ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, INC. REPORTS SECOND QUARTER EARNINGS

Rhea-AI Summary

On June 28, 2024, AllianceBernstein National Municipal Income Fund (NYSE: AFB) reported its Q2 earnings for the period ending April 30, 2024. The total net assets decreased to $350.6 million from $364.5 million on January 31, 2024, and $356.5 million on April 30, 2023.

The NAV per share declined to $12.20 from $12.68 on January 31, 2024, and $12.40 on April 30, 2023. The fund posted a total net investment income of $2.8 million, translating to $0.10 per share, for the quarter.

However, the total net realized and unrealized loss stood at $13.9 million, or $0.48 per share, versus a gain of $52.7 million in the previous quarter and a loss of $6.6 million in Q2 of the previous year. The fund's shares outstanding remained unchanged at 28,744,936.

Positive

• None.

Negative

• Total net assets decreased to $350.6 million from $364.5 million in the previous quarter.
• NAV per share declined to $12.20 from $12.68 in the previous quarter.
• Total net realized and unrealized loss of $13.9 million for the quarter.
• Per share loss of $0.48 compared to a gain of $1.83 in the previous quarter.

Insights

Financial Analyst

The report reflects a decrease in total net assets from $364,468,619 in January 2024 to $350,576,798 by the end of April 2024. The net asset value (NAV) per share has also declined from $12.68 to $12.20 over the same period, indicating a 3.78% drop. This decrease can be attributed to the total net realized and unrealized loss of $13,883,276 for the quarter. Such a loss is significant, especially when juxtaposed against the gain of $52,736,537 in the first quarter.

Given this context, the total net investment income of $2,807,884 or $0.10 per share remains stable, consistent with previous quarters. However, the realized and unrealized losses may suggest market or portfolio management challenges, possibly driven by volatility in municipal bond markets or interest rate fluctuations. Retail investors should be cautious, as the fund's performance appears susceptible to broader economic conditions.

In the long term, the fund's prospects hinge on its ability to navigate market fluctuations and maintain stable investment income. Investors should keep an eye on inflation trends, interest rate policies and the broader economic environment, which could continue to impact municipal bonds.

Market Research Analyst

From a market perspective, the decline in NAV per share and total net assets signals challenges that could affect investor sentiment. The consistent net investment income of $0.10 per share shows income stability, yet the substantial unrealized losses raise concerns about the fund’s asset management strategies and market timing. This might indicate a bearish perception of the municipal bonds sector or adverse market conditions.

If the fund's asset base continues to erode, it could lead to reduced future income distributions and a potential reevaluation of investment strategies. Investors should be alert to any shifts in the fund’s management approach and external economic indicators that might impact municipal bond performance.

In the short term, the fund’s performance may continue to face headwinds unless market conditions improve. The impact on investor confidence could be notable, depending on how the fund communicates its response to these challenges.

NEW YORK, June 28, 2024 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB), a registered closed‑end investment company, today announced earnings for the Fund's second fiscal quarter ended April 30, 2024.

Total net assets of the Fund* on April 30, 2024 were $350,576,798 as compared with $364,468,619 on January 31, 2024, and $356,460,126 on April 30, 2023. On April 30, 2024, the net asset value per share of common stock was $12.20 based on 28,744,936 shares of common stock outstanding.

	April 30, 2024		January 31, 2024		April 30, 2023
Total Net Assets	$350,576,798		$364,468,619		$356,460,126
NAV Per Share	$12.20		$12.68		$12.40
Shares Outstanding	28,744,936		28,744,936		28,744,936

For the period February 1, 2024 through April 30, 2024, total net investment income was $2,807,884 or $0.10 per share of common stock. The total net realized and unrealized loss was $13,883,276 or $0.48 per share of common stock for the same period.

	Second Quarter Ended April 30, 2024		First Quarter Ended January 31, 2024		Second Quarter Ended April 30, 2023
Total Net Investment Income	$2,807,884		$2,897,982		$2,809,951
Per Share	$0.10		$0.10		$0.10
Total Net Realized/Unrealized Gain (Loss)	($13,883,276)		$52,736,537		($6,646,708)
Per Share	($0.48)		$1.83		($0.23)

* Total net assets include assets attributable to both common and preferred shares.

AllianceBernstein National Municipal Income Fund, Inc. is managed by AllianceBernstein L.P.

View original content:https://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-inc-reports-second-quarter-earnings-302185750.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

What are the Q2 2024 earnings for AllianceBernstein National Municipal Income Fund (AFB)?

The total net investment income for Q2 2024 was $2.8 million, translating to $0.10 per share.

What were the total net assets of AFB as of April 30, 2024?

As of April 30, 2024, the total net assets of AFB were $350.6 million.

How did AFB's NAV per share change in Q2 2024?

The NAV per share decreased to $12.20 from $12.68 in the previous quarter.

What was AFB's net realized and unrealized gain or loss in Q2 2024?

AFB reported a total net realized and unrealized loss of $13.9 million for Q2 2024.

How many shares of common stock does AFB have outstanding as of April 30, 2024?

As of April 30, 2024, AFB had 28,744,936 shares of common stock outstanding.