Goldman Sachs Group Inc. Decreases Stake in Ambac Financial Group, Inc. $AMBC

Key Points

• Goldman Sachs Group Inc. significantly reduced its stake in Ambac Financial Group by 42.6%, leaving it with 680,179 shares valued at approximately $5.95 million.
• Ambac Financial Group reported a quarterly loss with an EPS of ($0.22), surpassing analysts' estimates, but with a negative net margin of 215.40%.
• CEO Claude Leblanc purchased 25,000 shares of Ambac stock, increasing his ownership by 4.32% to nearly 603,291 shares.

Goldman Sachs Group Inc. trimmed its stake in shares of Ambac Financial Group, Inc. (NYSE:AMBC - Free Report) by 42.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 680,179 shares of the company's stock after selling 505,521 shares during the period. Goldman Sachs Group Inc. owned 1.46% of Ambac Financial Group worth $5,952,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Northern Trust Corp raised its position in shares of Ambac Financial Group by 13.4% in the fourth quarter. Northern Trust Corp now owns 536,486 shares of the company's stock valued at $6,787,000 after buying an additional 63,430 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of Ambac Financial Group by 8.5% in the fourth quarter. Ameriprise Financial Inc. now owns 235,649 shares of the company's stock valued at $2,981,000 after buying an additional 18,553 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of Ambac Financial Group by 93.6% in the fourth quarter. BNP Paribas Financial Markets now owns 60,968 shares of the company's stock valued at $771,000 after buying an additional 29,484 shares during the last quarter. Bank of America Corp DE raised its position in shares of Ambac Financial Group by 166.4% in the fourth quarter. Bank of America Corp DE now owns 194,061 shares of the company's stock valued at $2,455,000 after buying an additional 121,228 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Ambac Financial Group by 8.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,807 shares of the company's stock valued at $326,000 after buying an additional 1,958 shares during the last quarter. 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 acquired 25,000 shares of the company's stock in a transaction that occurred 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 acquisition, the chief executive officer owned 603,291 shares of the company's stock, valued at approximately $4,241,135.73. This trade represents a 4.32% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 6.20% of the company's stock.

Ambac Financial Group Trading Up 2.2%

AMBC traded up $0.20 on Thursday, hitting $9.14. The company had a trading volume of 464,909 shares, compared to its average volume of 964,726. The company's fifty day moving average price is $8.46 and its 200 day moving average price is $7.97. 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 $424.10 million, a P/E ratio of -0.67 and a beta of 0.96.

Ambac Financial Group (NYSE:AMBC - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.02. The company had revenue of $16.20 million during the quarter, compared to analyst estimates 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, analysts predict that Ambac Financial Group, Inc. will post 0.6 earnings per share for the current year.

Analyst Ratings Changes

Separately, Truist Financial initiated coverage on shares of Ambac Financial Group in a research report on Tuesday, July 15th. They issued a "buy" rating and a $10.00 target price for the company. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Ambac Financial Group presently has an average rating of "Buy" and an average price target of $10.00.

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.