Connor Clark & Lunn Investment Management Ltd. Sells 16,107 Shares of Ambac Financial Group, Inc. $AMBC

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of Ambac Financial Group, Inc. (NYSE:AMBC) by 34.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 31,199 shares of the company’s stock after selling 16,107 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.06% of Ambac Financial Group worth $273,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of AMBC. Bank of Montreal Can lifted its position in shares of Ambac Financial Group by 19.5% during the 4th quarter. Bank of Montreal Can now owns 12,357 shares of the company’s stock worth $156,000 after buying an additional 2,018 shares during the last quarter. Invesco Ltd. raised its position in Ambac Financial Group by 18.5% in the fourth quarter. Invesco Ltd. now owns 375,513 shares of the company’s stock valued at $4,750,000 after purchasing an additional 58,630 shares during the last quarter. Barclays PLC raised its position in Ambac Financial Group by 14.3% in the fourth quarter. Barclays PLC now owns 429,861 shares of the company’s stock valued at $5,438,000 after purchasing an additional 53,759 shares during the last quarter. XTX Topco Ltd raised its position in Ambac Financial Group by 82.4% in the fourth quarter. XTX Topco Ltd now owns 28,060 shares of the company’s stock valued at $355,000 after purchasing an additional 12,680 shares during the last quarter. Finally, MetLife Investment Management LLC raised its position in Ambac Financial Group by 9.2% in the fourth quarter. MetLife Investment Management LLC now owns 26,838 shares of the company’s stock valued at $340,000 after purchasing an additional 2,269 shares during the last quarter. 84.49% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Truist Financial initiated coverage on Ambac Financial Group in a research report on Tuesday, July 15th. They issued a “buy” rating and a $10.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $12.50.

Ambac Financial Group Trading Up 3.3%

Shares of AMBC stock opened at $8.4950 on Thursday. The stock has a market cap of $394.17 million, a price-to-earnings ratio of -0.62 and a beta of 0.92. The stock has a 50-day moving average of $7.70 and a 200-day moving average of $8.32. Ambac Financial Group, Inc. has a 1-year low of $5.99 and a 1-year high of $13.64.

Ambac Financial Group (NYSE:AMBC) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.02. The company had revenue of $16.20 million during the quarter, compared to analysts’ expectations of $55.59 million. Ambac Financial Group had a negative return on equity of 3.50% and a negative net margin of 215.40%. Sell-side analysts forecast that Ambac Financial Group, Inc. will post 0.6 earnings per share for the current year.

Insider Buying and Selling at Ambac Financial Group

In related news, CEO Claude Leblanc purchased 25,000 shares of the firm’s stock in a transaction dated Monday, August 11th. The stock was bought at an average price of $7.03 per share, with a total value of $175,750.00. Following the completion of the purchase, the chief executive officer owned 603,291 shares in the company, valued at approximately $4,241,135.73. This represents a 4.32% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 6.20% of the company’s stock.

Ambac Financial Group Profile

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.