Ambac Financial Group (NYSE:AMBC) Earns Buy Rating from Analysts at Truist Financial

Investment analysts at Truist Financial assumed coverage on shares of Ambac Financial Group (NYSE:AMBC - Get Free Report) in a research note issued to investors on Tuesday, Marketbeat reports. The firm set a "buy" rating and a $10.00 price target on the stock. Truist Financial's target price indicates a potential upside of 14.55% from the company's previous close.

Ambac Financial Group Stock Performance

AMBC stock traded up $0.08 during midday trading on Tuesday, reaching $8.73. 1,835,625 shares of the company were exchanged, compared to its average volume of 819,455. Ambac Financial Group has a 1-year low of $5.99 and a 1-year high of $13.64. The stock's 50-day simple moving average is $7.36 and its 200 day simple moving average is $8.86. The company has a market cap of $405.33 million, a price-to-earnings ratio of -0.72 and a beta of 0.86.

Ambac Financial Group (NYSE:AMBC - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.06). Ambac Financial Group had a negative return on equity of 1.80% and a negative net margin of 163.67%. The company had revenue of $15.68 million for the quarter, compared to analyst estimates of $33.00 million. On average, research analysts anticipate that Ambac Financial Group will post 0.6 earnings per share for the current year.

Insider Activity

In other Ambac Financial Group news, Director Jeffrey Scott Stein bought 15,000 shares of the stock in a transaction dated Wednesday, May 14th. The shares were acquired at an average cost of $6.46 per share, for a total transaction of $96,900.00. Following the completion of the transaction, the director owned 50,000 shares in the company, valued at approximately $323,000. The trade was a 42.86% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.20% of the company's stock.

Institutional Investors Weigh In On Ambac Financial Group

Hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System raised its position in Ambac Financial Group by 3.9% in the fourth quarter. California State Teachers Retirement System now owns 44,277 shares of the company's stock worth $560,000 after acquiring an additional 1,651 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Ambac Financial Group by 8.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,807 shares of the company's stock worth $326,000 after acquiring an additional 1,958 shares in the last quarter. Bank of Montreal Can raised its position in Ambac Financial Group by 19.5% in the fourth quarter. Bank of Montreal Can now owns 12,357 shares of the company's stock worth $156,000 after acquiring an additional 2,018 shares in the last quarter. 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 worth $340,000 after acquiring an additional 2,269 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Ambac Financial Group by 191.9% in the first quarter. GAMMA Investing LLC now owns 4,463 shares of the company's stock worth $39,000 after acquiring an additional 2,934 shares in the last quarter. 84.49% of the stock is owned by institutional investors and hedge funds.

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.