Associated Capital Reports Estimated Fourth Quarter and Full Year Results

Rhea-AI Summary

Associated Capital Group (NYSE: AC) has released preliminary estimates for its fourth quarter 2024 book value, projecting a range of $42.04 to $42.24 per share. These figures account for the $2 per share special dividend distributed on November 4, 2024, to both Class A and Class B shareholders of record as of October 21, 2024. The estimated range shows a slight increase from the $42.02 per share book value reported at September 30, 2024. The company plans to provide more detailed financial results in February.

Positive

• Book value per share showing slight increase from $42.02 to estimated $42.04-$42.24
• Distribution of $2 per share special dividend to shareholders

Negative

• None.

Insights

Financial Analyst

The preliminary Q4 book value range of $42.04 to $42.24 per share indicates minimal growth from the Q3 book value of $42.02, even after adjusting for the $2.00 special dividend distribution. The relatively flat quarter-over-quarter performance suggests Associated Capital's investment portfolio and operations maintained stability but didn't generate significant value appreciation.

Book value is particularly important for Associated Capital as it primarily operates as an investment holding company. The marginal increase in book value, accounting for the dividend payout, translates to an actual underlying asset value growth of approximately 4.8% for the quarter. While this represents moderate positive performance, it's important to note that this preliminary range comes amid a broader market rally in Q4 2024, where many comparable financial services firms posted stronger gains.

The $2.00 special dividend, representing about 4.8% of the pre-dividend book value, demonstrates the company's commitment to shareholder returns but also impacts its capital base for future investments. This capital allocation decision should be viewed in the context of Associated Capital's historically conservative financial management approach and its focus on maintaining a strong balance sheet.

GREENWICH, Conn., Jan. 10, 2025 (GLOBE NEWSWIRE) -- Associated Capital Group, Inc. (“AC” or the “Company”) (NYSE: AC), announced today a preliminary range for its fourth quarter book value of $42.04 to $42.24 per share. These estimates reflect the $2 per share special dividend paid on November 4, 2024 to Class A and Class B shareholders of record on October 21, 2024. This range compares to book value of $42.02 per share at September 30, 2024.

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

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's (AC) estimated book value range for Q4 2024?

Associated Capital's estimated book value range for Q4 2024 is between $42.04 and $42.24 per share.

How much was Associated Capital's (AC) special dividend in November 2024?

Associated Capital paid a special dividend of $2 per share on November 4, 2024.

What was AC's book value per share as of September 30, 2024?

Associated Capital's book value per share was $42.02 as of September 30, 2024.

When will Associated Capital (AC) release its detailed Q4 2024 financial results?

Associated Capital will release detailed financial results in February 2025.