American Capital's Roaring Buybacks
With the stock continuously trading below net asset value (NAV), American Capital, Ltd (ACAS) keeps the buyback roaring quarter after quarter. As the company continues to plod along with positive earnings, a growing NAV, and substantial assets under management, it remains puzzling that investors are unwilling to pay fair value for the stock.
American Capital is a private equity firm and global asset manager. The company owns over 40 businesses and manages $21 billion of assets, including through an affiliate it manages publicly traded American Capital Agency Corp. (AGNC) and American Capital Mortgage Investment Corp (MTGE).
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