Ambac Financial Group, Inc. $AMBC Shares Acquired by Third Avenue Management LLC

Key Points

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Third Avenue Management LLC raised its stake in shares of Ambac Financial Group, Inc. (NYSE:AMBC - Free Report) by 59.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 366,461 shares of the company's stock after acquiring an additional 136,045 shares during the quarter. Third Avenue Management LLC owned approximately 0.72% of Ambac Financial Group worth $3,207,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of AMBC. GAMMA Investing LLC boosted its position in Ambac Financial Group by 191.9% during the 1st quarter. GAMMA Investing LLC now owns 4,463 shares of the company's stock valued at $39,000 after acquiring an additional 2,934 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Ambac Financial Group in the 4th quarter worth $92,000. Aquatic Capital Management LLC acquired a new stake in shares of Ambac Financial Group in the 4th quarter worth $105,000. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Ambac Financial Group in the 1st quarter worth $110,000. Finally, First Citizens Bank & Trust Co. acquired a new stake in shares of Ambac Financial Group in the 1st quarter worth $123,000. Institutional investors own 84.49% of the company's stock.

Ambac Financial Group Stock Performance

AMBC stock traded up $0.1650 during midday trading on Friday, reaching $8.6550. The stock had a trading volume of 468,035 shares, compared to its average volume of 797,487. The stock has a market cap of $401.59 million, a PE ratio of -0.64 and a beta of 0.92. The firm has a fifty day simple moving average of $7.78 and a two-hundred day simple moving average of $8.23. Ambac Financial Group, Inc. has a 52-week low of $5.99 and a 52-week high of $13.64.

Ambac Financial Group (NYSE:AMBC - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.22) earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $55.59 million. On average, sell-side analysts predict that Ambac Financial Group, Inc. will post 0.6 EPS for the current fiscal year.

Insider Buying and Selling at Ambac Financial Group

In other Ambac Financial Group news, CEO Claude Leblanc purchased 25,000 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was purchased at an average price of $7.03 per share, for a total transaction of $175,750.00. Following the purchase, the chief executive officer directly owned 603,291 shares in the company, valued at approximately $4,241,135.73. This trade represents a 4.32% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

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.