Canaccord Genuity Reaffirms Buy Rating for Associated Capital Group, Inc. (AC)
Associated Capital Group, Inc. (NYSE:AC)‘s stock had its “buy” rating reissued by equities researchers at Canaccord Genuity in a note issued to investors on Monday. They currently have a $33.00 target price on the financial services provider’s stock. Canaccord Genuity’s price objective indicates a potential downside of 12.00% from the company’s previous close.
Associated Capital Group (NYSE:AC) traded down 0.66% during midday trading on Monday, hitting $37.50. The stock had a trading volume of 9,694 shares. Associated Capital Group has a 52-week low of $32.20 and a 52-week high of $39.35. The stock’s market cap is $894.90 million. The company’s 50 day moving average price is $36.16 and its 200-day moving average price is $34.37.
Associated Capital Group declared that its board has approved a stock buyback program on Thursday, August 3rd that authorizes the company to repurchase 1,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
Several institutional investors and hedge funds have recently added to or reduced their stakes in AC. River Road Asset Management LLC bought a new position in shares of Associated Capital Group in the 2nd quarter worth $945,000. Rice Hall James & Associates LLC raised its position in shares of Associated Capital Group by 25.3% in the 2nd quarter. Rice Hall James & Associates LLC now owns 78,300 shares of the financial services provider’s stock worth $2,662,000 after acquiring an additional 15,793 shares in the last quarter. Goldman Sachs Group Inc. bought a new position in shares of Associated Capital Group in the 2nd quarter worth $468,000. Beach Investment Management LLC. bought a new position in shares of Associated Capital Group in the 2nd quarter worth $404,000. Finally, Dimensional Fund Advisors LP bought a new position in shares of Associated Capital Group in the 2nd quarter worth $313,000. 13.46% of the stock is owned by hedge funds and other institutional investors.
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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