Associated Capital Group, Inc. (AC) Set to Announce Earnings on Thursday
Shares of Associated Capital Group, Inc. (NYSE:AC) opened at 36.90 on Thursday. The stock’s market capitalization is $880.58 million. The firm’s 50 day moving average is $36.37 and its 200 day moving average is $34.43. Associated Capital Group, Inc. has a 12 month low of $32.20 and a 12 month high of $39.35.
Associated Capital Group declared that its Board of Directors has authorized a stock buyback plan on Thursday, August 3rd that permits the company to buyback 1,000,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
Separately, Canaccord Genuity reaffirmed a “buy” rating and set a $33.00 target price on shares of Associated Capital Group in a research note on Monday.
A hedge fund recently raised its stake in Associated Capital Group stock. The Manufacturers Life Insurance Company boosted its holdings in shares of Associated Capital Group, Inc. (NYSE:AC) by 70.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,495 shares of the financial services provider’s stock after acquiring an additional 2,278 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Associated Capital Group were worth $187,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 13.64% of the company’s stock.
About Associated Capital Group
Associated Capital Group, Inc is a parent operating company for the spin-off of GAMCO Investors, Inc’s (GAMCO’s) alternative investment management business, institutional research services operations and certain cash and other assets. The Company, through its subsidiaries, provides alternative investment management services and institutional research services, as well as management of its investment portfolio.
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