Assured Guaranty Ltd. (AGO) Shares Sold by Cambria Investment Management L.P.
Cambria Investment Management L.P. reduced its position in shares of Assured Guaranty Ltd. (NYSE:AGO) by 8.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,339 shares of the financial services provider’s stock after selling 3,880 shares during the period. Cambria Investment Management L.P.’s holdings in Assured Guaranty were worth $1,561,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Trexquant Investment LP purchased a new position in Assured Guaranty in the 3rd quarter worth about $466,000. Evergreen Capital Management LLC purchased a new position in Assured Guaranty in the 3rd quarter worth about $501,000. APG Asset Management N.V. purchased a new position in Assured Guaranty in the 3rd quarter worth about $7,716,000. Aperio Group LLC increased its stake in Assured Guaranty by 6.2% in the 3rd quarter. Aperio Group LLC now owns 736,147 shares of the financial services provider’s stock worth $27,790,000 after purchasing an additional 42,742 shares in the last quarter. Finally, Stevens Capital Management LP purchased a new position in Assured Guaranty in the 3rd quarter worth about $2,812,000. 95.87% of the stock is currently owned by hedge funds and other institutional investors.
AGO has been the topic of a number of analyst reports. MKM Partners reissued a “buy” rating on shares of Assured Guaranty in a research note on Thursday, October 5th. UBS reissued a “buy” rating and issued a $47.00 price target (down previously from $49.00) on shares of Assured Guaranty in a research note on Wednesday, October 4th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $47.00.
Assured Guaranty (NYSE:AGO) last issued its quarterly earnings results on Thursday, November 2nd. The financial services provider reported $1.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.51. The firm had revenue of $623.00 million for the quarter, compared to analysts’ expectations of $262.09 million. Assured Guaranty had a return on equity of 10.59% and a net margin of 45.38%. Assured Guaranty’s revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the business posted $3.74 EPS.
Assured Guaranty announced that its Board of Directors has approved a share buyback program on Thursday, November 2nd that allows the company to buyback $300.00 million in shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 29th. Shareholders of record on Wednesday, November 15th were given a dividend of $0.142 per share. The ex-dividend date was Tuesday, November 14th. This represents a $0.57 dividend on an annualized basis and a yield of 1.60%. Assured Guaranty’s payout ratio is presently 8.21%.
Assured Guaranty Company Profile
Assured Guaranty Ltd. is a holding company. The Company, through its subsidiaries, provides credit protection products to the United States and international public finance, including infrastructure, and structured finance markets. It applies its credit underwriting judgment, risk management skills and capital markets experience primarily to offer financial guaranty insurance that protects holders of debt instruments and other monetary obligations from defaults in scheduled payments.
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