Vancouver, British Columbia, November 15, 2012 - Investment firm Canaccord Genuity has reiterated their buy recommendation for Aston Hill Financial (TSX:AHF). Analyst Scott Chan gives the company a 12-month target price of $1.75. This followed the announcement of a dividend increase of 25%, which gives the shares a yield of 3.9% based on a share price of $1.28, the day the report was issued.
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About the dividend increase, Scott Chan commented, "We view as particularly attractive for a small cap growth stock in a low yield environment. We believe this increase is a positive sign for assets under management growth visibility and future EBITDA."
Founded in 2001, Aston Hill is a diversified asset management company with a suite of retail mutual funds, closed-end funds, private equity funds, hedge funds and segregated institutional funds. The company is also engaged in oil and gas property management.
Through a number of acquisitions the company has grown its assets under management and advisory from $1 billion in 2010, to the current $6 billion. Continuing this trend, Aston announced yesterday, subsequent to Canaccord Genuity's report that it has entered into an agreement to purchase Halifax-based Citadel Securities.
Citadel will continue to operate in Nova Scotia as an Investment dealer and private wealth management brokerage business, providing investment advice and services to private and institutional investors.
Aston Hill currently trades at $1.21 and with 72.9 million shares outstanding the company is capitalized at $88 million. For more information please visit the company's website www.astonhill.ca (http://www.astonhill.ca/) or call CEO Eric Tremblay at 403-770-4817.
For more information about Canaccord Genuity or to obtain a copy of their research report, contact your nearest Canaccord Genuity office. Their branches are listed on their website at www.canaccord.com (http://www.canaccord.com).
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