Schwab Charles Investment Management Inc. Maintains Position in Associated Capital Group, Inc. (AC)
Schwab Charles Investment Management Inc. held its stake in shares of Associated Capital Group, Inc. (NYSE:AC) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,100 shares of the financial services provider’s stock at the end of the second quarter. Schwab Charles Investment Management Inc. owned approximately 0.05% of Associated Capital Group worth $446,000 at the end of the most recent quarter.
Separately, Beach Investment Management LLC. acquired a new stake in shares of Associated Capital Group in the 2nd quarter worth $404,000. Institutional investors own 13.60% of the company’s stock.
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Separately, Canaccord Genuity reaffirmed a “buy” rating and issued a $33.00 target price on shares of Associated Capital Group in a research note on Monday, October 23rd.
Shares of Associated Capital Group, Inc. (NYSE AC) opened at $36.85 on Monday. Associated Capital Group, Inc. has a 52 week low of $32.20 and a 52 week high of $39.35. The stock has a market capitalization of $879.35, a price-to-earnings ratio of 65.80 and a beta of 0.97.
Associated Capital Group declared that its board has authorized a share repurchase program on Thursday, August 3rd that allows the company to buyback 1,000,000 shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.
Associated Capital Group 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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