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Gamco Board Increases Quarterly Dividend by 33% and Authorizes Additional 500,000 Shares for Stock Buyback

^{Published on 2011-05-09 21:40:12 - Market Wire}
 

RYE, N.Y.--([ BUSINESS WIRE ])--GAMCO Investors, Inc. (NYSE: GBL) announced today that its Board of Directors declared a quarterly dividend of $0.04 per share representing a 33% increase to all of its Class A and Class B shareholders, payable on June 28, 2011 to shareholders of record on June 14, 2011.

In addition, the Board of Directors authorized the repurchase of up to an additional 500,000 shares of its Class A Common Stock at such times, prices and amounts to be determined by the company. After this additional authorization, there are approximately 847,000 shares authorized and available for repurchase under GAMCOa™s stock repurchase program. Since our IPO of six million shares at a price of $17.50 per share in 1999, we have returned $600 million to our shareholders. We have repurchased 7.1 million shares at an average price of $40.42 per share for an investment of $286 million and paid cumulative dividends of $314.1 million or $12.30 per share.

GAMCO Investors, Inc., through its subsidiaries, manages private advisory accounts (GAMCO Asset Management Inc.), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Gabelli Securities, Inc.). As of March 31, 2011, GAMCO had $35.4 billion in assets under management.

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