Hsbc Holdings PLC Has $1.88 Million Stock Position in Ambac Financial Group, Inc. $AMBC

Key Points

• Hsbc Holdings PLC has reduced its stake in Ambac Financial Group by 31%, now holding approximately $1.88 million worth of shares after selling 96,847 shares in the first quarter.
• CEO Claude Leblanc purchased 25,000 shares of Ambac Financial Group, increasing his ownership by 4.32% to a total of 603,291 shares valued at approximately $4.24 million.
• Truist Financial has set a buy rating with a price target of $10.00 for Ambac Financial Group, which currently holds an average rating of "Buy" with a consensus price target of $12.50.

Hsbc Holdings PLC trimmed its holdings in shares of Ambac Financial Group, Inc. (NYSE:AMBC - Free Report) by 31.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 215,435 shares of the company's stock after selling 96,847 shares during the period. Hsbc Holdings PLC owned approximately 0.42% of Ambac Financial Group worth $1,879,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in shares of Ambac Financial Group by 191.9% during the first quarter. GAMMA Investing LLC now owns 4,463 shares of the company's stock valued at $39,000 after purchasing an additional 2,934 shares during the period. Point72 Asset Management L.P. acquired a new position in Ambac Financial Group during the fourth quarter worth about $92,000. Aquatic Capital Management LLC acquired a new position in Ambac Financial Group during the fourth quarter worth about $105,000. Envestnet Portfolio Solutions Inc. acquired a new position in Ambac Financial Group during the first quarter worth about $110,000. Finally, First Citizens Bank & Trust Co. acquired a new position in Ambac Financial Group during the first quarter worth about $123,000. 84.49% of the stock is owned by institutional investors and hedge funds.

Ambac Financial Group Trading Down 1.3%

NYSE:AMBC traded down $0.12 during mid-day trading on Tuesday, reaching $8.91. 581,534 shares of the stock were exchanged, compared to its average volume of 772,969. The business has a fifty day moving average price of $8.06 and a 200 day moving average price of $8.12. The firm has a market capitalization of $413.42 million, a PE ratio of -0.65 and a beta of 0.96. Ambac Financial Group, Inc. has a 1-year low of $5.99 and a 1-year 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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.24) by $0.02. Ambac Financial Group had a negative return on equity of 3.50% and a negative net margin of 215.40%.The firm had revenue of $16.20 million for the quarter, compared to analyst estimates of $55.59 million. On average, sell-side analysts forecast that Ambac Financial Group, Inc. will post 0.6 earnings per share for the current year.

Insider Buying and Selling at Ambac Financial Group

In related news, CEO Claude Leblanc purchased 25,000 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was acquired at an average price of $7.03 per share, for a total transaction 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 position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 6.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

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

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.