|Day's Range||15.30 - 15.30|
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Amen Bank and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
“I love seeing our younger team members buying homes. That’s not happening if we were in New York or Chicago or San Francisco."
NEW YORK , Oct. 10, 2019 /PRNewswire/ -- AllianceBernstein L.P. and AllianceBernstein Holding L.P. (NYSE: AB) today announced that Third Quarter 2019 financial and operating results will be released on ...
NEW YORK , Oct. 9, 2019 /PRNewswire/ -- AllianceBernstein L.P. ("AB") and AllianceBernstein Holding L.P. ("AB Holding") (NYSE: AB) today announced that preliminary assets under management ...
(Bloomberg) -- They were the “golden crumbs,” those bits of money that fall off as bonds get traded around the world.Those crumbs were enough to make bond traders the Masters of the Universe in Tom Wolfe’s 1987 novel “The Bonfire of the Vanities.” But those days are long gone.AllianceBernstein Holding LP has introduced a robot to execute corporate-bond trades directly with bots at dealer counterparties. The $587 billion asset manager used the system in August to complete three trades with similar digital assistants at Citigroup Inc., Morgan Stanley and Royal Bank of Canada.“We’ve taken a traditional human-to-human interaction and augmented it to allow a machine to meet another machine,” said Maryanne Richter, global head of credit electronic trading strategy at Morgan Stanley in New York.While computers have already transformed equities trading, the corporate bond market has been one of the last holdouts in finance’s digital revolution. Firms are slowly stepping up their use of artificial intelligence and crunching reams of data to get ahead as electronic bond trading becomes more prevalent.Automation is making inroads on trading desks, such as at UBS Group AG and HSBC Holdings Plc, where robots are making bond sales more efficient. More than 40% of capital market participants that took part in a Greenwich Associates survey earlier this year said that their firms are using AI for trading. Another 17% said they will introduce it within the next two years.Still, this is the first time that bots have traded with other bots in corporate bonds, according to AllianceBernstein.The robot is an extension of the asset manager’s virtual assistant, named Abbie, which pores through data and identifies for traders the best bonds to buy or sell. AllianceBernstein gathers about 4 million data points a day to work out the best ways to trade including bid and offer prices from dealers and electronic trading venues.“Right now they aren’t replacing traders, they’re really just helping us trade”Executing trades involves a number of manual steps. Currently it can take traders up to 20 minutes to negotiate the size, price and precise maturity of a trade with a counterparty on the other end of the phone or instant message. With bots that could become almost instantaneous.“Machines are helping us to make smarter decisions and be more efficient,” said James Switzer, global head of fixed-income trading at AllianceBerstein. “I guess we could look out 5 or 10 years and start anticipating what would happen, but right now they aren’t replacing traders, they’re really just helping us trade.”The robot is designed to save traders time and beat competitors, a meaningful edge in a secondary market starved of liquidity. It could also be developed using AI to remember the best counterparties for certain trades and target them first in future, a system known as smart order routing, according to Switzer.In the test cases, AllianceBernstein made three separate trades in investment-grade U.S. corporate bonds with each of the three banks and the firm expects to expand that to more dealers in the coming months. The bots agreed to the transactions on the signal of a human trader.“The master is telling the dog to fetch and bring the stick back,” said Switzer.In the future, AllianceBernstein expects the bot to spot the best prices within parameters previously set by a trader and execute automatically. That would mean it would no longer need a human to give the execute command, although to be sure, the firm will still have human checks and balances including compliance.Citi and Morgan Stanley both expect their trading algorithms to be able to directly handle requests to trade and execute without human command, depending on the nature of the transaction. A spokesman for RBC Capital Markets declined to comment on the trade with AllianceBernstein.“We’re automating parts of a very manual process,” said Kevin Foley, head of markets electronification at Citi in New York. “Phase two is fully-automated straight-through processing.”It’s surely a world Bonfire’s bond trader Sherman McCoy would have no place in as the crumbs disintegrate.“Just imagine that a bond is a slice of cake, and you didn’t bake the cake, but every time you hand somebody a slice of the cake a tiny little bit comes off, like a little crumb, and you can keep that,” Wolfe wrote in his novel.(Updates with reference to electronic trading in fifth paragraph. An earlier version of this story corrected assets under management for AllianceBernstein in third paragraph.)To contact the author of this story: Katie Linsell in London at email@example.comTo contact the editor responsible for this story: Vivianne Rodrigues at firstname.lastname@example.org, James HertlingFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Pocket Cast or iTunes.President Donald Trump blamed Federal Reserve Chairman Jerome Powell and his colleagues at the central bank for hurting manufacturing companies after a key gauge of the industry’s health posted its weakest reading since the end of the last recession.“As I predicted, Jay Powell and the Federal Reserve have allowed the Dollar to get so strong, especially relative to ALL other currencies, that our manufacturers are being negatively affected,” Trump tweeted Tuesday.The outburst followed the release of the Institute for Supply Management’s factory index, which slipped to its lowest level since June 2009. The measure of export orders, a proxy for overseas demand, fell to 41, the lowest level since March 2009, while the imports index remained in contraction.American manufacturing has stalled amid uncertainty caused by slowing global growth, escalating disputes between the U.S. and its major trading partners, and a strengthening U.S. dollar that makes exports more expensive. Economists have said the trade war was the biggest factor.“Simmering trade tension is the obvious culprit for the manufacturing weakness,” Eric Winograd, senior U.S. economist at AllianceBernstein, wrote in a note to clients.Chris Rupkey, chief financial economist at MUFG Union Bank, wrote that “manufacturing executives are scared to death that the trade war is going to crush their exports to recession levels and force them to turn the factory lights out.”Economists surveyed by Bloomberg forecast the world’s largest economy will expand by 2.3% in 2019, carried by strong consumer demand. Gross domestic product expanded 2.5% on a fourth-quarter-over-fourth-quarter basis last year.To guard against the risk of a sharper slowdown, and to boost below-target inflation, the Fed has cut interest rates by a quarter percentage point twice this year. Policy makers haven’t signaled strongly whether they intend to lower rates again before the year is out.To contact the reporter on this story: Christopher Condon in Washington at email@example.comTo contact the editors responsible for this story: Margaret Collins at firstname.lastname@example.org, Jeff Kearns, Matthew BoeslerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
While AllianceBernstein Holding L.P. (AB) and Lazard (LAZ) are good options with similar business trends, deeper research into their financials will help decide which would be a better investment pick.
In July, AllianceBernstein donated $100,000 to a new Metro-backed program to build the city's talent pool. Now, the Wall Street giant is doubling down, donating $125,000 to a nonprofit to help students as they transition to college.
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What does "on the cheap" mean in the stock market? To me, it means stocks which are valued not only below fair market values when looking at assets and revenues, but also when looking at the proven progress underway in the company.So far this year, the general stock market has been on a tear. The S&P 500 has climbed in price by 21% year-to-date. * 10 Battered Tech Stocks to Buy Now But I can easily steer you to a collection of stocks with much more reasonable, and even ample, dividend yields. And this is a collection of stocks that are performing -- but are also still values to buy right now.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Dividend Stocks to Buy: AllianceBernstein (AB)Dividend Yield: 7.5%AllianceBernstein (NYSE:AB) is a pass-through company in the asset management business. The key thing about asset managers is knowing the value of assets under management. They don't have to be exceptional in their investing -- just good enough to attract and keep assets on which they earn fees year-in and year-out.AllianceBernstein's assets under management has climbed 25.8% over the trailing four years to a current $581 billion. That has resulted in revenue gains for the same period of 30.1%. This in turn is driving higher returns for shareholders with the return on equity running at 14.9%. But the real deal is that the shares trade at a discount to revenue by some 18.7% making the shares cheap.AB stock has been a good performer with the trailing five years generating a total return of 60.4% with an average annual equivalent of 10.4%.**All total return figures were calculated by Bloomberg Terminal, factoring in dividends reinvested on the day of distribution. Compass Diversified (CODI)Dividend Yield: 7.6%Compass Diversified (NYSE:CODI) is an investment holding company set up under the Investment Companies Act of 1940. As such it operates without paying federal corporate income taxes, meaning that CODI has more cash for dividend payments to investors.The company buys and owns a collection of well-branded industrial and consumer goods companies. And it in turn works with management teams to further develop business values. From time to time, Compass Diversified will sell the companies when appropriate. Along the way, CODI collects cash flows from the operating companies and in turn pays an ample dividend currently yielding 7.6%.Revenues are firmly on the rise with the trailing year's sales gain at 33.2%. Margins are positive, helping to drive a return on shareholder equity of 39.3%. * 10 Stocks to Sell in Market-Cursed September And the stock is very cheap as it is valued at a 30% discount to trailing sales -- which as noted are firmly on the rise.Compass Diversified continues to deliver with shares generating a total return over the past five years of 62.1% for an average annual equivalent return of 9.9%. W.P. Carey (WPC)Dividend Yield: 4.7%W.P. Carey (NYSE:WPC) is a highly successful real estate investment trust with a diverse collection of properties across segments. But these properties all have in common is the company's signature structure of triple-net sale-leasebacks. This is where W.P. Carey typically acquires a property from a significant company -- or even government entity -- and in turn leases it back to the seller for long-term lease. In addition, the tenant pays the taxes, insurance and general upkeep costs, hence the term "triple-net."This structure has major benefits. To start, W.P. Carey gets established tenants for their leased properties. And with longer-term leases it sets the company up with more dependable income. With the expenses of taxes, insurance and maintenance it reduces costs and uncertainty for the company.Revenues are up for the trailing year by 4.4%. The return on funds from operations, which measures the profitability of just running the properties, is at a very healthy 12.8%.The dividend is yielding 4.7% and the actual distributions have been rising each and every quarter for years. Some estimate that it has been raising dividends since 2001. The stock has generated a trailing five year total return of 77.2% for an average annualized equivalent return of 12.1%.And despite the quality of the company's assets and performance along with that rising dividend distribution, the stock is cheap compared to the general REIT market -- as measured by the Bloomberg U.S. REIT Index. The stock's price is at a mere 2.2 times book which is significantly cheaper than the general market average of 2.74 times. This make W.P. Carey a cheap stock with great assets and a rising dividend. TPG Specialty Lending (TSLX)Dividend Yield: 7.5%TPG Specialty Lending (NYSE:TSLX) provides financing and capital to a variety of companies. TPG Specialty is part of the famous TPG Capital, formally called the Texas Pacific Group. Texas Pacific Group is one of the largest and more successful private equity firms in the world -- and TPG Specialty draws talent and resources from that relationship.Revenues are up on a tear with the trailing year climbing by 24.2%. Its net interest margin, which measure the difference in funding costs against interest earnings, is running at 10% and it keeps its efficiency ratio humming at a profitable 31.5% which means that it costs only 32 cents to earn each dollar of revenue.The company has generated a return of 90.7% over the trailing five years for an average annual equivalent of 13.8%.It pays regular dividends quarterly, providing a yield of 7.5%. But it also regularly pays additional dividends from ongoing profits for a current annual yield of 8.63%. * 7 Stocks to Buy In a Flat Market In addition, since it is also set up under the Investment Companies Act of 1040 and the Small Business Investment Incentives Act of 1980 -- it avoids federal income taxes -- leaving more cash to feed that dividend. The company is cheaply run with great margins and a great dividend stream, making for a good value right now. AT&T (T)Dividend Yield: 3%American Telephone & Telegraph referred to as Ma Bell, or now as AT&T (NYSE:T), is a well-known company. It offers wired and wireless communications, internet and data transmission, satellite and cable content distribution as well as streaming. And oh yes, it comes with a huge content warehouse and generator in WarnerMedia.The direct comparison is Verizon (NYSE:VZ) which is a good dividend stock. But AT&T is way, way cheaper. AT&T's stock is valued at a mere 1.5 times book which is way cheaper than Verizon's stock value of 4.4 times book.Revenue is rising with the trailing year up by 6.4%. And while the company has a lot of components, overall operating margins are running at a fat 15.3% which in turn drives a nice return on equity running at 9.5%.It has built up debt in its acquisition of Time Warner -- but it is manageable at only 33.2% of its assets.The stock has trailed Verizon until recently. Elliott Management announced that it has amassed $3.2 billion of the company's stock. Activist investor Paul Singer wants AT&T to hone its focus and sell some of its superfluous operations. And the market likes what it sees.Over the past five years, the stock has returned 46% for an average annual equivalent return of 7.9%. But for the year-to-date, the stock has returned 34.7%.The dividend is running with a yield of 5.3%. Good and rising dividends, a stock that's cheap compared to its prime rival and a shake-up potentially in the works make AT&T a good buy right now.And now that I've presented some dividend stocks on the cheap, perhaps you might like to see more of my market research and recommendations for further safer growth and bigger reliable income. Click here to learn more.Neil George is the editor of Profitable Investing and does not have any holdings in the securities mentioned above. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Battered Tech Stocks to Buy Now * 7 Strong-Buy Stocks Hedge Funds Are Buying Now * The 7 Best Penny Stocks to Buy The post 5 Cheap Dividend Stocks to Buy appeared first on InvestorPlace.
NEW YORK , Sept. 11, 2019 /PRNewswire/ -- AllianceBernstein L.P. ("AB") and AllianceBernstein Holding L.P. ("AB Holding") (NYSE: AB) today announced that preliminary assets under management ...
AllianceBernstein is sending the finance professionals who handle its $581 billion in assets under management back to school — climate school.
NEW YORK, Sept. 11, 2019 /PRNewswire/ -- Columbia University's Earth Institute, home to the Lamont-Doherty Earth Observatory, a world-renowned Earth and climate science research center, is collaborating with leading global investment management firm AllianceBernstein L.P. (AB) (AB) to create a first-of-its-kind intensive curriculum focused on climate risk and investment performance.
Zacks.com featured highlights include: MEDIFAST, NVR, Universal Forest Products, EMCOR and AllianceBernstein
Oct.10 -- Jenny Zeng, co-head of Asia Pacific fixed income at AllianceBernstein, discusses the U.S.-China trade negotiations and her investment strategy. She speaks on “Bloomberg Markets: Asia.”
Sep.27 -- Brad Gibson, co-head of Asia Pacific fixed income at AllianceBernstein, discusses Malaysian bonds and his outlook for emerging market bonds. He speaks on “Bloomberg Markets: Asia.”