Gabelli Asset Management of Rye, N.Y has announced that it has completed a first stock buyback program and has extended it.
Through March 1, Gabelli had repurchased 510,900 shares at an average cost of $17.38 per share, totaling nearly $8.9 million, according to the company. The company's opening price March 5 was $28.85, according to Morningstar of Chicago.
Gabelli's board of directors has authorized the repurchase of an additional $3 million of stock when the company deems it appropriate.
"The buyback gives the company flexibility to purchase shares when it believes the stock price is below its intrinsic value," said Robert Zuccaro, chief financial officer at Gabelli. "It's fairly standard."
Through its subsidiaries, Gabelli currently manages $24 billion in assets, according to the company.