American Century Companies Inc. Cuts Stake in Ambac Financial Group, Inc. $AMBC

Key Points

• American Century Companies Inc. has reduced its stake in Ambac Financial Group by 7.9%, now owning 1.68% of the company valued at approximately $7.49 million.
• Analysts from Truist Financial have initiated coverage on Ambac with a "buy" rating and a price target of $10.00, with the stock currently holding an average rating of "Buy" among analysts.
• CEO Claude Leblanc bought 25,000 shares at an average price of $7.03, increasing his ownership stake by 4.32% to a total of approximately 603,291 shares.

American Century Companies Inc. trimmed its position in Ambac Financial Group, Inc. (NYSE:AMBC - Free Report) by 7.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 856,261 shares of the company's stock after selling 73,084 shares during the quarter. American Century Companies Inc. owned 1.68% of Ambac Financial Group worth $7,492,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in shares of 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 buying an additional 2,934 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of Ambac Financial Group in the fourth quarter worth $92,000. Aquatic Capital Management LLC purchased a new position in shares of Ambac Financial Group in the fourth quarter worth $105,000. Bayesian Capital Management LP purchased a new position in shares of Ambac Financial Group in the fourth quarter worth $127,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in shares of Ambac Financial Group in the first quarter worth $110,000. 84.49% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ambac Financial Group

In other Ambac Financial Group news, CEO Claude Leblanc bought 25,000 shares of Ambac Financial Group stock in a transaction dated Monday, August 11th. The shares were purchased at an average cost 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 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 can be accessed through this link. 6.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Truist Financial began 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 objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $12.50.

Ambac Financial Group Stock Down 1.3%

Shares of NYSE:AMBC traded down $0.12 during midday trading on Tuesday, reaching $8.91. The company's stock had a trading volume of 581,534 shares, compared to its average volume of 772,969. The firm has a 50 day moving average of $8.06 and a 200-day moving average of $8.12. The firm has a market capitalization of $413.42 million, a P/E ratio of -0.65 and a beta of 0.96. Ambac Financial Group, Inc. has a 12-month low of $5.99 and a 12-month high of $13.64.

Ambac Financial Group (NYSE:AMBC - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.22) earnings per share for the quarter, topping analysts' consensus estimates of ($0.24) by $0.02. The firm had revenue of $16.20 million for the quarter, compared to the consensus estimate of $55.59 million. Ambac Financial Group had a negative net margin of 215.40% and a negative return on equity of 3.50%. On average, research analysts predict that Ambac Financial Group, Inc. will post 0.6 EPS for the current 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.