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

Ambac Financial Group (NYSE:AMBC) posted 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. The firm had revenue of $66.61 million for the quarter, compared to analysts’ expectations of $56.77 million. Ambac Financial Group had a negative net margin of 215.40% and a negative return on equity of 3.50%.

Ambac Financial Group Price Performance

NYSE:AMBC traded up $0.25 during midday trading on Monday, reaching $8.73. 978,225 shares of the company traded hands, compared to its average volume of 947,161. The firm has a market capitalization of $405.14 million, a price-to-earnings ratio of -0.64 and a beta of 0.96. The company has a fifty day moving average price of $8.71 and a 200 day moving average price of $8.12. Ambac Financial Group has a twelve month low of $5.99 and a twelve month high of $13.64.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Truist Financial assumed coverage on shares of 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. Weiss Ratings reissued a “sell (d)” rating on shares of Ambac Financial Group in a report on Wednesday. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $10.00.

Insiders Place Their Bets

In related news, CEO Claude Leblanc bought 25,000 shares of the business’s stock in a transaction on Wednesday, October 1st. The shares were bought at an average cost of $8.54 per share, for a total transaction of $213,500.00. Following the completion of the purchase, the chief executive officer owned 1,021,777 shares of the company’s stock, valued at $8,725,975.58. This represents a 2.51% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of AMBC. BNP Paribas Financial Markets lifted its holdings in Ambac Financial Group by 467.1% in the second 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. Nebula Research & Development LLC raised its position in shares of Ambac Financial Group by 46.5% during the 2nd quarter. Nebula Research & Development LLC now owns 107,124 shares of the company’s stock worth $761,000 after buying an additional 34,022 shares in the last quarter. Norges Bank acquired a new stake in shares of Ambac Financial Group in the 2nd quarter worth approximately $532,000. Rhumbline Advisers lifted its stake in shares of Ambac Financial Group by 7.7% in the 2nd quarter. Rhumbline Advisers now owns 74,916 shares of the company’s stock worth $532,000 after acquiring an additional 5,376 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Ambac Financial Group by 10.6% in the third quarter. JPMorgan Chase & Co. now owns 34,555 shares of the company’s stock valued at $288,000 after acquiring an additional 3,324 shares in the last quarter. 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.