Invesco Ltd. Reduces Stake in Ambac Financial Group, Inc. $AMBC

Key Points

• Invesco Ltd. reduced its stake in Ambac Financial Group by 51.9%, now holding 180,495 shares of the company worth approximately $1.58 million.
• Truist Financial has initiated coverage on Ambac Financial Group with a buy rating and a target price of $10.00, while the consensus rating remains a 'Buy' with an average target price of $12.50.
• CEO Claude Leblanc purchased 25,000 shares at an average price of $7.03 per share, increasing his ownership in the company.

Invesco Ltd. lowered its holdings in Ambac Financial Group, Inc. (NYSE:AMBC - Free Report) by 51.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 180,495 shares of the company's stock after selling 195,018 shares during the quarter. Invesco Ltd. owned about 0.35% of Ambac Financial Group worth $1,579,000 at the end of the most recent reporting period.

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

Insider Transactions at Ambac Financial Group

In other Ambac Financial Group news, CEO Claude Leblanc acquired 25,000 shares of the business's stock in a transaction 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 completion of the transaction, the chief executive officer owned 603,291 shares of the company's stock, valued at $4,241,135.73. The trade was a 4.32% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 6.20% of the company's stock.

Analysts Set New Price Targets

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 price objective for the company. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $12.50.

Ambac Financial Group Stock Performance

NYSE:AMBC traded up $0.04 during trading hours on Thursday, hitting $9.16. The company's stock had a trading volume of 218,588 shares, compared to its average volume of 995,445. The business's 50-day moving average is $8.10 and its two-hundred day moving average is $8.13. The company has a market capitalization of $424.81 million, a PE ratio of -0.67 and a beta of 0.96. 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 (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.02. The firm had revenue of $16.20 million during the quarter, compared to analysts' expectations of $55.59 million. Ambac Financial Group had a negative return on equity of 3.50% and a negative net margin of 215.40%. As a group, analysts predict that Ambac Financial Group, Inc. will post 0.6 EPS for the current fiscal year.

Ambac Financial Group Company 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.