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Associated Capital Group, Inc.OTCPK:ACGP Stock Report

Market Cap US$777.1m
Share Price
US$37.50
US$4.9
664.8% overvalued intrinsic discount
1Y-1.5%
7D-4.0%
1D
Portfolio Value
​
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Associated Capital Group, Inc.

OTCPK:ACGP Stock Report

Market Cap: US$777.1m

Associated Capital Group (ACGP) Stock Overview

Provides investment advisory services in the United States. More details

ACGP fundamental analysis
Snowflake Score
Valuation1/6
Future Growth0/6
Past Performance1/6
Financial Health6/6
Dividends0/6

Rewards

Price-To-Earnings ratio (17.4x) is below the US market (18.6x)

Risk Analysis

Earnings have declined by 3.5% per year over past 5 years

Profit margins are lower than last year

Large one-off items impacting financial results


ACGP Community Fair Values

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Associated Capital Group, Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Associated Capital Group
Historical stock prices
Current Share PriceUS$37.50
52 Week HighUS$41.14
52 Week LowUS$30.25
Beta0.41
1 Month Change-6.25%
3 Month Change-6.13%
1 Year Change-1.55%
3 Year Change-5.33%
5 Year Change0%
Change since IPO35.33%

Recent News & Updates

Recent updates

Seeking Alpha • Feb 08

Associated Capital Group GAAP EPS of $0.62, revenue of $7.54M

Associated Capital Group press release (NYSE:AC): Q4 GAAP EPS of $0.62. Revenue of $7.54M (-46.1% Y/Y). Book Value was $40.48 per share at year-end 2022 Year-end AUM: $1.84 billion at December 31, 2022 vs. $1.78 billion at December 31, 2021 Net Inflows were $100 million for the year Full year Merger Arbitrage performance1: +4.47% gross, +2.75% net.
Seeking Alpha • Jan 18

Associated Capital's AUM as of Dec. 31 increases Y/Y

Associated Capital Group (NYSE:AC) said its AUM as of Dec. 31, 2022, stood at $1.84B, compared to $1.78B a year ago. The investment advisory services company's book value is estimated to be within the range of $40.37 and $40.57 per share, compared to $39.96 per share at Sep. 30, 2022, and $42.48 at Dec. 31, 2021. The company said it will issue further details on its financial results in February. Source: Press Release
Seeking Alpha • Nov 11

Associated Capital Group GAAP EPS of -$0.75, revenue of $2.56M

Associated Capital Group press release (NYSE:AC): Q3 GAAP EPS of -$0.75. Revenue of $2.56M (+21.3% Y/Y). Book Value per share ended the quarter at $39.96 per share vs $42.24 at September 30, 2021 AUM: $1.75 billion at September 30, 2022 compared to $1.78 billion at December 31, 2021 and $1.68 billion at September 30, 2021.
Seeking Alpha • Oct 14

Associated Capital Group AUM up 4.2% Y/Y

Associated Capital Group (NYSE:AC) announced today a range of its September 30 preliminary book value of $39.81 to $40.01 per share. This compares to $40.30 at June 30, 2022, $42.48 per share at December 31, 2021 and $42.24 at September 30, 2021. AUM were $1.75B at September 30, 2022 vs. $1.68B last year.
Seeking Alpha • Jul 20

Associated Capital Group sees Q2 book value between $40.20-$40.40 per share

Associated Capital Group (NYSE:AC) expects Q2 book value in the range of $40.20 to $40.40 per share. This compares to $41.72 at March 31, 2022, $42.48 per share at Dec. 31, 2021 and $42.21 at June 30, 2021. AUM were $1.80B at June 30, 2022, up from $1.61B at June 30, 2021.
Seeking Alpha • Jul 07

Associated Capital Group: Trading At 0.92x NAV, Lots Of Free Embedded Options And Mario Gabelli Owns 85%

Associated Capital trades for ~0.92x NAV, where the assets are mainly cash and investments. At current prices, the market is overlooking a lot of free options embedded within AC. Mario Gabelli owns ~85% of AC and the company is consistently buying back stock. Investment Thesis Associated Capital Group (AC) is an opportunity to invest alongside Mario Gabelli, who owns ~85% of the company, at 92 cents on the dollar. The current price gives no value to the growing merger arbitrage hedge fund inside AC, the company's own investments that should compound over time, or the free optionality on all of AC's future ventures and products. The company understands that there is a gap between price and value and has been slowly buying back stock. Background Associated Capital Group is an asset manager with $1.8B in assets under management (or AUM) and is primarily involved in merger arbitrage (~$1.6B of AUM). Based on the recent 10-K, the goal of the merger arbitrage fund is to "earn absolute positive returns" and has "compounded net annual returns of 7.4% with 35 of 37 positive years". The breakdown of AUM (as of March 31, 2022) was: Merger Arbitrage: $1.6B Event-Driven Value (excluding merger arbitrage): $191M Other (includes investment vehicles focused on private equity, merchant banking, non-investment-grade credit and capital structure arbitrage): $42M Associated Capital was originally spun off from GAMCO Investors (GBL). As John Huber wrote in his article on AC back in 2016: Why does AC Exist? Well-known investment manager Mario Gabelli of GAMCO Investors ((GBL)) decided that the market wasn't giving his company credit for the value of the sizable excess cash and investments that GBL held on its balance sheet. So he decided to create a new company, stuff it with the excess cash and investments among a few other assets (as well as an operating business), and spin it off from GAMCO. The result is an under-followed, thinly traded company called Associated Capital. Gabelli, who owns a majority stake in GAMCO, has kept his pro rata share of AC and he owns roughly 74% of the outstanding shares (18.9 million shares of the 25.4 million total shares outstanding). AC had an institutional research business (Morgan Group Holding Co.), but it was spun off in August 2020. Valuation With ~3M Class A and ~19M Class B shares outstanding, the total share count is 22M shares (Class B entitled to 10 votes per share, whereas Class A is only entitled to 1 vote per share). At a current price of $36.69, the market cap is ~$809M.

Shareholder Returns

ACGPUS Capital MarketsUS Market
7D-4.0%1.7%2.5%
1Y-1.5%8.3%26.4%

Return vs Industry: ACGP underperformed the US Capital Markets industry which returned 10.4% over the past year.

Return vs Market: ACGP underperformed the US Market which returned 28.7% over the past year.

Price Volatility

Is ACGP's price volatile compared to industry and market?
ACGP volatility
ACGP Average Weekly Movement1.7%
Capital Markets Industry Average Movement3.5%
Market Average Movement7.2%
10% most volatile stocks in US Market16.5%
10% least volatile stocks in US Market3.1%

Stable Share Price: ACGP has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: ACGP's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
197624Patrick Huvanewww.associated-capital-group.com

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

Associated Capital Group, Inc. Fundamentals Summary

How do Associated Capital Group's earnings and revenue compare to its market cap?
ACGP fundamental statistics
Market capUS$777.07m
Earnings (TTM)US$44.49m
Revenue (TTM)US$27.28m
17.4x
P/E Ratio
28.4x
P/S Ratio

Is ACGP overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
ACGP income statement (TTM)
RevenueUS$27.28m
Cost of RevenueUS$27.76m
Gross Profit-US$476.00k
Other Expenses-US$44.97m
EarningsUS$44.49m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)2.15
Gross Margin-1.74%
Net Profit Margin163.08%
Debt/Equity Ratio0%

How did ACGP perform over the long term?

See historical performance and comparison

Dividends

0.5%
Current Dividend Yield
14%
Payout Ratio

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/26 11:09
End of Day Share Price 2026/05/26 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Associated Capital Group, Inc. is covered by 0 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.