State Board of Administration of Florida Retirement System Sells 957 Shares of Associated Capital Group, Inc. (NYSE:AC)

State Board of Administration of Florida Retirement System cut its stake in shares of Associated Capital Group, Inc. (NYSE:AC – Get Rating) by 16.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,010 shares of the financial services provider’s stock after selling 957 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Associated Capital Group were worth $210,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Citadel Advisors LLC bought a new position in Associated Capital Group in the 2nd quarter worth approximately $218,000. Charles Schwab Investment Management Inc. bought a new position in Associated Capital Group in the 1st quarter worth approximately $242,000. Bank of New York Mellon Corp boosted its stake in Associated Capital Group by 13.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,887 shares of the financial services provider’s stock worth $289,000 after purchasing an additional 905 shares during the period. Alliancebernstein L.P. boosted its stake in Associated Capital Group by 3.3% in the 3rd quarter. Alliancebernstein L.P. now owns 15,453 shares of the financial services provider’s stock worth $568,000 after purchasing an additional 500 shares during the period. Finally, State Street Corp boosted its stake in Associated Capital Group by 1.4% in the 2nd quarter. State Street Corp now owns 37,870 shares of the financial services provider’s stock worth $1,357,000 after purchasing an additional 533 shares during the period. 9.73% of the stock is currently owned by institutional investors.

Associated Capital Group Stock Performance

NYSE AC opened at $39.25 on Tuesday. The company has a market capitalization of $859.18 million, a P/E ratio of -57.72 and a beta of 1.09. Associated Capital Group, Inc. has a one year low of $31.01 and a one year high of $44.50. The stock has a 50 day moving average price of $36.85 and a 200-day moving average price of $38.25.

Associated Capital Group (NYSE:AC – Get Rating) last posted its earnings results on Wednesday, May 10th. The financial services provider reported $0.81 EPS for the quarter. Associated Capital Group had a negative return on equity of 1.68% and a negative net margin of 99.05%. The firm had revenue of $2.47 million during the quarter.

Associated Capital Group Announces Dividend

The business also recently declared a Semi-Annual dividend, which will be paid on Thursday, June 29th. Investors of record on Thursday, June 15th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a yield of 0.5%. Associated Capital Group’s payout ratio is presently -29.41%.

Insider Activity at Associated Capital Group

In related news, major shareholder Gamco Investors, Inc. Et Al purchased 700 shares of the firm’s stock in a transaction that occurred on Monday, April 17th. The shares were bought at an average price of $35.95 per share, for a total transaction of $25,165.00. Following the acquisition, the insider now owns 22,000 shares of the company’s stock, valued at approximately $790,900. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 85.72% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have weighed in on AC. Citigroup set a $26.00 price target on Associated Capital Group in a research note on Friday. StockNews.com initiated coverage on Associated Capital Group in a research report on Thursday, May 18th. They set a “hold” rating for the company.

About Associated Capital Group

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Associated Capital Group, Inc operates as a holding company, which engages in alternative investment management services and operates a direct investment business that invests in new and existing businesses. It is involved in assets in equity event-driven strategies and across a range of risk and event arbitrage portfolios.