Insider Buying: Ambac Financial Group, Inc. (NYSE:AMBC) CEO Purchases 25,000 Shares of Stock

Key Points

• Claude Leblanc, CEO of Ambac Financial Group, acquired 25,000 shares at an average price of $7.03 per share, increasing his total ownership to 603,291 shares worth over $4.24 million.
• Ambac Financial Group's stock rose by 8.9% on August 11, closing at $7.56, with a market capitalization of approximately $350.55 million.
• The company's latest earnings report showed a loss of ($0.22) EPS, exceeding expectations, while revenue of $16.20 million fell short of analyst predictions.

Ambac Financial Group, Inc. (NYSE:AMBC - Get Free Report) CEO Claude Leblanc acquired 25,000 shares of the business's stock in a transaction on Monday, August 11th. The stock was bought at an average cost of $7.03 per share, for a total transaction of $175,750.00. Following the completion of the transaction, the chief executive officer directly owned 603,291 shares of the company's stock, valued at $4,241,135.73. This trade represents a 4.32% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Ambac Financial Group Stock Up 0.4%

AMBC stock traded up $0.03 during midday trading on Friday, reaching $8.05. The company had a trading volume of 891,190 shares, compared to its average volume of 925,175. The stock has a 50 day moving average price of $7.61 and a 200 day moving average price of $8.38. The firm has a market capitalization of $373.52 million, a PE ratio of -0.59 and a beta of 0.92. Ambac Financial Group, Inc. has a fifty-two week low of $5.99 and a fifty-two week high of $13.64.

Ambac Financial Group (NYSE:AMBC - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.02. Ambac Financial Group had a negative return on equity of 3.50% and a negative net margin of 215.40%. The business had revenue of $16.20 million during the quarter, compared to the consensus estimate of $55.59 million. Research analysts predict that Ambac Financial Group, Inc. will post 0.6 EPS for the current year.

Institutional Investors Weigh In On Ambac Financial Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Continental General Insurance Co. bought a new position in shares of Ambac Financial Group in the second quarter valued at $8,650,000. Gendell Jeffrey L grew its holdings in shares of Ambac Financial Group by 99.0% during the 2nd quarter. Gendell Jeffrey L now owns 1,198,420 shares of the company's stock valued at $8,509,000 after acquiring an additional 596,134 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Ambac Financial Group by 2.5% in the second quarter. Geode Capital Management LLC now owns 1,122,616 shares of the company's stock worth $7,972,000 after purchasing an additional 27,670 shares in the last quarter. Wolf Hill Capital Management LP bought a new stake in Ambac Financial Group in the fourth quarter worth $12,650,000. Finally, Prescott Group Capital Management L.L.C. boosted its holdings in Ambac Financial Group by 98.0% in the second quarter. Prescott Group Capital Management L.L.C. now owns 875,977 shares of the company's stock worth $6,219,000 after purchasing an additional 433,613 shares in the last quarter. Institutional investors own 84.49% of the company's stock.

Wall Street Analyst Weigh In

Separately, Truist Financial began coverage on Ambac Financial Group in a research report on Tuesday, July 15th. They set a "buy" rating and a $10.00 target price on the 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.