Alliancebernstein Holding L.p. (AB)

Price$35.00Cached quoteAs of 2026-10-03 02:10 UTC

AI: Fair-priced

Price checkThe units look fairly priced, with a high payout offset by cyclical earnings risk.

At the observed market price, the last four adjusted earnings figures and matching distributions—$0.86, $0.96, $0.83 and $0.82 per unit—sum to $3.47, a cash yield of roughly 9%. That also puts the units near eleven times recent adjusted earnings. Historical price-to-earnings readings have recently ranged from roughly nine to twelve times, so this is not an obvious valuation extreme. The payout is attractive, but it moves with profits rather than behaving like a fixed bond coupon. That balance supports a Fair-priced verdict. SEC+1

Big pictureCash generation has been durable, but profits still swing with markets and client flows.

The supplied SEC history shows operating cash flow between $270 million and $363 million annually from 2020 through 2025, while net income ranged from $264 million to $423 million. In 2025 net income fell to about $300 million from $423 million, yet operating cash flow edged up to $352 million from $340 million, showing some cash resilience. Still, second-quarter 2026 assets under management rose $66.9 billion, with $66.1 billion from market appreciation and only $0.8 billion from net inflows. That dependence makes earnings and distributions cyclical. Pasted text SEC

Business strengthLow leverage and broad distribution help, while unit changes need careful interpretation.

At June 30, the operating partnership reported $896.5 million of cash and $580 million drawn from its Equitable credit facility, a committed borrowing line, with nothing outstanding on its $800 million bank revolver or commercial paper. Some cash supports broker-dealer activity or sits overseas, so it is not all spare cash. AB also distributes essentially all available cash rather than retaining it. The sharp 2025 drop in Holding units mostly reflected an exchange with Equitable, not an ordinary public buyback; operating partnership units rose about 0.3% from year-end through June 2026. SEC+3SEC+3SEC+3

What could change the storyNew insurance assets could lift earnings, but low-fee mandates and active outflows could offset them.

The bull case is a more durable fee base: AB ended June with $905.5 billion under management and had onboarded roughly $12 billion of commercial mortgage loans in July. Its June 10-Q also says the proposed Equitable-Corebridge merger could transfer about $100 billion of assets to AB over time. The bear case is mix and market sensitivity. Second-quarter active equity and taxable bond outflows were about $11 billion and $5 billion, while a large passive, index-like mandate carries lower fees. At today’s valuation, steady recent earnings are largely required; a renewed flow slump would weaken the payout. SEC+1

AI: News

Q2 flows reverseSecond-quarter flows turned positive after four negative quarters, while earnings and the cash payout improved from a year earlier.

On July 28, AB reported $0.8 billion of net inflows and record $905.5 billion assets under management. Adjusted earnings per unit and the distribution were both $0.82, up from $0.76 a year earlier, and the adjusted operating margin rose to 33.0% from 32.3%. The positive flow turn improved the growth narrative, but active equity and taxable bond redemptions remained heavy. An external market report described only a small early share-price reaction, so strong causal claims are not warranted. SEC+1

$12 billion mandate landedJuly assets grew despite weak markets because a large mortgage mandate boosted institutional inflows.

On August 12, AB said preliminary assets under management rose to $909 billion from $906 billion in June even though market movements were unfavorable. Institutions posted strong inflows, reflecting roughly $12 billion of commercial mortgage loans onboarded from Equitable. Management said these assets should begin generating management fees in the fourth quarter, initially at high single-digit basis points, meaning well below 0.1% annually, with rates rising as AB originates new loans. The event adds scale and more predictable insurance-linked assets, though near-term fees are relatively low. SEC+1

Corebridge merger advancedShareholder approval reduced one hurdle to a merger that could add major insurance assets.

Corebridge and Equitable shareholders approved their merger on July 30; regulatory approvals are still required, and closing is targeted by year-end 2026. The original merger announcement said the combined company expects to shift more than $100 billion of Corebridge general and separate account assets to AB over time. That could materially expand recurring fee revenue and push firmwide assets toward $1 trillion. The uncertainty is timing, fee level and how much incremental profit those affiliate assets ultimately produce. Corebridge Financial+1

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$332.8M	$461.9M	$299.8M	$305.5M	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net income	$299.8M	$423.4M	$264.2M	$274.2M	$385.8M	$279.4M	$238.6M	$242.4M	$207.4M	$216.6M	$185.8M	$178.5M	$165.5M	$51.1M	−$93.3M	$134.2M	$167.2M	$244.7M
Net profit margin	90.11%	91.65%	88.13%	89.74%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Basic EPSper basic share	$2.97	$3.71	$2.34	$2.69	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Diluted EPSper diluted share	$2.97	$3.71	$2.34	$2.69	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of AB
Holder	Shares held
MORGAN STANLEY	1M
AMERICAN CENTURY COMPANIES INC	944.88K
BANK OF AMERICA CORP /DE/	728.52K
WELLS FARGO & COMPANY/MN	565.89K
LPL Financial LLC	552.67K
UBS Group AG	462.08K
Cresset Asset Management, LLC	378.18K
Pathstone Holdings, LLC	377.9K
Invesco Ltd.	337.46K
STIFEL FINANCIAL CORP	270.78K
Janney Montgomery Scott LLC	257.64K
HORIZON KINETICS ASSET MANAGEMENT LLC	248.5K
Crestwood Advisors Group, LLC	214.63K
HRT FINANCIAL LP	210.86K
RAYMOND JAMES FINANCIAL INC	208K
Four Tree Island Advisory LLC	207.57K
D.A. DAVIDSON & CO.	160.03K
OSAIC HOLDINGS, INC.	158.14K
Cetera Investment Advisers	147.74K
Moody Aldrich Partners LLC	137.34K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys3$799.47M disclosed value

Sells (SEC code S)10$4.75M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 30, 2026Form 4	BERNSTEIN SETH PCEO	SellAB Holding Units	29.0K	$39.54	$1.15M	212.0K
Feb 18, 2026Form 4 · 10b5-1	BERNSTEIN SETH PCEO	SellAB Holding Units	26.8K	$41.08	$1.10M	241.0K
Aug 22, 2025Form 4 · 10b5-1	BERNSTEIN SETH PPresident and CEO	SellAB Holding Units	24.9K	$40.05	$999.1K	238.5K
Aug 20, 2025Form 4 · 10b5-1	BERNSTEIN SETH PPresident and CEO	SellAB Holding Units	480	$40.00	$19.2K	263.5K
Aug 19, 2025Form 4 · 10b5-1	BERNSTEIN SETH PPresident and CEO	SellAB Holding Units	6.3K	$40.13	$251.5K	263.9K

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat15 days ago
AllianceBernstein names Onur Erzan as next chief executive
AllianceBernstein ($AB) appointed president Onur Erzan as its next chief executive, effective April 1, 2027. He will succeed Seth Bernstein, who is retiring as CEO but will remain on the board. The announcement establishes a planned interna ...
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Alliancebernstein Holding L.p. (AB)

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AllianceBernstein names Onur Erzan as next chief executive