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AllianceBernstein Holding LP AB

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Stock XNYS Rating as of
$33.74 +0.37 (1.11%)
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As of Delayed Price Closed
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Company Report

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US-Based Asset Managers: Recovery in AUM, Revenue, and Profitability Already Baked Into Share Prices

Greggory Warren

All the US-based asset managers we cover have reported their first-quarter 2024 earnings, and in some cases revealed managed asset levels for April 2024, and we now have a better sense of how recent market activity has been affecting results. The rally in the US equity markets since the middle of November 2023 has lifted most traditional and alternative-asset manager valuations closer to our fair value estimates.

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Price vs Fair Value

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AB is trading at a 646% premium.
Price
$33.74
Fair Value
$88.00
Uncertainty
High
1-Star Price
$54.15
5-Star Price
$46.00
Economic Moat
Lhhy
Capital Allocation
Bkpcpkkn

Bulls Say, Bears Say

Bulls

With 41% of its AUM invested in global/international funds, and 27% of its managed assets sourced from non-U.S. domiciled clients, we consider AB to be a more global asset manager than its U.S.-based peers.

Bears

Despite generating much of its fixed-income AUM growth from the Asia-Pacific region, flows for bond funds will be affected during periods of rising and falling U.S. interest rates.

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News

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Trading Information

Previous Close Price
$33.37
Day Range
$33.53–34.00
52-Week Range
$25.83–35.84
Bid/Ask
$33.51 / $34.50
Market Cap
$3.89 Bil
Volume/Avg
119,297 / 316,860

Key Statistics

Price/Earnings (Normalized)
12.09
Price/Sales
12.20
Dividend Yield (Trailing)
8.18%
Dividend Yield (Forward)
8.18%
Total Yield
8.10%

Company Profile

AllianceBernstein provides investment management services to institutional (43% of assets under management), retail (40%), and private (17%) clients through products that includes mutual funds, hedge funds, and separately managed accounts. At the end of January 2024, AB had $726 billion in managed assets, composed primarily of fixed-income (39% of AUM) and equity (43%) strategies, with other investments (made up of asset allocation services and certain other alternative investments) accounting for the remainder. The company also provides sell-side research and brokerage services through its Sanford Bernstein subsidiary (which has been put in available-for-sale status following the joint venture agreement with Societe Generale).
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Small Value
Total Number of Employees
4,707
Website
https://www.alliancebernstein.com

Competitors

Valuation

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Metric
AB
BLK
BEN
Price/Earnings (Normalized)
 12.0919.788.70
Price/Book Value
 1.862.940.95
Price/Sales
 12.206.431.43
Price/Cash Flow
 12.4127.348.21
Price/Earnings
AB
BLK
BEN

Financial Strength

Metric
AB
BLK
BEN
Quick Ratio
 —10.393.38
Current Ratio
 —13.223.38
Interest Coverage
 —22.5013.52
Quick Ratio
AB
BLK
BEN

Profitability

Metric
AB
BLK
BEN
Return on Assets (Normalized)
 35.54%4.89%4.56%
Return on Equity (Normalized)
 35.55%15.40%11.46%
Return on Invested Capital (Normalized)
 —11.52%5.16%
Return on Assets
AB
BLK
BEN
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