Goldman Sachs Group Inc. Takes Position in Associated Capital Group, Inc. (AC)
Goldman Sachs Group Inc. purchased a new stake in shares of Associated Capital Group, Inc. (NYSE:AC) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 13,776 shares of the financial services provider’s stock, valued at approximately $468,000. Goldman Sachs Group Inc. owned approximately 0.06% of Associated Capital Group at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. River Road Asset Management LLC bought a new position in shares of Associated Capital Group during the second quarter valued at $945,000. Beach Investment Management LLC. bought a new stake in Associated Capital Group in the 2nd quarter worth about $404,000. Bank of New York Mellon Corp increased its holdings in Associated Capital Group by 2.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 45,129 shares of the financial services provider’s stock worth $1,535,000 after buying an additional 878 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Associated Capital Group by 3.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 8,160 shares of the financial services provider’s stock worth $277,000 after buying an additional 265 shares in the last quarter. Finally, Dimensional Fund Advisors LP bought a new stake in Associated Capital Group in the 2nd quarter worth about $313,000. Hedge funds and other institutional investors own 13.57% of the company’s stock.
Shares of Associated Capital Group, Inc. (NYSE:AC) opened at $34.15 on Tuesday. Associated Capital Group, Inc. has a twelve month low of $32.20 and a twelve month high of $39.35. The company has a market capitalization of $811.72, a PE ratio of 74.46 and a beta of 0.97.
The company also recently announced a None dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Wednesday, December 27th will be given a $0.10 dividend. The ex-dividend date is Tuesday, December 26th. This represents a yield of 0.58%. Associated Capital Group’s payout ratio is -133.32%.
Associated Capital Group declared that its Board of Directors has initiated a stock repurchase program on Thursday, August 3rd that permits the company to repurchase 1,000,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
Separately, Canaccord Genuity reiterated a “buy” rating and issued a $27.00 price objective on shares of Associated Capital Group in a report on Tuesday, September 19th.
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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