Ambac Financial Group (NYSE:AMBC) Research Coverage Started at Truist Financial

Truist Financial assumed coverage on shares of Ambac Financial Group (NYSE:AMBC) in a research note published on Tuesday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $10.00 target price on the stock.

Ambac Financial Group Stock Up 18.0%

AMBC stock opened at $8.68 on Tuesday. Ambac Financial Group has a 52 week low of $5.99 and a 52 week high of $13.64. The firm has a 50 day moving average of $7.36 and a 200 day moving average of $8.86. The stock has a market capitalization of $402.83 million, a PE ratio of -0.72 and a beta of 0.86.

Ambac Financial Group (NYSE:AMBC) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.06). Ambac Financial Group had a negative net margin of 163.67% and a negative return on equity of 1.80%. The business had revenue of $15.68 million for the quarter, compared to analyst estimates of $33.00 million. On average, equities research analysts expect that Ambac Financial Group will post 0.6 earnings per share for the current year.

Insider Activity at Ambac Financial Group

In other news, Director Jeffrey Scott Stein purchased 15,000 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were purchased at an average cost of $6.46 per share, with a total value of $96,900.00. Following the completion of the acquisition, the director owned 50,000 shares of the company’s stock, valued at approximately $323,000. This represents a 42.86% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Ambac Financial Group

Several institutional investors and hedge funds have recently modified their holdings of AMBC. Amundi grew its position in shares of Ambac Financial Group by 224.4% in the fourth quarter. Amundi now owns 24,217 shares of the company’s stock valued at $281,000 after purchasing an additional 16,752 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Ambac Financial Group in the fourth quarter worth approximately $598,000. Swiss National Bank increased its position in shares of Ambac Financial Group by 4.6% during the 4th quarter. Swiss National Bank now owns 93,300 shares of the company’s stock worth $1,180,000 after purchasing an additional 4,100 shares during the last quarter. Royce & Associates LP increased its position in shares of Ambac Financial Group by 97.6% during the fourth quarter. Royce & Associates LP now owns 72,934 shares of the company’s stock valued at $923,000 after acquiring an additional 36,015 shares during the last quarter. Finally, Intech Investment Management LLC increased its holdings in Ambac Financial Group by 84.0% in the 4th quarter. Intech Investment Management LLC now owns 43,629 shares of the company’s stock valued at $552,000 after purchasing an additional 19,921 shares during the last quarter. Hedge funds and other institutional investors own 84.49% of the company’s stock.

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.