Associated Capital Group (NYSE:AC) announced that its Board of Directors has initiated a share repurchase plan, which permits the company to repurchase 500,000 shares on Monday, December 14th, EventVestor reports. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Shares of Associated Capital Group (NYSE:AC) opened at 33.25 on Wednesday. The firm’s market capitalization is $805.58 million. The company has a 50 day moving average price of $33.59 and a 200-day moving average price of $35.03. Associated Capital Group has a 12 month low of $29.80 and a 12 month high of $39.35.

Separately, ValuEngine cut Associated Capital Group from a “buy” rating to a “hold” rating in a research report 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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