Axa Equitable Holdings Inc

Corebridge Financial reported second quarter 2026 adjusted pre-tax operating income of $664 million, a 21% decrease from the prior year quarter, driven by underperforming variable investment income. Run-rate operating earnings per share rose 16% to $1.35 after adjusting for long-term alternative investment returns, while core sources of income grew 5% to $1.6 billion. The company returned $412 million to shareholders, including $300 million in share repurchases, and confirmed it is on track to meet full-year 2026 objectives ahead of its planned merger with Equitable Holdings, which shareholders approved on July 30. Management expects the combined entity to achieve $5 billion in earnings and $4 billion in cash generation by 2027, with $500 million in annual cost synergies within two years of closing.

Equitable Holdings reported second-quarter 2026 non-GAAP operating earnings of $1.75 per share, a 24% year-over-year increase, while assets under management and administration reached a record $1.2 trillion, up 10% from a year ago. The company posted a net loss of $453 million driven by noneconomic hedge portfolio impacts from strong equity markets, and returned $449 million to shareholders including $366 million in share repurchases. Retirement net inflows were $1.7 billion, wealth management advisory inflows hit $2 billion, and AllianceBernstein returned to positive net inflows of $0.8 billion with private markets AUM reaching $91 billion. Equitable also announced the sale of its Employee Benefits business to The Hartford and remains on track to close its merger with Corebridge by year-end 2026, a deal expected to be at least 10% accretive to earnings and cash flow per share by 2028.

Equitable Holdings declared a quarterly dividend of $0.30 per share, payable on August 10, 2026, with the ex-dividend and record dates both set for August 3, 2026. The stock recently traded at $47.65, and the most followed narrative places its fair value at $59.64 per share, implying it is 20.1% undervalued. That narrative is supported by record assets under management of $1.1 billion, up 8% year-over-year, and robust net inflows across its Retirement and Wealth Management segments, driven by demographic trends such as the aging U.S. population. However, a discounted cash flow model from Simply Wall St estimates a far lower fair value of just $0.13 per share, highlighting a wide gap in valuation perspectives. The company also faces risks including tougher competition in retirement products and potential margin pressure from the runoff of higher-return legacy business.

AllianceBernstein Holding reported second quarter 2026 earnings of $0.77 per unit from continuing operations and declared a cash distribution of $0.82 per unit. The most followed narrative places the company's fair value at $39.14 per unit, slightly above the latest close of $37.35, suggesting a 4.6% undervaluation. The stock has seen mixed momentum with a 30-day share price return of 4.15% but a 90-day decline of 5.03%, while the three-year total shareholder return stands at 46.76% against a 3.45% decline over the past year. The fair value estimate hinges on growth in AllianceBernstein's private markets platform, including partnerships like the one with Equitable, which are expected to boost earnings through higher-fee strategies in private credit, real estate, and alternative investments. However, the narrative could be challenged by persistent fee pressure from increased competition or by equity outflows and weaker alternative allocations hitting revenue.

AllianceBernstein reported record assets under management above $905 billion and its strongest quarterly sales in five years during the second quarter of 2026. Adjusted earnings rose 8% to $0.82 per unit, while the operating margin expanded to 33%. Fixed income, alternatives, and insurance-related mandates drove growth, including a $9 billion Equitable passive fixed-income mandate. Private-market AUM reached $91 billion ahead of schedule and exceeded $100 billion after the subsequent onboarding of $11.8 billion in commercial mortgage loans. The firm raised its 2026 performance-fee outlook to $115 million to $135 million and lowered its non-compensation expense and tax-rate forecasts, and it expects to add at least $100 billion of Corebridge assets over time if the proposed Equitable-Corebridge combination closes.

Equitable Holdings announced that its Board of Directors has declared a quarterly cash dividend of $0.30 per share of common stock, payable August 10, 2026 to shareholders of record on August 3, 2026. The board also declared a quarterly dividend of $328.125 per share on its Series A 5.25% Non-Cumulative Perpetual Preferred Stock, represented by depositary shares each receiving $0.328125, and a quarterly dividend of $268.750 per share on its Series C 4.30% Non-Cumulative Perpetual Preferred Stock, represented by depositary shares each receiving $0.26875, both payable September 15, 2026 to holders of record on September 4, 2026.

Oakmark Fund added Equitable Holdings as a new position in the second quarter of 2026, citing its shift toward capital-light fee businesses and the pending merger with Corebridge Financial. The fund noted that more than half of Equitable's distributable cash flow now comes from nonregulated fee segments, and it views the Corebridge deal as a merger of equals that could create a leading U.S. retirement, wealth, and asset management franchise. Oakmark initiated the stake at less than six times its estimate of 2027 distributable cash flow, a valuation it believes understates the earnings quality of the business. Equitable Holdings closed at $47.80 per share on July 13, 2026, with a market capitalization of $13.05 billion.

Equitable Holdings has been named one of the Top 10 Extreme Value Stocks To Buy Now. Barclays analyst Alex Scott reaffirmed a Buy rating with a $51 price target on June 22, implying a 15% upside from current levels, which matches the lowest Wall Street target among 15 analysts. UBS analyst Michael Ward CFA raised the price target from $58 to $63 while keeping a Buy rating, citing stronger-than-expected asset growth and improving investment performance that should support higher earnings. Ward noted that assets under management have recovered significantly, bringing the combined business close to $1 trillion in assets, and highlighted expected benefits from the planned merger with CRBG, including increased scale, a broader investor base, enhanced chances of joining major stock indexes, and an anticipated $500 million in cost savings.