Associated Capital Group (NYSE:AC) announced that its Board of Directors has approved a share buyback program, which permits the company to repurchase 1,000,000 shares on Thursday, August 3rd, EventVestor reports. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

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

Shares of Associated Capital Group (AC) opened at 33.75 on Friday. The firm’s market capitalization is $817.70 million. Associated Capital Group has a 12 month low of $29.39 and a 12 month high of $39.35. The company has a 50-day moving average price of $33.70 and a 200-day moving average price of $35.07.

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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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