Ambac Financial Group, Inc. (NYSE:AMBC – Get Rating) was the recipient of a significant growth in short interest in March. As of March 31st, there was short interest totalling 4,940,000 shares, a growth of 29.3% from the March 15th total of 3,820,000 shares. Based on an average trading volume of 1,070,000 shares, the days-to-cover ratio is currently 4.6 days. Approximately 10.9% of the company’s stock are short sold.
Separately, MKM Partners reduced their price objective on Ambac Financial Group from $15.00 to $9.00 and set a “neutral” rating for the company in a report on Wednesday, March 23rd.
NYSE AMBC traded down $0.16 during trading hours on Monday, hitting $8.70. The company’s stock had a trading volume of 45,823 shares, compared to its average volume of 1,035,481. Ambac Financial Group has a 12 month low of $7.95 and a 12 month high of $17.86. The stock has a 50 day moving average price of $11.69. The company has a market capitalization of $403.13 million, a P/E ratio of -14.29 and a beta of 1.46. The company has a debt-to-equity ratio of 5.87, a quick ratio of 1.19 and a current ratio of 1.19.
Ambac Financial Group declared that its Board of Directors has initiated a stock repurchase program on Wednesday, March 30th that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other Ambac Financial Group news, Director C James Prieur acquired 10,000 shares of Ambac Financial Group stock in a transaction that occurred on Friday, March 4th. The stock was bought at an average cost of $12.50 per share, for a total transaction of $125,000.00. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO David Trick acquired 3,000 shares of Ambac Financial Group stock in a transaction that occurred on Tuesday, March 1st. The stock was acquired at an average price of $12.67 per share, with a total value of $38,010.00. The disclosure for this purchase can be found here. 2.40% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the business. Wolverine Asset Management LLC purchased a new position in Ambac Financial Group in the fourth quarter worth about $43,000. Everence Capital Management Inc. purchased a new position in Ambac Financial Group in the first quarter worth about $113,000. Jump Financial LLC purchased a new position in Ambac Financial Group in the third quarter worth about $155,000. Long Focus Capital Management LLC purchased a new position in shares of Ambac Financial Group during the 4th quarter valued at about $161,000. Finally, Metropolitan Life Insurance Co NY lifted its position in shares of Ambac Financial Group by 17.5% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 11,358 shares of the company’s stock valued at $163,000 after buying an additional 1,689 shares in the last quarter. 77.94% of the stock is currently owned by institutional investors and hedge funds.
Ambac Financial Group Company Profile (Get Rating)
Ambac Financial Group, Inc, a financial services holding company, provides financial guarantees in the United States, the United Kingdom, Italy, Austria, Australia, France, and Internationally. It offers financial guarantee insurance policies; specialty property & casualty program insurance; credit derivative contracts; and interest rate derivative transactions, as well as managing general agency / underwriting services.
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