AB - AllianceBernstein Holding L.P.

NYSE - Nasdaq Real Time Price. Currency in USD
35.81
+0.12 (+0.33%)
As of 3:54PM EST. Market open.
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Previous Close35.69
Open35.63
Bid35.81 x 900
Ask35.83 x 800
Day's Range35.45 - 36.06
52 Week Range26.29 - 36.06
Volume556,677
Avg. Volume336,760
Market Cap3.512B
Beta (5Y Monthly)1.05
PE Ratio (TTM)14.39
EPS (TTM)2.49
Earnings DateApr 22, 2020 - Apr 26, 2020
Forward Dividend & Yield3.40 (9.53%)
Ex-Dividend DateFeb 20, 2020
1y Target Est38.00
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  • Thomson Reuters StreetEvents

    Edited Transcript of AB earnings conference call or presentation 12-Feb-20 1:00pm GMT

    Q4 2019 Alliancebernstein Holding LP Earnings Call

  • Moody's

    Banque Internationale Arabe de Tunisie -- Moody's affirms five Tunisian banks' ratings; changes outlook to stable for all banks

    Rating Action: Moody's affirms five Tunisian banks' ratings; changes outlook to stable for all banks. Global Credit Research- 18 Feb 2020. Bank rating actions follow the affirmation of the Tunisian sovereign ...

  • Cathie Wood, the Best Investor You’ve Never Heard Of
    Bloomberg

    Cathie Wood, the Best Investor You’ve Never Heard Of

    (Bloomberg Opinion) -- Who is Cathie Wood?She’s already in the pantheon of top money handlers over any period in the past five years, and has been the most persuasive — and so far prescient — champion of Tesla Inc.Her actively managed Ark Innovation ETF is the best performer among 584 funds with at least $1 billion of assets in the global equity market, crushing the likes of BlackRock with a return of 165% (income plus appreciation) the past three years, and she beat 99% of them since Ark Investment Management LLC became a registered investment adviser in January 2014, according to data compiled by Bloomberg.For all of her success picking winners, the 64-year-old Wood has received relatively little notice during the past three years, aside from being an occasional outlier among investors on CNBC. You won’t find her at the Barron’s Roundtable, which “gathers some of Wall Street’s best minds.” She was included in the Bloomberg 50: The People Who Defined Global Business in 2018. Her focus on innovation, “centered around genome sequencing, robotics, artificial intelligence, energy storage and blockchain technology,” enabled Ark Innovation ETF to increase 127 times, to $2.4 billion from its $15 million grubstake in 2017. In the process, the Ark ETF rewarded its shareholders with more than three times the return of the S&P 500 Index and more than twice the Nasdaq’s bounty. Since its inception, Ark has earned almost 2.4 times more than the S&P 500 and 1.7 times the Nasdaq, according to data compiled by Bloomberg.At a point when money management mostly is a passive, index-driven business, Wood is a discerning stock picker with about $11 billion of assets. Her selection of health-care juggernauts Juno Therapeutics Inc., based in Seattle, and Invitae Corp., in San Francisco, returned 286% and 173%, respectively, in the past three years. Choosing Palo Alto-based Tesla and Buenos Aires-based MercadoLibre Inc. among consumer discretionary companies netted 185% and 269% in her fund, according to data compiled by Bloomberg.“We’re all about finding the next big thing,” said Wood during an initial interview with David Westin on Bloomberg Wall Street Week earlier this month. “Anyone hewing to the benchmarks, which are backwards looking, they’re not about the future. They are about what has worked. We’re all about what is going to work.”Since she graduated summa cum laude in finance and economics from the University of Southern California in 1981, Wood has been assistant economist at the Capital Group; chief economist, analyst, portfolio manager and director at Jennison Associates; co-founder of the hedge fund Tupelo Capital Management, and chief investment officer of global thematic strategies at AllianceBernstein, where she managed more than $5 billion. Her favorite innovator is Copernicus, the Renaissance man who located the sun rather than the Earth at the center of the universe.Soon after launching Ark in 2014, Wood made Tesla her fifth-largest holding. In 2018, she increased it to No. 1, or 10% of the fund, as most analysts soured on the maker of zero-emission, battery-electric vehicles.In 2016, when Tesla plummeted 11%, and 75% of the analyst recommendations opposed any purchases, Wood almost tripled her Tesla position to 5,072 shares. The following year, after Tesla appreciated 46%, and 68% of the analysts remained bearish, she enlarged her stake more than 13 times to 67,653 shares, according to data compiled by Bloomberg. When Tesla rallied 26% last year amid tepid recommendations from 70% of the analysts, she almost doubled her stake to 471,594 shares.Tesla continued climbing this year — 91%, the best performer in the Nasdaq 100 index and No. 1 among the 500 most highly capitalized U.S. companies. Wood was a consistent seller during the rally — reducing her holding to 292,000 shares — solely to keep her Tesla stake at the designated maximum 10% of her fund.“If we hadn’t sold, Tesla would probably be well north of 20% in the portfolio,” she said during a phone interview last week. “Last year, we were buying aggressively when analysts were saying Tesla was going to run out of cash and go bankrupt.” Tesla still is “incredibly undervalued,” she said.That’s an opinion considered absurd by most analysts, who insist nothing justifies Tesla’s valuation at almost $150 billion, or 58% more than the market capitalization of global sales leader Volkswagen AG.On the contrary, says Wood, Tesla’s share of EV sales increased a percentage point to 18% when the so-called Tesla killers — from BYD Co. Ltd and BAIC Motor Corp. in China to Nissan Motor Co. in Japan and Volkswagen, Bayerische Motoren Werke AG and Daimler AG in Germany and General Motors Co. and Ford Motor Co. in the U.S — started selling their own battery-electric vehicles. Wood believes the legacy automakers will lose money on their EVs, while Tesla becomes increasingly profitable and remains years ahead of its rivals in battery and chip technology.The company also has 14 billion miles of real-world driving data. Its closest competitor, Waymo, has data on 20 million miles.The investors who have been Tesla naysayers have gotten far more attention than Wood. News articles about Tesla short sellers, including David Einhorn’s Greenlight Capital LLC and Jim Chanos of Kynikos Associates Ltd., are far more numerous on the Bloomberg system. More than 100 stories showcased Einhorn’s disdain for Tesla, and more than 40 similarly featured Chanos, while there were around 20 for Wood during the same period.Investors were similarly dubious about Amazon.com, which appreciated 1,029% during its first five years after the initial public offering in 1997 and 228% during its second five-year period. Tesla has gained 1,018% during the five years after its 2010 IPO and appreciated 206% since 2015, according to data compiled by Bloomberg. “It’s the same idea that analysts hated Amazon during that entire period – not on the bubble but after the tech and telecom bust,” Wood said.In her latest assessment last month, she wrote: “Based on our updated expectations for electric vehicle (EV) cost declines and demand, as well as our estimates for the potential profitability of robotaxis, our 2024 expected value per share for TSLA is $7,000.”That’s a far cry from the $340 in August 2018, when Chief Executive Officer Elon Musk tweeted: “Am considering taking Tesla private at $420. Funding secured.”Musk subsequently received a letter from Wood urging him not to take the company private because she saw Tesla rallying to $4,000 in five years. Before the month ended, he said his plan to take Tesla private wasn’t “the better path.” Even Musk seemed impressed by Wood’s judgment. “The letter was to him and the board, and he did say that he and the board took the letter into consideration and it did influence them,” she said.Tesla said last week that it will sell about $2 billion of new shares and that Musk would purchase as much as $10 million of the offering.“I’m not going to tell you we were the reason,” Wood said. “We were a little peapod back then, and we’re still a little peapod in the scheme of the asset management world.” But, she said, “I think our research is the best in the world on Tesla.”So far at least, she’s been right on the money.\-- With assistance from Shin PeiTo contact the author of this story: Matthew A. Winkler at mwinkler@bloomberg.netTo contact the editor responsible for this story: Katy Roberts at kroberts29@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Matthew A. Winkler is Co-founder of Bloomberg News (1990) and Editor-in-Chief Emeritus; Bloomberg Opinion Columnist since 2015; Co-founder of Bloomberg Business Journalism Diversity Program in 2017. During his 25 years as Editor-in-Chief, Bloomberg News was a three-time finalist and winner of the Pulitzer Prize for Explanatory Reporting and received numerous George Polk, Gerald Loeb, Overseas Press Club and Society of Professional Journalists and Editors (Sabew) awards.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Looking for a Growth Stock? 3 Reasons Why AllianceBernstein (AB) is a Solid Choice
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    AllianceBernstein (AB) possesses solid growth attributes, which could help it handily outperform the market.

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  • All You Need to Know About AllianceBernstein (AB) Rating Upgrade to Strong Buy
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    All You Need to Know About AllianceBernstein (AB) Rating Upgrade to Strong Buy

    AllianceBernstein (AB) has been upgraded to a Zacks Rank 1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

  • PR Newswire

    AB Enhances Responsible Investing Platform With Two Senior Appointments

    AllianceBernstein L.P. (AB) (NYSE: AB), a leading global investment management firm, today announced two senior appointments to the firm's Responsible Investing platform.

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  • PR Newswire

    AB Announces January 31, 2020 Assets Under Management

    AllianceBernstein L.P. ("AB") and AllianceBernstein Holding L.P. ("AB Holding") (NYSE: AB) today announced that preliminary assets under management increased to $629 billion during January 2020 from $623 billion at the end of December 2019. The 1.0% increase was due to total firmwide net inflows, as well as market appreciation. By channel, Retail and Institutions experienced positive net flows, while Private Wealth flows were flat.

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  • American City Business Journals

    Beamed up: Office tower at $450M Fifth + Broadway reaches peak

    The developer teased lease negotiations with a prospective tenant that would occupy almost 20% of the high-rise's office space. Meanwhile, AllianceBernstein is preparing to move its headquarters into the building late this summer, as its anchor tenant.

  • AllianceBernstein to Execute Bond Trades of Buy-Side Firms
    Zacks

    AllianceBernstein to Execute Bond Trades of Buy-Side Firms

    AllianceBernstein (AB) will outsource fixed-income trading functions to buy-side firms.

  • AllianceBernstein to Offer Bond Trading Services to Buy-Side
    Bloomberg

    AllianceBernstein to Offer Bond Trading Services to Buy-Side

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.AllianceBernstein Holding LP, a powerhouse in fixed-income investing, is seeking to profit from the expertise and size of its trading desk by selling its services to other buy-side firms.Through a new outsourcing service, the $600 billion asset manager will execute other buy-side firms’ bond trades, said James Switzer, its global head of fixed-income trading. It’s already started buying and selling derivatives for an insurance client through its desk in New York.AllianceBernstein will compete with other large Wall Street firms that also offer outsourced trading to money managers, who are looking for ways to cut costs as they face pressure to decrease fees. Much of that entails eliminating jobs in non-client facing roles such as accounting and human resources, while other functions including trading are increasingly being outsourced to firms like AllianceBernstein that have invested in the technology to handle developments in market structure.“It’s hard for asset managers to innovate and create new technology while downsizing,” Switzer said. “You either build it or buy it -- either way, you’re spending money and we’ve already got the systems in place.”Read more: The Buy-Side Trader Is Latest Job to Be Outsourced as Costs RiseEquity markets have largely outpaced their fixed-income counterparts in digitizing their operations, including outsourced trading. It’s also mainly been a sell-side effort so far, with firms like Cantor Fitzgerald LP, Wells Fargo & Co. and Jefferies Financial Group Inc. leading the charge. In Europe, Amundi Services within Amundi Asset Management and BNP Paribas Securities Services offer fixed-income trading to external clients, but not yet in the U.S.AllianceBernstein has introduced a robot to execute some corporate-bond trades directly with bots at dealer counterparties. The robot is designed to save traders time and beat competitors, a meaningful edge in a secondary market starved of liquidity. It’s also one of the few initial firms selected to beta test a new technology to streamline the new issue process. The firm gets top-tier pricing in trading thanks to its size and technological know-how and it’s prepared to pass on that advantage to clients through outsourcing, Switzer said.The service is still in its early days as AllianceBernstein looks to add clients, and more traders internally to accommodate them, Switzer said. Prospective users include smaller asset managers, hedge funds and larger firms with costly headcount to cut. Insurance companies and pension funds also tend to be buy-and-hold investors with fewer needs for internal trading desks.(Updates with background on robot trading in sixth paragraph)To contact the reporters on this story: Molly Smith in New York at msmith604@bloomberg.net;Katie Linsell in London at klinsell@bloomberg.netTo contact the editors responsible for this story: Nikolaj Gammeltoft at ngammeltoft@bloomberg.net, Nick BakerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • PR Newswire

    AB to Report Fourth Quarter 2019 Results on February 12, 2020

    AllianceBernstein L.P. and AllianceBernstein Holding L.P. (NYSE: AB) today announced that Fourth Quarter 2019 financial and operating results will be released on Wednesday, February 12, 2020. Management will conduct a teleconference call beginning at 8:00 am (ET), following the release of its financial results. The call will be hosted by Seth P. Bernstein, President & Chief Executive Officer, and John C. Weisenseel, Chief Financial Officer.

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