Associated Capital Group, Inc. (AC) Position Lessened by Alliancebernstein L.P.

Alliancebernstein L.P. decreased its position in shares of Associated Capital Group, Inc. (NYSE:AC) by 8.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 15,953 shares of the financial services provider’s stock after selling 1,500 shares during the period. Alliancebernstein L.P. owned 0.07% of Associated Capital Group worth $542,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in AC. River Road Asset Management LLC purchased a new position in shares of Associated Capital Group during the second quarter valued at approximately $945,000. Rice Hall James & Associates LLC raised its stake in Associated Capital Group by 25.3% during the second quarter. Rice Hall James & Associates LLC now owns 78,300 shares of the financial services provider’s stock worth $2,662,000 after purchasing an additional 15,793 shares during the period. Beach Investment Management LLC. purchased a new position in Associated Capital Group during the second quarter worth approximately $404,000. Bank of New York Mellon Corp raised its stake in Associated Capital Group by 2.0% during the second quarter. Bank of New York Mellon Corp now owns 45,129 shares of the financial services provider’s stock worth $1,535,000 after purchasing an additional 878 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Associated Capital Group by 3.4% during the second quarter. JPMorgan Chase & Co. now owns 8,160 shares of the financial services provider’s stock worth $277,000 after purchasing an additional 265 shares during the period. 13.66% of the stock is currently owned by institutional investors and hedge funds.

Separately, Canaccord Genuity reaffirmed a “buy” rating and set a $27.00 price target on shares of Associated Capital Group in a research note on Tuesday, September 19th.

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Associated Capital Group, Inc. (NYSE AC) opened at $36.85 on Friday. The company has a market capitalization of $880.54 million, a price-to-earnings ratio of 65.89 and a beta of 0.97.

Associated Capital Group announced that its board has approved a share buyback plan on Thursday, August 3rd that allows the company to buyback 1,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

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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Institutional Ownership by Quarter for Associated Capital Group (NYSE:AC)

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