Ambac Financial Group’s (AMBC) Hold Rating Reiterated at MKM Partners
Separately, BTIG Research restated a buy rating and set a $26.00 price objective on shares of Ambac Financial Group in a research report on Saturday, July 22nd.
Shares of Ambac Financial Group (NASDAQ:AMBC) opened at 16.92 on Thursday. Ambac Financial Group has a 52-week low of $15.67 and a 52-week high of $27.25. The company’s 50-day moving average is $17.77 and its 200 day moving average is $18.08. The firm’s market cap is $765.65 million.
Ambac Financial Group (NASDAQ:AMBC) last released its quarterly earnings results on Wednesday, August 9th. The financial services provider reported $1.54 EPS for the quarter, beating the consensus estimate of $1.22 by $0.32. Ambac Financial Group had a negative net margin of 16.39% and a positive return on equity of 5.74%. The firm had revenue of $172.85 million during the quarter, compared to the consensus estimate of $127.75 million. During the same quarter in the prior year, the firm earned $2.54 EPS. Ambac Financial Group’s revenue for the quarter was up 36.9% on a year-over-year basis. On average, analysts expect that Ambac Financial Group will post $1.63 earnings per share for the current fiscal year.
In other news, CEO Claude Leblanc acquired 15,000 shares of the business’s stock in a transaction on Wednesday, October 4th. The stock was bought at an average price of $16.64 per share, for a total transaction of $249,600.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio raised its position in Ambac Financial Group by 5.7% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 6,093 shares of the financial services provider’s stock worth $106,000 after buying an additional 330 shares during the last quarter. Bank of Nova Scotia purchased a new position in Ambac Financial Group during the 2nd quarter worth $814,000. Raymond James Financial Services Advisors Inc. raised its position in Ambac Financial Group by 58.7% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 17,304 shares of the financial services provider’s stock worth $300,000 after buying an additional 6,400 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Ambac Financial Group by 1.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,923 shares of the financial services provider’s stock worth $588,000 after buying an additional 643 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Ambac Financial Group by 308.9% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 78,400 shares of the financial services provider’s stock worth $1,360,000 after buying an additional 59,227 shares during the last quarter. Institutional investors own 72.95% of the company’s stock.
Ambac Financial Group Company Profile
Ambac Financial Group, Inc, a financial services holding company, provides financial guarantees and other financial services to clients in both the public and private sectors worldwide. It operates through two segments, Financial Guarantee and Financial Services. The Financial Guarantee segment provides financial guarantees, including insurance policies and credit derivative contracts for public finance, structured finance, and international obligations.
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