Public Sector Pension Investment Board Sells 118,804 Shares of Ambac Financial Group, Inc. $AMBC

Key Points

• The Public Sector Pension Investment Board decreased its holdings in Ambac Financial Group by 62.3% during Q1, now owning approximately 0.14% of the company worth $630,000.
• CEO Claude Leblanc purchased 25,000 shares of Ambac stock for $175,750, increasing his ownership to 603,291 shares valued at $4.24 million.
• Analysts view Ambac Financial Group positively, with a consensus rating of Buy and a target price of $12.50, following a recent initiation of coverage by Truist Financial.

Public Sector Pension Investment Board lowered its position in shares of Ambac Financial Group, Inc. (NYSE:AMBC - Free Report) by 62.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 72,000 shares of the company's stock after selling 118,804 shares during the quarter. Public Sector Pension Investment Board owned about 0.14% of Ambac Financial Group worth $630,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of AMBC. Nuveen Asset Management LLC boosted its position in Ambac Financial Group by 65.5% during the fourth quarter. Nuveen Asset Management LLC now owns 824,357 shares of the company's stock valued at $10,428,000 after acquiring an additional 326,149 shares during the last quarter. Nuveen LLC bought a new stake in Ambac Financial Group during the first quarter valued at $2,473,000. Prescott Group Capital Management L.L.C. boosted its position in Ambac Financial Group by 127.0% during the first quarter. Prescott Group Capital Management L.L.C. now owns 442,364 shares of the company's stock valued at $3,871,000 after acquiring an additional 247,462 shares during the last quarter. Western Standard LLC boosted its position in Ambac Financial Group by 64.3% during the fourth quarter. Western Standard LLC now owns 453,530 shares of the company's stock valued at $5,737,000 after acquiring an additional 177,567 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in Ambac Financial Group by 166.4% during the fourth quarter. Bank of America Corp DE now owns 194,061 shares of the company's stock valued at $2,455,000 after acquiring an additional 121,228 shares during the last quarter. Institutional investors own 84.49% of the company's stock.

Insider Activity

In related news, CEO Claude Leblanc acquired 25,000 shares of the business's stock in a transaction dated Monday, August 11th. The shares were bought at an average price of $7.03 per share, with a total value of $175,750.00. Following 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 6.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, Truist Financial assumed coverage on shares of Ambac Financial Group in a research report on Tuesday, July 15th. They set a "buy" rating and a $10.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $12.50.

Ambac Financial Group Price Performance

Shares of AMBC stock traded up $0.14 on Wednesday, reaching $8.85. 705,019 shares of the company were exchanged, compared to its average volume of 788,069. The company has a market cap of $410.64 million, a price-to-earnings ratio of -0.65 and a beta of 0.92. The company has a 50-day moving average of $7.89 and a 200-day moving average of $8.22. Ambac Financial Group, Inc. has a one year low of $5.99 and a one year 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 analysts' consensus estimates of ($0.24) by $0.02. The company 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 predict that Ambac Financial Group, Inc. will post 0.6 EPS for the current 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.