Ambac Financial Group (NYSE:AMBC) Coverage Initiated at Truist Financial

Equities research analysts at Truist Financial assumed coverage on shares of Ambac Financial Group (NYSE:AMBC - Get Free Report) in a report released on Tuesday, MarketBeat reports. The brokerage set a "buy" rating and a $10.00 price target on the stock. Truist Financial's price objective suggests a potential upside of 15.26% from the company's current price.

Ambac Financial Group Stock Performance

Shares of NYSE AMBC traded up $1.33 during trading hours on Tuesday, hitting $8.68. 3,257,614 shares of the stock were exchanged, compared to its average volume of 813,677. Ambac Financial Group has a 1-year low of $5.99 and a 1-year high of $13.64. The company has a market cap of $402.83 million, a PE ratio of -0.72 and a beta of 0.86. The company's fifty day simple moving average is $7.34 and its two-hundred day simple moving average is $8.89.

Ambac Financial Group (NYSE:AMBC - Get Free Report) last issued its earnings results 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 net margin of 163.67% and a negative return on equity of 1.80%. The company had revenue of $15.68 million during the quarter, compared to analyst estimates of $33.00 million. As a group, sell-side analysts expect that Ambac Financial Group will post 0.6 EPS for the current fiscal year.

Insider Activity

In other Ambac Financial Group news, Director Jeffrey Scott Stein purchased 15,000 shares of the company's stock in a transaction dated Wednesday, May 14th. The stock was purchased at an average price of $6.46 per share, with a total value of $96,900.00. Following the completion of the purchase, the director owned 50,000 shares of the company's stock, valued at approximately $323,000. The trade was a 42.86% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 6.20% of the company's stock.

Hedge Funds Weigh In On Ambac Financial Group

Several large investors have recently modified their holdings of the business. California State Teachers Retirement System raised its stake in shares of Ambac Financial Group by 3.9% during the fourth quarter. California State Teachers Retirement System now owns 44,277 shares of the company's stock valued at $560,000 after acquiring an additional 1,651 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Ambac Financial Group by 8.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,807 shares of the company's stock worth $326,000 after buying an additional 1,958 shares during the last quarter. Bank of Montreal Can raised its stake in Ambac Financial Group by 19.5% during the fourth quarter. Bank of Montreal Can now owns 12,357 shares of the company's stock worth $156,000 after buying an additional 2,018 shares during the last quarter. MetLife Investment Management LLC raised its stake in Ambac Financial Group by 9.2% during the fourth quarter. MetLife Investment Management LLC now owns 26,838 shares of the company's stock worth $340,000 after buying an additional 2,269 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in Ambac Financial Group by 191.9% during the first quarter. GAMMA Investing LLC now owns 4,463 shares of the company's stock worth $39,000 after buying an additional 2,934 shares during 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.