Gabelli Asset Management Inc. said its board has authorized the repurchase of as much as $3 million of the company's Class A shares.

Shares of the Rye, New York, money-management firm have hovered below their Feb. 11 initial public offering price of $17.50 a share. The company hasn't said when or at what price it plans to repurchase shares.

There are six million Class A shares outstanding.

"For years, we have been urging the managements of companies we invest in to repurchase stock from time to time as a means of enhancing shareholder value," said Chairman and Chief Executive Mario Gabelli. "We practice what we preach."

Shares of Gabelli Asset Management closed Friday at $15.375 a share.