Bank of New York Mellon Corp Cuts Stake in Ambac Financial Group, Inc. (NYSE:AMBC)

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

A number of other large investors also recently modified their holdings of the stock. GAMMA Investing LLC raised its position in Ambac Financial Group by 191.9% in the first 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 period. Point72 Asset Management L.P. bought a new stake in shares of Ambac Financial Group in the 4th quarter worth approximately $92,000. Aquatic Capital Management LLC purchased a new position in Ambac Financial Group in the fourth quarter valued at approximately $105,000. Envestnet Portfolio Solutions Inc. bought a new position in Ambac Financial Group during the first quarter valued at $110,000. Finally, First Citizens Bank & Trust Co. purchased a new stake in Ambac Financial Group in the first quarter worth $123,000. Institutional investors own 84.49% of the company's stock.

Insiders Place Their Bets

In related news, Director Jeffrey Scott Stein purchased 15,000 shares of the business's stock in a transaction on Wednesday, May 14th. The stock was acquired at an average price of $6.46 per share, with a total value of $96,900.00. Following the completion of the acquisition, the director owned 50,000 shares of the company's stock, valued at approximately $323,000. This trade represents a 42.86% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 6.20% of the company's stock.

Wall Street Analyst Weigh In

Separately, Truist Financial initiated coverage on 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.

Ambac Financial Group Stock Performance

Shares of NYSE AMBC traded down $0.10 during mid-day 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. The business has a 50 day moving average price of $7.55 and a two-hundred day moving average price of $8.59. Ambac Financial Group, Inc. has a 1 year low of $5.99 and a 1 year high of $13.64. The firm has a market cap of $385.37 million, a P/E ratio of -0.69 and a beta of 0.92.

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

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.