American International Group Inc. decreased its holdings in Ambac Financial Group, Inc. (NASDAQ:AMBC) by 2.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 34,234 shares of the financial services provider’s stock after selling 930 shares during the period. American International Group Inc.’s holdings in Ambac Financial Group were worth $620,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in AMBC. Municipal Employees Retirement System of Michigan purchased a new position in shares of Ambac Financial Group in the 4th quarter worth $226,000. Pearl River Capital LLC purchased a new position in Ambac Financial Group during the fourth quarter valued at $43,000. EJF Capital LLC lifted its position in Ambac Financial Group by 17.9% during the fourth quarter. EJF Capital LLC now owns 2,092,365 shares of the financial services provider’s stock valued at $36,072,000 after purchasing an additional 317,979 shares in the last quarter. Texas Permanent School Fund lifted its position in Ambac Financial Group by 3.8% during the first quarter. Texas Permanent School Fund now owns 30,787 shares of the financial services provider’s stock valued at $558,000 after purchasing an additional 1,120 shares in the last quarter. Finally, Prudential Financial Inc. lifted its position in Ambac Financial Group by 28.2% during the fourth quarter. Prudential Financial Inc. now owns 94,722 shares of the financial services provider’s stock valued at $1,633,000 after purchasing an additional 20,847 shares in the last quarter. Institutional investors own 80.80% of the company’s stock.
In other news, CEO Claude Leblanc bought 13,500 shares of Ambac Financial Group stock in a transaction dated Monday, May 13th. The shares were purchased at an average cost of $16.81 per share, with a total value of $226,935.00. Following the completion of the acquisition, the chief executive officer now owns 71,125 shares of the company’s stock, valued at approximately $1,195,611.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Robert Bryan Eisman bought 2,000 shares of Ambac Financial Group stock in a transaction dated Thursday, May 30th. The stock was purchased at an average cost of $15.17 per share, for a total transaction of $30,340.00. Following the completion of the acquisition, the chief accounting officer now directly owns 22,183 shares of the company’s stock, valued at approximately $336,516.11. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 29,330 shares of company stock worth $477,972. Insiders own 1.60% of the company’s stock.
NASDAQ AMBC opened at $14.87 on Wednesday. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 5.20. Ambac Financial Group, Inc. has a fifty-two week low of $14.67 and a fifty-two week high of $23.34.
Ambac Financial Group (NASDAQ:AMBC) last posted its quarterly earnings results on Thursday, May 9th. The financial services provider reported ($0.20) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.04). The business had revenue of $100.37 million for the quarter, compared to the consensus estimate of $79.65 million. Ambac Financial Group had a negative net margin of 37.35% and a negative return on equity of 2.12%. During the same period in the prior year, the business earned $7.22 earnings per share.
Several research firms recently weighed in on AMBC. TheStreet downgraded Ambac Financial Group from a “c” rating to a “d+” rating in a research report on Tuesday, May 14th. BidaskClub downgraded Ambac Financial Group from a “hold” rating to a “sell” rating in a research report on Friday, March 22nd.
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Ambac Financial Group Profile
Ambac Financial Group, Inc, a financial services holding company, provides financial guarantees to public and private sector clients in the United States, the United Kingdom, Italy, Austria, Australia, France, and Internationally. It offers financial guarantee insurance policies; and credit derivative contracts and Interest rate derivative transactions.
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