Ambac Financial Group (NYSE:AMBC) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

by · The Markets Daily

Ambac Financial Group (NYSE:AMBCGet Free Report) issued its quarterly earnings results on Monday. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.02, Zacks reports. Ambac Financial Group had a negative return on equity of 3.50% and a negative net margin of 215.40%.The company had revenue of $66.61 million for the quarter, compared to analysts’ expectations of $56.77 million.

Ambac Financial Group Stock Up 3.0%

Shares of NYSE AMBC traded up $0.25 during mid-day trading on Monday, hitting $8.73. 978,225 shares of the company traded hands, compared to its average volume of 947,161. Ambac Financial Group has a 1 year low of $5.99 and a 1 year high of $13.64. The stock has a market capitalization of $405.14 million, a price-to-earnings ratio of -0.64 and a beta of 0.96. The business has a 50 day moving average of $8.71 and a two-hundred day moving average of $8.12.

Insiders Place Their Bets

In related news, CEO Claude Leblanc acquired 25,000 shares of the business’s stock in a transaction on Wednesday, October 1st. The shares were purchased at an average price of $8.54 per share, for a total transaction of $213,500.00. Following the acquisition, the chief executive officer owned 1,021,777 shares in the company, valued at approximately $8,725,975.58. This represents a 2.51% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Marshall Wace LLP increased its position in shares of Ambac Financial Group by 215.5% in the second quarter. Marshall Wace LLP now owns 648,155 shares of the company’s stock worth $4,602,000 after acquiring an additional 442,750 shares in the last quarter. Millennium Management LLC lifted its position in shares of Ambac Financial Group by 142.7% in the 1st quarter. Millennium Management LLC now owns 508,686 shares of the company’s stock valued at $4,451,000 after acquiring an additional 299,094 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Ambac Financial Group by 467.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 119,468 shares of the company’s stock worth $848,000 after purchasing an additional 98,402 shares during the period. Walleye Capital LLC boosted its stake in Ambac Financial Group by 174.7% in the 2nd quarter. Walleye Capital LLC now owns 38,094 shares of the company’s stock worth $270,000 after purchasing an additional 89,094 shares during the period. Finally, Norges Bank purchased a new position in Ambac Financial Group during the 2nd quarter worth approximately $532,000. 84.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AMBC has been the subject of several research reports. Truist Financial began coverage on Ambac Financial Group in a research note on Tuesday, July 15th. They set a “buy” rating and a $10.00 target price for the company. Weiss Ratings reissued a “sell (d)” rating on shares of Ambac Financial Group in a report on Wednesday. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $10.00.

View Our Latest Report on AMBC

Ambac Financial Group Company Profile

(Get Free Report)

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.

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