clients increasingly have alternatives including in-house management, direct investment in alternatives, and access to specialized boutique managers. The rise of robo-advisors and direct-to-consumer investment platforms threatens traditional wealth management relationships. Competitive threats come from multiple directions: large global asset managers with greater scale (BlackRock, Vanguard), specialized alternative investment firms with deeper expertise in specific strategies, and technology-driven platforms offering lower-cost solutions. The company's ability to maintain its moat depends largely on continued investment performance, successful expansion in higher-margin alternative strategies, and effective adaptation to changing client preferences and market structures.
Risks & safety
AllianceBernstein demonstrates strong financial stability with minimal solvency risk, though faces typical asset management industry volatility. Liquidity and Debt Position: • Essentially debt-free with debt-to-equity ratio of 0.0% • Strong cash generation with $1.4 billion in operating cash flow for 2024 • Free cash flow of $1.28 billion in 2024, providing substantial financial flexibility • No significant solvency concerns given asset-light business model Valuation Metrics: • Price-to-earnings ratio of approximately 10x based on recent results • Price-to-book ratio of 0.86x, suggesting potential undervaluation • EV/EBITDA of approximately 3.0x, relatively attractive for asset management sector • Dividend yield historically around 7-8%, supported by strong cash flows Other Considerations: • Revenue volatility tied to market performance and client flows creates earnings uncertainty • Operating leverage means margins can fluctuate significantly with AUM changes • Regulatory risks in asset management industry, though company has strong compliance track record • Partnership structure (L.P.) creates tax considerations for some institutional investors but provides tax efficiency for distributions
Recent development
Over the past few years, AllianceBernstein has undergone significant strategic evolution focused on diversification and higher-margin growth areas. The most significant development was the acquisition of CarVal Investors, which substantially expanded the company's private markets capabilities and added specialized expertise in distressed debt and special situations investing. This acquisition helped grow private markets AUM to $70 billion by 2024, representing 14% year-over-year growth. The company has aggressively expanded its ETF platform, launching 15 active ETFs that have accumulated $4.6 billion in assets. This represents a strategic shift toward capturing the growing demand for ETF structures while maintaining active management capabilities. The firm has also been expanding internationally, obtaining a wholly-owned fund management license in China and exploring opportunities in other Asian markets. Fixed income strategies have been a major success story, with the company generating $24 billion in net inflows during 2024, including $13 billion in tax-exempt municipal bonds and $11 billion in taxable fixed income. The firm has invested heavily in municipal bond technology and customization capabilities, gaining market share in the separately managed account space. Operational efficiency initiatives have been a key focus, including relocating the New York City office to generate $50 million in annual savings and implementing various cost management measures. The company has targeted achieving a 33% operating margin by 2025, up from historical levels in the high 20s. The firm has also been deepening insurance relationships, creating dedicated resources for insurance clients and expanding investment-grade private credit strategies. This represents a strategic focus on capturing the growing demand from insurance companies for alternative investments and customized solutions. Additionally, the company completed a joint venture with Societe Generale for its Bernstein Research business, allowing it to focus resources on core asset management activities.
AB company profile · for informational purposes only — not investment advice.
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