Rhumbline Advisers Trims Stake in Associated Capital Group, Inc. (AC)
Rhumbline Advisers reduced its position in shares of Associated Capital Group, Inc. (NYSE:AC) by 5.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,067 shares of the financial services provider’s stock after selling 371 shares during the period. Rhumbline Advisers’ holdings in Associated Capital Group were worth $240,000 as of its most recent filing with the Securities and Exchange Commission.
Separately, Beach Investment Management LLC. bought a new stake in shares of Associated Capital Group during the second quarter worth about $404,000. Hedge funds and other institutional investors own 13.46% of the company’s stock.
Shares of Associated Capital Group, Inc. (AC) opened at 37.60 on Friday. The company’s market capitalization is $897.29 million. Associated Capital Group, Inc. has a 12-month low of $32.20 and a 12-month high of $39.35. The stock’s 50 day moving average price is $35.61 and its 200 day moving average price is $34.32.
Associated Capital Group declared that its board has initiated a stock repurchase program on Thursday, August 3rd that authorizes the company to buyback 1,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Several research firms have recently weighed in on AC. ValuEngine cut Associated Capital Group from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Canaccord Genuity restated a “buy” rating and set a $27.00 price target on shares of Associated Capital Group in a report on Tuesday, September 19th.
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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