NEW YORK (TheStreet) -- Shares of American Capital (ACAS) were gaining 2.1% to $13.82 after-hours on Monday after the asset manager announced it repurchased about 6.5 million shares in the second quarter.
American Capital said it repurchased the shares at an average price of $14.32 a share for a total of about $92.6 million. The 6.5 million shares represent 2.4% of all outstanding shares of American Capital.
The company said it repurchased 108.1 million shares, or 31.3% of all outstanding shares as of June 30, 2011, since the third quarter of 2011. The shares repurchased through March 2015 added $1.91 a share to the company's $20.12 net asset value.
American Capital will disclose the accretion of its second quarter purchases in its second quarter earnings release.
TheStreet Ratings team rates AMERICAN CAPITAL LTD as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMERICAN CAPITAL LTD (ACAS) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself."