Associated Capital Group, Inc.

OTCPK:ACGP Stock Report

Market Cap: US$777.1m

Associated Capital Group Management

Management criteria checks 4/4

We currently do not have sufficient information about the CEO.

Key information

Patrick Huvane

Chief executive officer

US$425.7k

Total compensation

CEO salary percentage50.51%
CEO tenure1.2yrs
CEO ownershipn/a
Management average tenure5.1yrs
Board average tenure9.3yrs

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 Compensation Analysis

How has Patrick Huvane's remuneration changed compared to Associated Capital Group's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

US$44m

Dec 31 2025n/an/a

US$53m

Sep 30 2025n/an/a

US$46m

Jun 30 2025n/an/a

US$54m

Mar 31 2025n/an/a

US$38m

Dec 31 2024US$426kUS$215k

US$44m

Sep 30 2024n/an/a

US$56m

Jun 30 2024n/an/a

US$33m

Mar 31 2024n/an/a

US$34m

Dec 31 2023US$379kUS$210k

US$37m

Sep 30 2023n/an/a

US$35m

Jun 30 2023n/an/a

US$18m

Mar 31 2023n/an/a

-US$15m

Dec 31 2022US$222kUS$83k

-US$49m

Compensation vs Market: Patrick's total compensation ($USD425.70K) is below average for companies of similar size in the US market ($USD3.70M).

Compensation vs Earnings: Patrick's compensation has been consistent with company performance over the past year.

CEO

Patrick Huvane (57 yo)

1.2yrs
Tenure
US$425,700
Compensation

Mr. Patrick Bernard Huvane, CFA, CPA is Interim Chief Executive Officer of Associated Capital Group, Inc. from March 17, 2025. He was Interim Co-Chief Financial Officer of Associated Capital Group, Inc. fr...

Leadership Team

NamePositionTenureCompensationOwnership
Mario Gabelli
Executive Chairman of the Board10.5yrsUS$4.41m0.034%
$ 260.8k
Patrick Huvane
Interim Chief Executive Officer1.2yrsUS$425.70kno data
Marc Gabelli
Executive Vice Chairman9yrsUS$80.00k0.49%
$ 3.8m
Ian McAdams
Chief Financial Officer2.5yrsUS$667.12kno data
Peter Goldstein
Senior VP5.1yrsUS$362.55k0.0082%
$ 63.7k
David Goldman
General Counsel & Director of Corporate Development5.1yrsno datano data
5.1yrs
Average Tenure
57yo
Average Age

Experienced Management: ACGP's management team is seasoned and experienced (5.1 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Mario Gabelli
Executive Chairman of the Board10.5yrsUS$4.41m0.034%
$ 260.8k
Marc Gabelli
Executive Vice Chairman9yrsUS$80.00k0.49%
$ 3.8m
Salvatore Sodano
Independent Director10.5yrsUS$120.00kno data
Douglas Jamieson
Director9yrsUS$1.84m0.22%
$ 1.7m
Frederic Salerno
Lead Independent Director9.3yrsUS$112.00kno data
Bruce Lisman
Independent Director10.5yrsUS$112.00k0.029%
$ 225.7k
Richard Prins
Independent Director4.9yrsUS$80.00kno data
Daniel Lee
Independent Director10.5yrsUS$80.00kno data
Elisa Wilson
Director7.3yrsUS$80.00k0.47%
$ 3.7m
9.3yrs
Average Tenure
71yo
Average Age

Experienced Board: ACGP's board of directors are considered experienced (9.3 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/25 22:14
End of Day Share Price 2026/05/22 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

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Industry and Sector Metrics

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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.