Cubist Systematic Strategies LLC Grows Position in Ambac Financial Group, Inc. $AMBC

Key Points

• Cubist Systematic Strategies LLC increased its stake in Ambac Financial Group by 289.5% in Q1, owning approximately 0.33% of the company worth about $1.49 million.
• CEO Claude Leblanc bought 25,000 shares of Ambac stock at $7.03 per share, raising his total ownership to over 603,291 shares, valued at about $4.24 million.
• Ambac Financial Group reported a quarterly earnings per share of ($0.22), surpassing expectations, while Wall Street analysts maintain a "Buy" rating with a price target of $12.50.

Cubist Systematic Strategies LLC grew its stake in Ambac Financial Group, Inc. (NYSE:AMBC - Free Report) by 289.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 170,643 shares of the company's stock after buying an additional 126,835 shares during the period. Cubist Systematic Strategies LLC owned approximately 0.33% of Ambac Financial Group worth $1,493,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AMBC. GAMMA Investing LLC increased its holdings in shares of Ambac Financial Group by 191.9% during the 1st quarter. GAMMA Investing LLC now owns 4,463 shares of the company's stock worth $39,000 after purchasing an additional 2,934 shares during the period. AlphaQuest LLC bought a new position in Ambac Financial Group in the 1st quarter worth approximately $61,000. Point72 Asset Management L.P. bought a new position in Ambac Financial Group in the fourth quarter valued at about $92,000. DRW Securities LLC acquired a new stake in shares of Ambac Financial Group during the first quarter worth $94,000. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in shares of Ambac Financial Group in the 1st quarter valued at approximately $110,000. Institutional investors and hedge funds own 84.49% of the company's stock.

Ambac Financial Group Stock Down 2.6%

NYSE AMBC traded down $0.24 during trading hours on Thursday, reaching $8.71. 173,255 shares of the company were exchanged, compared to its average volume of 979,727. The stock has a market capitalization of $403.91 million, a P/E ratio of -0.64 and a beta of 0.96. The business's 50 day simple moving average is $8.31 and its 200-day simple moving average is $8.04. Ambac Financial Group, Inc. has a 1 year low of $5.99 and a 1 year high of $13.64.

Ambac Financial Group (NYSE:AMBC - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.02. The firm had revenue of $16.20 million for the quarter, compared to analysts' expectations of $55.59 million. Ambac Financial Group had a negative net margin of 215.40% and a negative return on equity of 3.50%. As a group, sell-side analysts anticipate that Ambac Financial Group, Inc. will post 0.6 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Truist Financial initiated coverage on Ambac Financial Group in a report on Tuesday, July 15th. They set a "buy" rating and a $10.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. According to MarketBeat.com, Ambac Financial Group has an average rating of "Buy" and an average price target of $12.50.

Insider Buying and Selling at Ambac Financial Group

In other news, CEO Claude Leblanc bought 25,000 shares of the firm's stock in a transaction on Monday, August 11th. The shares were bought at an average price of $7.03 per share, for a total transaction of $175,750.00. Following the purchase, the chief executive officer owned 603,291 shares in the company, valued at approximately $4,241,135.73. The trade was 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 accessible through the SEC website. 6.20% of the stock is owned by corporate insiders.

Ambac Financial Group Profile

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.