AFB AllianceBernstein National Municipal Income Fund, Inc. - Fundamental Analysis
BEARISH
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AFB Stock | Fundamental Analysis & Investment Insights
NYSE
Financial Services
Asset Management
Current Price
Live
$10.88
52W High
$11.34
52W Low
$9.78
At a glance
Key valuation, profitability, growth, and risk metrics.
Updated Jan 24, 2026
Market cap
$312.74M
P/E
90.67
ROE
1.0%
Profit margin
12.6%
Debt/Equity
0.66
Dividend yield
4.8%
AI Analysis
Powered by advanced machine learning algorithms
Confidence Score
78%
Analysis Accuracy
The Advanced Deterministic Scorecard reveals a mixed but concerning profile: the Piotroski F-Score of 6/9 suggests stable financial health, but the absence of an Altman Z-Score and extremely weak liquidity ratios raise red flags. The stock trades at a significant premium to both the Graham Number ($5.74) and intrinsic value ($3.54), with a sky-high P/E of 90.67 versus sector averages. Despite solid revenue and earnings growth, the 416.51% payout ratio and negative insider sentiment—driven by over $3M in recent sales—signal unsustainable dividends and lack of confidence. Technical trend at 0/100 confirms bearish momentum.
Key Strengths
Solid Piotroski F-Score of 6 indicates baseline financial stability
Strong year-over-year earnings growth of 19.90%
High operating and gross margins (88.32% and 100%) reflecting low cost structure
Dividend yield of 4.80% is attractive in absolute terms
Low debt/equity ratio of 0.66, below sector average of 1.70
Key Risks
Extremely high P/E ratio (90.67) vs. sector average (22.11) suggests severe overvaluation
Payout ratio of 416.51% indicates dividend is not earnings-covered and likely unsustainable
Current and quick ratios of 0.06 indicate near-term liquidity crisis risk
No Altman Z-Score available, creating uncertainty around bankruptcy risk
Insider selling of $3.05M in the last 6 months shows strong bearish sentiment from major holders
AI Fair Value Estimate
Based on comprehensive analysis
$5.74
-47.2% below current price
Performance Snowflake
Multi-dimensional analysis across 5 key categories
Overall
39
Weak
25
58
42
38
30
AI Verdict
Overvalued with structural risks
Key drivers: High P/E and payout ratio, Liquidity concerns, Bearish insider activity, Dividend unsustainability, Lack of analyst coverage
Confidence
80%
Value
25/100
Ref P/E, PEG, Graham Number
Positives
- Price/Book of 0.89 is below 1, suggesting book value support
Watchpoints
- P/E of 90.67 is extremely high
- Price/Sales of 11.43 is well above peers
- Current price ($10.88) is nearly double the Graham Number ($5.74)
Future
58/100
Ref Growth rates
Positives
- 19.90% YoY earnings growth
- 7.10% YoY revenue growth
Watchpoints
- No forward P/E or PEG data available
- Uncertain sustainability of growth given payout ratio
Past
42/100
Ref Historical trends
Positives
- 6M return of +9.7% and 3Y return of +10.2% show recent resilience
Watchpoints
- 5Y change of -4.9% underperforms sector
- 1W change of -1.0% continues downward drift
Health
38/100
Ref Altman Z-Score, Piotroski F-Score
Positives
- Piotroski F-Score of 6 indicates stable health
- ROA of 2.52% is positive
- Debt/Equity of 0.66 is conservative
Watchpoints
- Current and quick ratios of 0.06 signal severe liquidity risk
- No Altman Z-Score available
- ROE of only 0.97% is very weak
Dividend
30/100
Ref Yield, Payout
Positives
- 4.80% yield is high in absolute terms
Watchpoints
- Payout ratio of 416.51% is dangerously high
- Dividend Strength score of 40/100 indicates weak sustainability
- No 5-year average yield data suggests inconsistency
Stock Price & Analyst Targets
Real-time price movements and analyst price targets
Current Price
$10.88
Multi-Horizon Performance vs Peers
Price momentum across 5Y → 1W horizons for AFB and closest competitors.
Updated 2026-01-23
| Company | 5Y | 3Y | 1Y | 6M | 1M | 1W |
|---|---|---|---|---|---|---|
|
AFB
AllianceBernstein National Municipal Income Fund, Inc.
Primary
|
-4.9% | +10.2% | +4.0% | +9.7% | +2.0% | -1.0% |
|
AGD
Abrdn Global Dynamic Dividend Fund
Peer
|
+81.2% | +68.9% | +36.9% | +14.5% | +4.2% | +0.1% |
|
BCML
BayCom Corp
Peer
|
+112.5% | +64.9% | +12.1% | +8.0% | -2.4% | +0.8% |
|
ARDC
Ares Dynamic Credit Allocation Fund, Inc.
Peer
|
+50.0% | +48.4% | -2.1% | -0.8% | +2.4% | +0.1% |
|
BGH
Barings Global Short Duration High Yield Fund
Peer
|
+61.9% | +53.0% | +5.4% | +2.6% | -0.2% | +0.0% |
Positive values indicate cumulative gains over the specified period. Comparables pulled from the same sector to highlight whether momentum is stock-specific or industry-wide.
Historical Performance Trends
Long-term financial metrics and growth patterns
Revenue & Net Income
Profit & Operating Margins
Return on Equity (ROE)
Quarterly Revenue Growth
Historical data shows last 12 quarters (3 years)
Valuation Metrics
Key valuation ratios and pricing indicators
P/E Ratio
90.67
Forward P/E
N/A
PEG Ratio
N/A
P/B Ratio
0.89
P/S Ratio
11.43
EV/Revenue
19.89
EV/EBITDA
N/A
Market Cap
$312.74M
Profitability
Profit margins and return metrics
Profit Margin
12.58%
Operating Margin
88.32%
Gross Margin
100.0%
ROE
0.97%
ROA
2.52%
Growth
Revenue and earnings growth rates
Revenue Growth
+7.1%
Earnings Growth
+19.9%
Q/Q Revenue Growth
N/A
Q/Q Earnings Growth
+19.9%
Financial Health
Balance sheet strength and liquidity metrics
Debt/Equity
0.66
Moderate
Current Ratio
0.06
Weak
Quick Ratio
0.06
Poor
Cash/Share
$N/A
Financial Services Sector Comparison
Comparing AFB against 208 companies in the Financial Services sector
(6 bullish, 111 neutral, 91 bearish)
P/E Ratio
90.67
This Stock
vs
30.39
Sector Avg
+198.4%
(Expensive)
Return on Equity (ROE)
0.97%
This Stock
vs
-7.57%
Sector Avg
-112.8%
(Below Avg)
Profit Margin
12.58%
This Stock
vs
83.86%
Sector Avg
-85.0%
(Weaker)
Debt to Equity
0.66
This Stock
vs
1.51
Sector Avg
-56.3%
(Less Debt)
Revenue Growth
7.1%
This Stock
vs
30.29%
Sector Avg
-76.6%
(Slower)
Current Ratio
0.06
This Stock
vs
3.78
Sector Avg
-98.4%
(Weaker)
Similar Companies
Peer comparison within the same industry
| Company | AI Rating | Market Cap | P/E | ROE | Profit Margin | Price | |
|---|---|---|---|---|---|---|---|
|
AFB
AllianceBernstein National...
|
BEARISH | $312.74M | 90.67 | 1.0% | 12.6% | $10.88 | |
|
AGD
Abrdn Global Dynamic Dividend Fund
|
NEUTRAL | $310.97M | 7.1 | 15.7% | 220.6% | $12.5 | |
|
BCML
BayCom Corp
|
NEUTRAL | $318.75M | 13.9 | 7.1% | 24.4% | $29.18 | |
|
ARDC
Ares Dynamic Credit...
|
BEARISH | $322.28M | 10.8 | -% | -% | $13.5 | |
|
BGH
Barings Global Short...
|
BEARISH | $302.57M | 9.37 | -% | -% | $15.08 |
Recent Insider Trading
Insider buy and sell transactions from the last 6 months
| Date | Insider | Position | Transaction | Shares | Value |
|---|---|---|---|---|---|
| 2025-11-06 | SABA CAPITAL MANAGEMENT, L.P. | Beneficial Owner of more than 10% of a Class of Security | Sale | 19,623 | $214,087 |
| 2025-11-05 | SABA CAPITAL MANAGEMENT, L.P. | Beneficial Owner of more than 10% of a Class of Security | Sale | 53,120 | $584,406 |
| 2025-11-03 | SABA CAPITAL MANAGEMENT, L.P. | Beneficial Owner of more than 10% of a Class of Security | Sale | 684 | $7,531 |
| 2025-10-31 | MOODY GARRY L | Director | Purchase | 13,500 | $149,507 |
| 2025-10-29 | SABA CAPITAL MANAGEMENT, L.P. | Beneficial Owner of more than 10% of a Class of Security | Sale | 7,693 | $84,623 |
| 2025-10-27 | SABA CAPITAL MANAGEMENT, L.P. | Beneficial Owner of more than 10% of a Class of Security | Sale | 25,686 | $282,289 |
| 2025-10-24 | SABA CAPITAL MANAGEMENT, L.P. | Beneficial Owner of more than 10% of a Class of Security | Sale | 41,242 | $453,002 |
| 2025-10-22 | SABA CAPITAL MANAGEMENT, L.P. | Beneficial Owner of more than 10% of a Class of Security | Sale | 1,955 | $21,564 |
| 2025-10-09 | SABA CAPITAL MANAGEMENT, L.P. | Beneficial Owner of more than 10% of a Class of Security | Sale | 2,509 | $27,348 |
| 2025-10-01 | SABA CAPITAL MANAGEMENT, L.P. | Beneficial Owner of more than 10% of a Class of Security | Sale | 59,548 | $651,455 |
| 2025-09-22 | SABA CAPITAL MANAGEMENT, L.P. | Beneficial Owner of more than 10% of a Class of Security | Sale | 6,144 | $67,050 |
| 2025-09-17 | SABA CAPITAL MANAGEMENT, L.P. | Beneficial Owner of more than 10% of a Class of Security | Sale | 22,486 | $245,997 |
| 2025-09-08 | SABA CAPITAL MANAGEMENT, L.P. | Beneficial Owner of more than 10% of a Class of Security | Sale | 4,100 | $43,665 |
| 2025-09-02 | SABA CAPITAL MANAGEMENT, L.P. | Beneficial Owner of more than 10% of a Class of Security | Sale | 7,873 | $81,564 |
| 2025-08-29 | SABA CAPITAL MANAGEMENT, L.P. | Beneficial Owner of more than 10% of a Class of Security | Sale | 27,118 | $281,535 |
Insider transactions can signal confidence or concerns about company prospects
Past News Coverage
Recent headlines mentioning AFB from our newsroom.
Newest → oldest
No matching news yet.