Bank of New York Mellon Corp Sells 152,146 Shares of Ambac Financial Group, Inc. (NYSE:AMBC)

Bank of New York Mellon Corp lowered its stake in shares of Ambac Financial Group, Inc. (NYSE:AMBC - Free Report) by 51.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 144,073 shares of the company's stock after selling 152,146 shares during the period. Bank of New York Mellon Corp owned approximately 0.28% of Ambac Financial Group worth $1,261,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Ambac Financial Group during the 1st quarter valued at about $110,000. SG Americas Securities LLC bought a new stake in Ambac Financial Group during the first quarter valued at approximately $317,000. Two Sigma Investments LP increased its holdings in Ambac Financial Group by 41.1% during the fourth quarter. Two Sigma Investments LP now owns 132,295 shares of the company's stock valued at $1,674,000 after buying an additional 38,540 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Ambac Financial Group by 23.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 194,034 shares of the company's stock worth $2,455,000 after acquiring an additional 37,067 shares during the period. Finally, GAMMA Investing LLC boosted its stake 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 acquiring an additional 2,934 shares during the last quarter. Institutional investors own 84.49% of the company's stock.

Analysts Set New Price Targets

Separately, Truist Financial initiated coverage on Ambac Financial Group in a research note on Tuesday, July 15th. They issued a "buy" rating and a $10.00 price objective for the company.

Insider Transactions at Ambac Financial Group

In other Ambac Financial Group news, Director Jeffrey Scott Stein acquired 15,000 shares of the stock in a transaction dated Wednesday, May 14th. The shares were acquired at an average cost of $6.46 per share, for a total transaction of $96,900.00. Following the completion of the transaction, the director directly owned 50,000 shares of the company's stock, valued at approximately $323,000. The trade was a 42.86% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 6.20% of the company's stock.

Ambac Financial Group Trading Down 1.2%

Ambac Financial Group stock traded down $0.10 during midday trading on Friday, hitting $8.30. The stock had a trading volume of 517,609 shares, compared to its average volume of 1,057,008. Ambac Financial Group, Inc. has a 52-week low of $5.99 and a 52-week high of $13.64. The firm's fifty day moving average is $7.54 and its two-hundred day moving average is $8.63.

Ambac Financial Group (NYSE:AMBC - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.06). The firm had revenue of $15.68 million during the quarter, compared to the consensus estimate of $33.00 million. Ambac Financial Group had a negative return on equity of 1.80% and a negative net margin of 163.67%. As a group, research analysts predict that Ambac Financial Group, Inc. will post 0.6 earnings per share for the current year.

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.