AC Reports Preliminary September 30 Book Value of $41.85 to $42.05 Per Share

Rhea-AI Summary

Associated Capital Group (NYSE:AC) has announced a preliminary range for its third quarter book value of $41.85 to $42.05 per share. This estimate excludes the $2 per share special dividend declared in September 2024, payable on November 4, 2024, to Class A and Class B shareholders of record on October 21, 2024. The current range compares to book values of:

• $42.87 at June 30, 2024
• $42.11 per share at December 31, 2023
• $41.43 per share at September 30, 2023

AC plans to release more detailed financial results in November.

Positive

• Declared a special dividend of $2 per share
• Book value per share increased from $41.43 in September 2023 to a range of $41.85-$42.05 in September 2024

Negative

• Book value per share decreased from $42.87 in June 2024 to a range of $41.85-$42.05 in September 2024

Insights

Financial Analyst

The preliminary book value range of $41.85 to $42.05 per share for Q3 2024 represents a slight decrease from the $42.87 reported at the end of Q2 2024. However, it's important to note that this range is ex-dividend, meaning it doesn't include the $2 per share special dividend declared in September. When factoring in this dividend, the total value to shareholders has actually increased.

Year-over-year, the book value shows growth from $41.43 per share in Q3 2023 to the current range, indicating a positive trend in the company's underlying value. The stability in book value, coupled with the ability to pay a special dividend, suggests strong financial health and potential for shareholder returns.

Investors should view this update positively, as it demonstrates AC's commitment to shareholder value through both capital appreciation and dividend distribution. The full financial results expected in November will provide more context on the company's performance and future outlook.

GREENWICH, Conn., Oct. 07, 2024 (GLOBE NEWSWIRE) -- Associated Capital Group, Inc. (“AC” or the “Company”) (NYSE:AC), announced today a preliminary range for its third quarter book value of $41.85 to $42.05 per share. These estimates are ex the $2 per share special dividend declared in September 2024, which is payable on November 4, 2024 to Class A and Class B shareholders of record on October 21, 2024. This range compares to book values of $42.87 at June 30, 2024, $42.11 per share at December 31, 2023 and $41.43 per share at September 30, 2023.

AC will be issuing further details on its financial results in November.

About Associated Capital Group, Inc.
Associated Capital Group, Inc. (NYSE: AC), based in Greenwich, Connecticut, is a diversified global financial services company that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. (“GCIA”). We have also earmarked proprietary capital for our direct investment business that invests in new and existing businesses. The direct investment business is developing along several core pillars including Gabelli Private Equity Partners, LLC (“GPEP”), formed in August 2017 with $150 million of authorized capital as a “fund-less” sponsor. We also created Gabelli Principal Strategies Group, LLC (“GPS”) in December 2015 to pursue strategic operating initiatives.

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
Our disclosure and analysis in this press release contain “forward-looking statements”. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

Contact:
Ian J. McAdams
Chief Financial Officer
(914) 921-5078
Associated-Capital-Group.com

FAQ

What is Associated Capital Group's (AC) preliminary book value range for Q3 2024?

Associated Capital Group (AC) announced a preliminary book value range of $41.85 to $42.05 per share for the third quarter of 2024.

When will Associated Capital Group (AC) pay its special dividend?

Associated Capital Group (AC) will pay a $2 per share special dividend on November 4, 2024, to shareholders of record on October 21, 2024.

How does Associated Capital Group's (AC) Q3 2024 book value compare to previous periods?

AC's Q3 2024 book value range of $41.85-$42.05 compares to $42.87 at June 30, 2024, $42.11 at December 31, 2023, and $41.43 at September 30, 2023.

When will Associated Capital Group (AC) release its full Q3 2024 financial results?

Associated Capital Group (AC) stated that it will be issuing further details on its financial results in November 2024.