Associated Capital Group (NYSE:AC) to Buyback 1,000,000 Outstanding Shares

Associated Capital Group (NYSE:AC) declared that its board has approved a stock buyback program, which allows the company to repurchase 1,000,000 outstanding shares on Thursday, August 3rd, EventVestor reports. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Shares of Associated Capital Group (NYSE AC) opened at 32.60 on Friday. Associated Capital Group has a one year low of $31.38 and a one year high of $39.35. The company’s market capitalization is $777.97 million. The company has a 50-day moving average price of $33.40 and a 200 day moving average price of $34.90.

Separately, ValuEngine cut Associated Capital Group from a “buy” rating to a “hold” rating in a research note on Saturday, June 24th.

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Associated Capital Group Company Profile

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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