Associated Capital Group, Inc.

OTCPK:ACGP Stock Report

Market Cap: US$693.2m

Associated Capital Group Management

Management criteria checks 3/4

Associated Capital Group's CEO is Marc Gabelli, appointed in Jun 2026, has a tenure of less than a year. directly owns 0.49% of the company’s shares, worth $3.41M. The average tenure of the management team and the board of directors is 2.8 years and 10.8 years respectively.

Key information

Marc Gabelli

Chief executive officer

US$115.0k

Total compensation

CEO salary percentagen/a
CEO tenureless than a year
CEO ownership0.5%
Management average tenure2.8yrs
Board average tenure10.8yrs

Recent management 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.

CEO

Marc Gabelli (58 yo)

less than a year
Tenure
US$115,000
Compensation

Mr. Marc Joseph Gabelli is CEO & Director of Alpha G Investment Management, Inc. Mr. Gabelli serves as Co-Chairman of M-tron Industries, Inc. Mr. Gabelli is Executive Vice Chairman of Associated Capital Gr...

Leadership Team

NamePositionTenureCompensationOwnership
Mario Gabelli
Executive Chairman of the Board10.8yrsno data0.034%
$ 232.6k
Marc Gabelli
Executive Vice Chair & Chief Executive Officerless than a yearUS$115.00k0.49%
$ 3.4m
Ian McAdams
Chief Financial Officer2.8yrsUS$667.12kno data
Patrick Huvane
Executive Vice Presidentless than a yearUS$425.70kno data
David Goldman
General Counsel & Director of Corporate Development5.3yrsno datano data
2.8yrs
Average Tenure
58yo
Average Age

Experienced Management: ACGP's management team is considered experienced (2.8 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Mario Gabelli
Executive Chairman of the Board10.8yrsno data0.034%
$ 232.6k
Marc Gabelli
Executive Vice Chair & Chief Executive Officer11.3yrsUS$115.00k0.49%
$ 3.4m
Salvatore Sodano
Independent Director10.8yrsUS$151.00kno data
Douglas Jamieson
Director9.3yrsno data0.21%
$ 1.5m
Frederic Salerno
Lead Independent Director9.5yrsUS$143.00kno data
Bruce Lisman
Independent Director10.8yrsUS$143.00k0.029%
$ 201.3k
Richard Prins
Independent Director5.2yrsUS$115.00kno data
Daniel Lee
Independent Director10.8yrsUS$115.00kno data
Elisa Wilson
Director7.5yrsUS$115.00k0.47%
$ 3.3m
10.8yrs
Average Tenure
72yo
Average Age

Experienced Board: ACGP's board of directors are seasoned and experienced ( 10.8 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/08/14 17:34
End of Day Share Price 2026/08/14 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.