Associated Capital Group (NYSE:AC) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Associated Capital Group (NYSE:AC) from a hold rating to a buy rating in a research note released on Thursday morning.

Associated Capital Group Price Performance

Associated Capital Group stock opened at $36.46 on Thursday. The business has a fifty day moving average price of $35.75 and a 200-day moving average price of $34.73. Associated Capital Group has a 1-year low of $28.58 and a 1-year high of $43.85. The stock has a market capitalization of $774.30 million, a price-to-earnings ratio of 13.86 and a beta of 0.87.

Associated Capital Group (NYSE:AC) last issued its quarterly earnings results on Friday, November 8th. The financial services provider reported $1.09 earnings per share for the quarter. Associated Capital Group had a return on equity of 6.21% and a net margin of 412.90%. The business had revenue of $2.42 million during the quarter.

Associated Capital Group Announces Dividend

The business also recently declared a Semi-Annual dividend, which was paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th were issued a $0.10 dividend. The ex-dividend date was Thursday, December 5th. This represents a dividend yield of 0.6%. Associated Capital Group’s dividend payout ratio is currently 7.60%.

Hedge Funds Weigh In On Associated Capital Group

Several hedge funds have recently made changes to their positions in AC. Renaissance Technologies LLC lifted its position in Associated Capital Group by 3.3% during the 2nd quarter. Renaissance Technologies LLC now owns 24,700 shares of the financial services provider’s stock worth $840,000 after acquiring an additional 800 shares during the period. Quent Capital LLC acquired a new stake in shares of Associated Capital Group during the third quarter worth about $240,000. Dynamic Advisor Solutions LLC increased its holdings in Associated Capital Group by 2.4% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 12,675 shares of the financial services provider’s stock worth $449,000 after buying an additional 298 shares during the period. Geode Capital Management LLC raised its position in Associated Capital Group by 28.4% during the 3rd quarter. Geode Capital Management LLC now owns 21,914 shares of the financial services provider’s stock worth $776,000 after buying an additional 4,841 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Associated Capital Group by 11,616.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 703 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 697 shares during the period. 8.14% of the stock is owned by institutional investors and hedge funds.

Associated Capital Group Company Profile

Associated Capital Group, Inc, together with its subsidiaries, provides investment advisory services in the United States. The company offers alternative investment management services; and operates a direct investment business. It also invests in new and existing businesses. The company was founded in 1976 and is headquartered in Greenwich, Connecticut.