Ambac Financial Group (NYSE:AMBC) Announces Earnings Results, Beats Expectations By $0.02 EPS

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

Ambac Financial Group Stock Up 15.8%

Shares of AMBC stock opened at $10.07 on Wednesday. The company’s fifty day simple moving average is $8.72 and its two-hundred day simple moving average is $8.14. Ambac Financial Group has a 52 week low of $5.99 and a 52 week high of $13.64. The stock has a market cap of $467.13 million, a P/E ratio of -0.74 and a beta of 0.96.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Ambac Financial Group in a research report on Wednesday, November 5th. Truist Financial assumed coverage on Ambac Financial Group in a research note on Tuesday, July 15th. They issued a “buy” rating and a $10.00 price objective for the company. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $10.00.

Insider Activity at Ambac Financial Group

In other news, CEO Claude Leblanc acquired 25,000 shares of Ambac Financial Group stock in a transaction on Wednesday, October 1st. The shares were acquired at an average price of $8.54 per share, with a total value of $213,500.00. Following the purchase, the chief executive officer directly owned 1,021,777 shares in the company, valued at $8,725,975.58. The trade was a 2.51% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Ambac Financial Group

Several hedge funds and other institutional investors have recently made changes to their positions in AMBC. Marshall Wace LLP increased its stake in 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 purchasing an additional 442,750 shares during the period. Millennium Management LLC raised its holdings in shares of Ambac Financial Group by 142.7% in the first 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. Bridgeway Capital Management LLC grew its holdings in Ambac Financial Group by 4.0% during the 2nd quarter. Bridgeway Capital Management LLC now owns 317,249 shares of the company’s stock worth $2,252,000 after acquiring an additional 12,122 shares in the last quarter. Empowered Funds LLC increased its position in Ambac Financial Group by 7.4% during the 1st quarter. Empowered Funds LLC now owns 195,127 shares of the company’s stock valued at $1,707,000 after purchasing an additional 13,494 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in Ambac Financial Group by 65.5% during the second quarter. Ameriprise Financial Inc. now owns 164,805 shares of the company’s stock valued at $1,170,000 after buying an additional 65,253 shares during the period. Hedge funds and other institutional investors own 84.49% of the company’s stock.

Ambac Financial Group Company 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.