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AllianceBernstein Holding

DB:W4M
Snowflake Description

Very undervalued with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
W4M
DB
$2B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

AllianceBernstein Holding L.P. is publicly owned investment manager. The last earnings update was 49 days ago. More info.


Add to Portfolio Compare Print
  • AllianceBernstein Holding is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • AllianceBernstein Holding has significant price volatility in the past 3 months.
W4M Share Price and Events
7 Day Returns
3.8%
DB:W4M
3%
DE Capital Markets
2.2%
DE Market
1 Year Returns
-34.2%
DB:W4M
-6.9%
DE Capital Markets
-17.2%
DE Market
W4M Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
AllianceBernstein Holding (W4M) 3.8% -38.5% -37.5% -34.2% -20.1% -39.6%
DE Capital Markets 3% -17.7% -13.1% -6.9% -24.7% -54.9%
DE Market 2.2% -15.7% -24% -17.2% -23.3% -27.8%
1 Year Return vs Industry and Market
  • W4M underperformed the Capital Markets industry which returned -6.9% over the past year.
  • W4M underperformed the Market in Germany which returned -17.2% over the past year.
Price Volatility
W4M
Industry
5yr Volatility vs Market

Value

 Is AllianceBernstein Holding undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of AllianceBernstein Holding to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for AllianceBernstein Holding.

DB:W4M Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $15.45 * 14.9%
$2.30
Book Value of Equity per Share Median Book Value from the past 5 years. $15.45
Discount Rate (Cost of Equity) See below 4.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:W4M
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.753 (1 + (1- 21%) (0%))
0.834
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.834 * 5.44%)
4.15%

Discounted Cash Flow Calculation for DB:W4M using Excess Returns Model Model

The calculations below outline how an intrinsic value for AllianceBernstein Holding is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:W4M Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (14.9% – 4.15%) * $15.45)
$1.66
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $1.66 / (4.15% - -0.39%)
$36.50
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $15.45 + $36.50
$51.95
DB:W4M Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:W4M represents 0.97702x of NYSE:AB
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.97702x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 51.95 x 0.97702
€50.76
Value per share (EUR) From above. €50.76
Current discount Discount to share price of €16.58
= -1 x (€16.58 - €50.76) / €50.76
67.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price AllianceBernstein Holding is available for.
Intrinsic value
>50%
Share price is €16.58 vs Future cash flow value of €50.76
Current Discount Checks
For AllianceBernstein Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • AllianceBernstein Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • AllianceBernstein Holding's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for AllianceBernstein Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are AllianceBernstein Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:W4M PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $2.49
NYSE:AB Share Price ** NYSE (2020-04-01) in USD $16.97
Germany Capital Markets Industry PE Ratio Median Figure of 16 Publicly-Listed Capital Markets Companies 22.55x
Germany Market PE Ratio Median Figure of 398 Publicly-Listed Companies 16.76x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of AllianceBernstein Holding.

DB:W4M PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:AB Share Price ÷ EPS (both in USD)

= 16.97 ÷ 2.49

6.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AllianceBernstein Holding is good value based on earnings compared to the DE Capital Markets industry average.
  • AllianceBernstein Holding is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does AllianceBernstein Holding's expected growth come at a high price?
Raw Data
DB:W4M PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.82x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
9.6%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 6 Publicly-Listed Capital Markets Companies 1.59x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

DB:W4M PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.82x ÷ 9.6%

0.71x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AllianceBernstein Holding is good value based on expected growth next year.
Price based on value of assets
What value do investors place on AllianceBernstein Holding's assets?
Raw Data
DB:W4M PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $15.81
NYSE:AB Share Price * NYSE (2020-04-01) in USD $16.97
Germany Capital Markets Industry PB Ratio Median Figure of 31 Publicly-Listed Capital Markets Companies 1.5x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.44x
DB:W4M PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:AB Share Price ÷ Book Value per Share (both in USD)

= 16.97 ÷ 15.81

1.07x

* Primary Listing of AllianceBernstein Holding.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AllianceBernstein Holding is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess AllianceBernstein Holding's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. AllianceBernstein Holding has a total score of 6/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is AllianceBernstein Holding expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is AllianceBernstein Holding expected to grow at an attractive rate?
  • AllianceBernstein Holding's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • AllianceBernstein Holding's earnings growth is positive but not above the Germany market average.
  • AllianceBernstein Holding's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:W4M Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:W4M Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 9.6%
DB:W4M Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 68.3%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 39.4%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 0.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:W4M Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:W4M Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31
2021-12-31 3,802 268 290 3
2020-12-31 3,691 335 265 3
2020-04-01
DB:W4M Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 266 223 239
2019-09-30 245 229 218
2019-06-30 251 235 224
2019-03-31 258 259 231
2018-12-31 271 279 242
2018-09-30 290 261 261
2018-06-30 266 246 238
2018-03-31 248 218 222
2017-12-31 232 202 207
2017-09-30 225 197 201
2017-06-30 232 190 209
2017-03-31 229 178 206

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • AllianceBernstein Holding's earnings are expected to grow by 9.6% yearly, however this is not considered high growth (20% yearly).
  • AllianceBernstein Holding's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:W4M Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from AllianceBernstein Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:W4M Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 3.04 3.35 2.50 4.00
2020-12-31 2.76 2.99 2.42 4.00
2020-04-01
DB:W4M Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 2.49
2019-09-30 2.28
2019-06-30 2.34
2019-03-31 2.39
2018-12-31 2.50
2018-09-30 2.71
2018-06-30 2.50
2018-03-31 2.34
2017-12-31 2.19
2017-09-30 2.12
2017-06-30 2.18
2017-03-31 2.14

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • AllianceBernstein Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess AllianceBernstein Holding's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
AllianceBernstein Holding has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has AllianceBernstein Holding performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare AllianceBernstein Holding's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • AllianceBernstein Holding's year on year earnings growth rate has been positive over the past 5 years.
  • AllianceBernstein Holding's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • AllianceBernstein Holding's 1-year earnings growth is negative, it can't be compared to the DE Capital Markets industry average.
Earnings and Revenue History
AllianceBernstein Holding's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from AllianceBernstein Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:W4M Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 266.29 238.56
2019-09-30 245.14 218.42
2019-06-30 251.22 224.49
2019-03-31 257.59 230.68
2018-12-31 270.65 242.40
2018-09-30 289.61 261.11
2018-06-30 265.87 238.39
2018-03-31 248.43 221.67
2017-12-31 232.39 207.42
2017-09-30 225.30 201.49
2017-06-30 232.17 208.57
2017-03-31 228.88 205.90
2016-12-31 239.39 216.59
2016-09-30 217.65 195.01
2016-06-30 210.11 186.84
2016-03-31 218.65 194.77
2015-12-31 210.08 185.76
2015-09-30 216.76 192.34
2015-06-30 218.25 194.39
2015-03-31 213.52 190.24
2014-12-31 200.93 178.47
2014-09-30 202.69 180.62
2014-06-30 187.31 166.01
2014-03-31 184.29 163.43
2013-12-31 185.91 165.50
2013-09-30 149.83 134.22
2013-06-30 98.73 81.55

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • AllianceBernstein Holding has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • AllianceBernstein Holding used its assets more efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if AllianceBernstein Holding improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess AllianceBernstein Holding's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
AllianceBernstein Holding has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is AllianceBernstein Holding's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up AllianceBernstein Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Unable to compare short term assets to short term liabilities as AllianceBernstein Holding has not reported sufficient balance sheet data.
  • Unable to establish if AllianceBernstein Holding's long term commitments exceed its cash and other short term assets as AllianceBernstein Holding has not reported sufficient balance sheet data.
Balance sheet
This treemap shows a more detailed breakdown of AllianceBernstein Holding's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • AllianceBernstein Holding has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from AllianceBernstein Holding Company Filings, last reported 3 months ago.

DB:W4M Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,552.54 0.00
2019-09-30 1,454.60 0.00
2019-06-30 1,469.42 0.00
2019-03-31 1,429.47 0.00
2018-12-31 1,490.06 0.00
2018-09-30 1,488.66 0.00
2018-06-30 1,534.31 0.00
2018-03-31 1,560.71 0.00
2017-12-31 1,543.55 0.00
2017-09-30 1,441.45 0.00
2017-06-30 1,440.51 0.00
2017-03-31 1,511.86 0.00
2016-12-31 1,539.89 0.00
2016-09-30 1,474.78 0.00
2016-06-30 1,518.75 0.00
2016-03-31 1,560.90 0.00
2015-12-31 1,575.85 0.00
2015-09-30 1,525.57 0.00
2015-06-30 1,612.14 0.00
2015-03-31 1,598.88 0.00
2014-12-31 1,627.51 0.00
2014-09-30 1,535.87 0.00
2014-06-30 1,534.90 0.00
2014-03-31 1,516.64 0.00
2013-12-31 1,532.88 0.00
2013-09-30 1,420.26 0.00
2013-06-30 1,617.13 0.00
  • AllianceBernstein Holding has no debt.
  • AllianceBernstein Holding has not taken on any debt in the past 5 years.
  • AllianceBernstein Holding has no debt, it does not need to be covered by operating cash flow.
  • AllianceBernstein Holding has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess AllianceBernstein Holding's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. AllianceBernstein Holding has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is AllianceBernstein Holding's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
14.91%
Current annual income from AllianceBernstein Holding dividends. Estimated to be 16.66% next year.
If you bought €2,000 of AllianceBernstein Holding shares you are expected to receive €298 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • AllianceBernstein Holding's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.65%).
  • AllianceBernstein Holding's dividend is above the markets top 25% of dividend payers in Germany (4.87%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:W4M Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 3.2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 322 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:W4M Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 3.36 1.00
2021-12-31 2.93 6.00
2020-12-31 2.64 6.00
2020-04-01
DB:W4M Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-02-12 2.530 10.286
2019-02-13 2.680 9.092
2018-02-13 2.300 8.070
2017-02-14 1.920 8.000
2016-02-11 1.860 8.235
2015-02-12 1.860 7.027
2014-02-12 1.790 7.014
2013-02-12 1.230 5.621
2012-02-10 1.140 7.682
2011-02-10 1.310 7.802
2010-02-11 1.770 6.758
2009-10-29 2.680 9.943
2009-07-30 1.640 6.842
2009-04-22 0.280 1.447

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of AllianceBernstein Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess AllianceBernstein Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can AllianceBernstein Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. AllianceBernstein Holding has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of AllianceBernstein Holding's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Seth Bernstein
COMPENSATION $9,444,889
AGE 58
TENURE AS CEO 2.9 years
CEO Bio

Mr. Seth Perry Bernstein is Chief Executive Officer Of Abc of AllianceBernstein Holding L.P. since May 01, 2017 and is its Director since April 27, 2017. He is Senior Executive Vice President and Head of Investment Management and Research at Equitable Holdings, Inc. and also serves as its President and Chief Executive Officer of AllianceBernstein Corporation since May 01, 2017. Mr. Bernstein is President and Chief Executive Officer at AllianceBernstein L.P. since May 1, 2017 and Director since 2017. Previously, he is Managing Director and Global Head of Asset Management Solutions at J.P. Morgan Chase & Co, Inc. from 2012 to 2014. In this role, Mr. Bernstein was responsible for the management of all discretionary assets within the Private Banking client segment. From 2014 to 2017, Mr. Bernstein was Managing Director and Global Head of Managed Solutions and Strategy at JPMorgan Asset Management and was Managing Director and Global Head of Fixed Income and Currency from 2002 to 2012. Mr. Bernstein joined JPMorgan in 1984 and oversaw U.S. and international fixed income and currency investment activities, operations and product management. He was Global Head of Asset Management Solutions at JP Morgan Asset Management since August 2012 to 2014. He previously is the Chief Financial Officer at JPMorgan Chase's investment management and Private Banking Divisions, responsible for financial management and strategic planning. Previously, Mr. Bernstein served a variety of roles in JPMorgan Chase's investment management and private banking divisions, including Head of the Coverage Team. Prior to 2000, he led J.P. Morgan's debt and loan capital markets team, overseeing debt underwriting and loan syndications for Tultex Corporation. From 1993 to 2000, Mr. Bernstein oversaw growth of high yield activities. He is member of the Board of Managers of Haverford College. Previously, Mr. Bernstein served positions in Tultex Corporation's equity capital markets and private placement groups and is its Director since 1997. Mr. Bernstein received a BA in Political Science and Economics from Haverford College.

CEO Compensation
  • Seth's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Seth's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the AllianceBernstein Holding management team in years:

2.9
Average Tenure
58
Average Age
  • The tenure for the AllianceBernstein Holding management team is about average.
Management Team

Seth Bernstein

TITLE
CEO, President & Director
COMPENSATION
$9M
AGE
58
TENURE
2.9 yrs

John Weisenseel

TITLE
Chief Financial Officer
COMPENSATION
$2M
AGE
59
TENURE
7.9 yrs

Jim Gingrich

TITLE
Chief Operating Officer
COMPENSATION
$2M
AGE
60
TENURE
8.3 yrs

Kate Burke

TITLE
Chief Administrative Officer
COMPENSATION
$3M
AGE
47
TENURE
0.9 yrs

Laurence Cranch

TITLE
General Counsel
COMPENSATION
$2M
AGE
72
TENURE
15.8 yrs

William Siemers

TITLE
Controller & Chief Accounting Officer
AGE
58
TENURE
2 yrs

Karl Sprules

TITLE
Head of Global Technology & Operations
TENURE
0.8 yrs

Mark Griffin

TITLE
Head of Investor Relations
TENURE
0.3 yrs

Mark Manley

TITLE
Chief Compliance Officer
AGE
56
TENURE
32.3 yrs

John Meyers

TITLE
Director of Corporate Communications
Board of Directors Tenure

Average tenure and age of the AllianceBernstein Holding board of directors in years:

2.4
Average Tenure
61
Average Age
  • The average tenure for the AllianceBernstein Holding board of directors is less than 3 years, this suggests a new board.
Board of Directors

Ramon de Oliveira-Cezar

TITLE
Independent Chairman
COMPENSATION
$319K
AGE
65
TENURE
1.1 yrs

Seth Bernstein

TITLE
CEO, President & Director
COMPENSATION
$9M
AGE
58
TENURE
3 yrs

Henri René Marie de la Croix de Castries

TITLE
Chairman of AXA Financial
AGE
65
TENURE
22 yrs

Charles Thoroton Stonehill

TITLE
Independent Director
COMPENSATION
$254K
AGE
61
TENURE
1 yrs

Kristi Matus

TITLE
Independent Director
COMPENSATION
$203K
AGE
51
TENURE
0.8 yrs

Nick Lane

TITLE
Director
AGE
45
TENURE
1 yrs

Mark Pearson

TITLE
Director
AGE
61
TENURE
9.2 yrs

Dan Kaye

TITLE
Independent Director
COMPENSATION
$290K
AGE
65
TENURE
3 yrs

Paul Audet

TITLE
Independent Director
COMPENSATION
$279K
AGE
65
TENURE
2.4 yrs

Das Narayandas

TITLE
Independent Director
COMPENSATION
$261K
AGE
59
TENURE
2.4 yrs
Who owns this company?
Recent Insider Trading
  • AllianceBernstein Holding individual insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
16. Mar 20 Buy Seth Bernstein Individual 13. Mar 20 13. Mar 20 15,000 €21.36 €320,439
06. Mar 20 Sell James Gingrich Individual 04. Mar 20 04. Mar 20 -75,000 €28.99 €-2,174,542
04. Mar 20 Sell James Gingrich Individual 02. Mar 20 03. Mar 20 -97,522 €29.14 €-2,809,778
26. Feb 20 Sell James Gingrich Individual 25. Feb 20 25. Feb 20 -2,643 €30.73 €-81,216
24. Feb 20 Sell James Gingrich Individual 20. Feb 20 21. Feb 20 -81,273 €32.99 €-2,644,119
19. Feb 20 Sell James Gingrich Individual 18. Feb 20 19. Feb 20 -100,000 €32.97 €-3,283,270
18. Feb 20 Sell James Gingrich Individual 13. Feb 20 14. Feb 20 -38,209 €32.15 €-1,216,713
30. Jul 19 Sell John Weisenseel Individual 26. Jul 19 30. Jul 19 -32,723 €26.61 €-869,355
12. Jun 19 Sell Kate Burke Individual 12. Jun 19 12. Jun 19 -18,897 €25.40 €-479,996
X
Management checks
We assess AllianceBernstein Holding's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. AllianceBernstein Holding has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

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, estates, government agencies, charitable organizations, individuals, corporations, and other business entities. The firm invests in public equity, fixed income, and alternative investment markets across the globe. It employs long/short strategy to make its investments. The firm conducts in-house research to make its investments. AllianceBernstein Holding L.P. was founded in 1987 and is based in New York, New York.

Details
Name: AllianceBernstein Holding L.P.
W4M
Exchange: DB
Founded: 1987
$1,669,320,162
98,192,098
Website: http://www.alliancebernstein.com
Address: AllianceBernstein Holding L.P.
1345 Avenue of the Americas,
New York,
New York, 10105,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE AB Limited Partnership Units New York Stock Exchange US USD 14. Apr 1988
DB W4M Limited Partnership Units Deutsche Boerse AG DE EUR 14. Apr 1988
LSE 0S0N Limited Partnership Units London Stock Exchange GB USD 14. Apr 1988
Number of employees
Current staff
Staff numbers
3,811
AllianceBernstein Holding employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/01 22:08
End of day share price update: 2020/04/01 00:00
Last estimates confirmation: 2020/03/27
Last earnings filing: 2020/02/12
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.