Income is a big part of investors' returns. Stocks, mutual funds and fixed income ideas in this column are featured because they are relatively solid in their ability to pay dividends or interest. We're giving income investors a resource to start their research for investments that give better yields with lower risk.

In addition, it offers research services, which serve institutional investors seeking research, portfolio strategy, and brokerage-related services; and issuers of publicly-traded securities seeking equity capital markets services. Further, AllianceBernstein provides distribution, shareholder servicing, and administrative services to its sponsored mutual funds. The company was founded in 1987 and is based in New York, New York.

The revenues and earnings reflect the tough market for the last three years. In 2007, sales were $4.525 billion, then $3.514 billion. Last year, they reached $2.907 billion. This year, 6 analysts have a consensus estimate of $3.01 billion and next year, $3.14 billion.

As for earnings, they went down with the revenues. In 2007, they were $4.33, then $2.79. In 2009, they went lower, to $1.77. This year, consensus estimate from 9 analysts is for $2.13, then $2.46 in 2011. Second quarter earnings will be out in July. Look for 54 cents a share, much better than the 41 cents in last year's second. In September, however, expect 54 cents again, below the 67 cents in last year's third.

The stock price, as you can imagine, followed the slower profits. After reaching a high of $94.90 in 2007, the stock got weaker and weaker until it collapsed in the latter part of 2008, then reached a bottom in early 2009 at $10.10 a share. It's more than doubled since then.

Now with the economy beginning to turn, expect better returns from Alliance's investments. Assets under management at the end of March were up 22% to $411 billion. Some analysts see total assets reaching $525 billion by the end of the year. Part of the reason for attracting more managed money is the partnership's stellar fixed income performance as well as its mutual funds that specialize in value investing. Both have done very well compared to their benchmarks. In another group of funds, ones that are non-U.S. value oriented, performance has lagged. Its growth funds have also underperformed.

To compensate for lower revenues and profits, management has been reducing employees and cutting costs to control expenses. That will help margins if revenues increase as analysts expect.

Then there's the dividend. While it, too, has been reduced by lower profits, it's still well above average for all stocks. Its pattern has been: $3.56 in 2006, then $4.75 in 2007, down to $3.45 in 2008. Last year, it hit $1.44. This year, it's expected to be $1.84. That's a 6.70% yield and takes about 82% of current earnings to pay. The average dividend yield for the last 5 years was 7.4%.

More numbers: Market Cap is $2.86 billion. Trailing P/E is 12.93 while the Forward P/E is 11.41. Price to sales ratio is 11.87. Price to book is 1.56. Book value is $17.51. Return on equity for the last 12 months was 12.29% and Return on assets was 8.63%. Beta is a high 2.09 (means greater volatility, more than twice the S&P 500's volatility). There are 101.80 million shares outstanding with a Float of 96.14 million. Insiders own .18% and institutions have 40.60%.

Income investors can scrutinize this stock more thoroughly and will most likely find the time worthwhile. But the underlying premise of investors that ultimately buy this stock is that the stock market is ready to do better and the economy is back on track.

- Company Web site: www.alliancebernstein.com