# AllianceBernstein National Municipal Income Fund, Inc. (AFB)

> Source: Nexqual · https://nexqual.com/AFB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, AllianceBernstein National Municipal Income Fund, Inc. (AFB), nexqual.com/AFB" · informational, not investment advice.

**Price:** USD 9.92 (+0.71% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.85 · day 9.9–9.96 · 52w 9.28–11.5 · market cap null · NYQ

## Key facts
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $148K; 1 not under a Rule 10b5-1 plan ($148K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $27K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: None.
- Total return with dividends: 1Y -4.7% vs S&P 500 +14.9%; 5Y -16.6% vs S&P 500 +80.3%.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-04-21 | Moody Garry L | Director | 13,500 | $148K | 100% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $27K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-22 | Gerken R Jay | Director | 2,500 | $27K | 10.96 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -4.7% | -16.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -4.7% | -3.6% |
| Volatility (annualized) | 10.8% | 13.4% |
| Max drawdown | -17.5% (Jul 2026→Oct 2026) | -35.1% (Dec 2021→Oct 2023) |

## Peers (Asset Management)
BLK (BlackRock, Inc.) USD 1,137.29 -1.07% · BX (Blackstone Inc.) USD 118.75 +8.38% · BN (Brookfield Corporation) USD 38.28 +2.05% · KKR (KKR & Co. Inc.) USD 93.09 +3.58% · BAM (Brookfield Asset Management Inc) USD 47.64 +3.45% · APO (Apollo Global Management, Inc. ) USD 114.83 +2.81%

## More
Full page: https://nexqual.com/AFB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt