Ambac Financial Group (NYSE:AMBC) Shares Gap Up Following Strong Earnings

Ambac Financial Group, Inc. (NYSE:AMBC)’s stock price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $15.12, but opened at $16.69. Ambac Financial Group shares last traded at $16.99, with a volume of 122,549 shares traded.

The company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.61. The company had revenue of $103.00 million for the quarter. Ambac Financial Group had a return on equity of 6.99% and a net margin of 1.48%. During the same quarter in the prior year, the firm earned ($0.30) earnings per share.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AMBC. Compass Point lifted their price target on shares of Ambac Financial Group from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Wednesday. StockNews.com upgraded shares of Ambac Financial Group from a “sell” rating to a “hold” rating in a report on Wednesday.

Institutional Trading of Ambac Financial Group

A number of institutional investors and hedge funds have recently bought and sold shares of AMBC. Hsbc Holdings PLC raised its position in Ambac Financial Group by 27.3% in the 3rd quarter. Hsbc Holdings PLC now owns 305,185 shares of the company’s stock worth $3,723,000 after buying an additional 65,366 shares during the last quarter. Cornerstone Investment Partners LLC bought a new position in Ambac Financial Group during the fourth quarter valued at approximately $178,000. Invesco Ltd. boosted its holdings in Ambac Financial Group by 5.9% in the third quarter. Invesco Ltd. now owns 885,456 shares of the company’s stock worth $10,679,000 after purchasing an additional 49,529 shares during the last quarter. American Century Companies Inc. grew its position in Ambac Financial Group by 20.6% in the 3rd quarter. American Century Companies Inc. now owns 427,678 shares of the company’s stock worth $5,158,000 after purchasing an additional 73,191 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Ambac Financial Group by 2.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 640,084 shares of the company’s stock valued at $7,719,000 after buying an additional 14,466 shares during the last quarter. 84.49% of the stock is currently owned by institutional investors.

Ambac Financial Group Price Performance

The company has a debt-to-equity ratio of 2.46, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a market capitalization of $828.88 million, a P/E ratio of 122.14 and a beta of 1.30. The firm has a fifty day moving average price of $15.19 and a two-hundred day moving average price of $15.23.

About Ambac Financial Group

Ambac Financial Group, Inc operates as a financial services holding company. It operates three businesses: Specialty Property and Casualty Insurance, Insurance Distribution, and Legacy Financial Guarantee (LFG) Insurance. The Specialty Property and Casualty Insurance business provides specialty property and casualty program insurance with a focus commercial and personal liability risks.