Octave Specialty Group (NYSE:OSG) Upgraded by Keefe, Bruyette & Woods to Moderate Buy Rating

Key Points

• Keefe, Bruyette & Woods upgraded Octave Specialty Group to “Moderate Buy,” though the broader analyst consensus remains “Hold” with a target price of $11.50.
• OSG shares opened at $4.61 and were reported up 2.2%, while trading well below their 50-day and 200-day moving averages. The company posted a quarterly loss of $0.04 per share, missing estimates by $0.03.
• Institutional investors own 80.92% of the stock, with several firms—including Bank of New York Mellon and Lone Peak Global Investors—initiating positions during the second quarter.

Octave Specialty Group (NYSE:OSG - Get Free Report) was upgraded by Keefe, Bruyette & Woods to a "moderate buy" rating in a report released on Thursday,Zacks.com reports.

A number of other research analysts have also commented on OSG. Weiss Ratings raised Octave Specialty Group from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, August 20th. Zacks Research lowered shares of Octave Specialty Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $11.50.

Octave Specialty Group Trading Up 2.2%

NYSE OSG opened at $4.61 on Thursday. The firm's fifty day simple moving average is $5.55 and its 200-day simple moving average is $5.33. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.19. Octave Specialty Group has a 1-year low of $3.88 and a 1-year high of $10.38. The company has a market capitalization of $207.68 million, a PE ratio of -1.26 and a beta of 0.85.

Octave Specialty Group (NYSE:OSG - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.03). The firm had revenue of $83.00 million during the quarter, compared to analyst estimates of $22.79 million. Octave Specialty Group had a positive return on equity of 0.44% and a negative net margin of 51.10%. As a group, sell-side analysts anticipate that Octave Specialty Group will post 0.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in OSG. Corient Private Wealth LP acquired a new position in shares of Octave Specialty Group during the second quarter valued at $77,000. Lone Peak Global Investors LLC acquired a new stake in Octave Specialty Group in the second quarter worth about $672,000. Public Employees Retirement System of Ohio bought a new position in Octave Specialty Group in the 2nd quarter valued at about $383,000. Bank of New York Mellon Corp bought a new position in Octave Specialty Group in the 2nd quarter valued at about $842,000. Finally, Versant Capital Management Inc acquired a new position in Octave Specialty Group during the 2nd quarter valued at about $52,000. Institutional investors and hedge funds own 80.92% of the company's stock.

About Octave Specialty Group

Ambac Financial Group, Inc NYSE: AMBC is a specialized financial services holding company headquartered in New York City. Through its principal subsidiary, Ambac Assurance Corporation, the company provides financial guarantee insurance and surety bonds designed to enhance the credit quality of public finance and structured finance transactions. Ambac’s offerings are tailored to municipal issuers, financial institutions and corporate borrowers, supporting infrastructure projects, energy and transportation initiatives, as well as asset-backed securities.

Ambac’s core business activities center on credit enhancement and risk-transfer solutions.

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