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| Date Reviewed | 7/8/2024 |
| Company Name | AllianceBernstein Holding LP |
| Symbol | AB |
| Sector | Financials |
| Industry | N/A |
| Beta | 0.78 |
| PRO Rating | 3 |
| Dividend Safety | 3 |
Business Model
AllianceBernstein Holding L.P. is a global investment management firm. It provides diversified investment management and related services to a range of clients. It offers Institutional Services to its institutional clients, which include private and public pension plans, foundations and endowments, insurance companies, central banks, and governments worldwide, and affiliates, such as Equitable Holdings, Inc. (EQH) and its subsidiaries. It offers retail services to its retail clients, primarily by means of retail mutual funds sponsored by the Company or an affiliated company, sub-advisory relationships with mutual funds sponsored by third parties, separately managed account programs sponsored by financial intermediaries worldwide and other investment vehicles. It offers Private Wealth Management services to its private clients, including high-net-worth individuals and families, trusts and estates, charitable foundations, partnerships, and other entities.
| Current price | 36.78 |
| ROE | 18.35 % |
| ROIC | 0.00 % |
| Shareholder Yield | -0.10 % |
| 5-Yr Total Return | 25.20 % |
| 1-Yr Total Return | 1.20 % |
| Next Earnings Date | 07-22-26 |
Latest Quarter Information
What the CEO said:
AB's relentless commitment to delivering better investment outcomes continues to resonate with our clients globally. We registered our third consecutive quarter of organic gains while reaching approximately $806 billion in assets under management, buoyed by strong Equity and Fixed Income markets. Active net inflows totaled $2.2 billion in the third quarter of 2024, led by Taxable and Tax-Exempt Fixed Income, in addition to organic gains in Alternatives/Multi-Asset. We were among the first asset managers to benefit from re-allocations into Fixed Income.
What we say:
11-05-2024, AB's 3Q'24 revenues grew by 5.2% Y/Y driven by higher investment advisory base fees, distribution revenues, and other revenues. Q3 revenues were, however, impacted by Bernstein Research Services' deconsolidation and lower dividend and interest income. Q3 diluted net income per unit was $1.12 compared to $0.50 in 3Q'23. AB's net inflows were $1.1B in Q3, versus net outflows of $1.9B in 3Q'23. Q3 Retail channel inflow: $5.4B, Institutional channel outflow: $4.4B, and Private Wealth channel net inflows: $0.1B. The pipeline of awarded but unfunded Institutional mandates was $10.1B and the Q3 average AUM was $785.9B (+14% Y/Y).
Investment Thesis
Dividend Triangle
| 5-Yr Rev. Growth | 11.65 % |
| 5-Yr EPS Growth | 6.50 % |
| 5-Yr Div Growth | 2.05 % |
Potential Risks
| Debt/Equity | 0.00 |
| Financial Debt to EBITDA (TTM) | 0.00 |
| Current Ratio (Quarterly) | 0.00 |
| Credit Score | 100 |
Dividend Growth Perspective
| Dividend ($) | 3.32 |
| Dividend Yield Fwd | 8.95 % |
| Dividend Frequency | Quarterly |
| Average 5-Yr Yield | 9.60 % |
| Payout Ratio (%) | 117.45 |
| Cash Payout Ratio (%) | 99.85 |
| DGR 1-Yr (TTM) | 2.40 |
| DGR 3-Yr (TTM) | 7.95 |
| DGR 5-Yr (TTM) | 2.05 |
| DGR Streak | |
| Chowder Score | 11.05 |
| Next DVD PMT | 05-21-26 |
Valuation
| Recent Annual Dividend Payment | $ 3.08 |
| Expected Dividend Growth Rate Years 1-10 | 4.00% |
| Expected Terminal Dividend Growth Rate | 4.00% |
| Discount Rate | 10.00% |
| Discount Rate (Horizontal) | |||
| Margin of Safety | 9.00% | 10.00% | 11.00% |
| 20% Premium | $ 76.88 | $ 64.06 | $ 54.91 |
| 10% Premium | $ 70.47 | $ 58.73 | $ 50.34 |
| Intrinsic Value | $ 64.06 | $ 53.39 | $ 45.76 |
| 10% Discount | $ 57.66 | $ 48.05 | $ 41.18 |
| 20% Discount | $ 51.25 | $ 42.71 | $ 36.61 |
Video Tutorial: How to Read the Stock Cards DDM Valuation
| Market Cap | 3 B |
| PE Ratio | 11.40 |
| Fwd PE | 10.35 |
| Price to Book Ratio | 2.75 |
| DDM Valuation | 53.39 |
| Average 5-Yr PE | 12.63 |
| Value Score | 91 |
- All financial metrics are updated weekly.
- The DSR PRO rating and Dividend Safety Score are updated quarterly.
- The analysis (investment thesis, risk potential, dividend growth perspective and DDM calculation) is reviewed every 6 months.
- The PDF format includes only comments (no metrics) and is reviewed every 6 months.