Nuveen LLC Makes New Investment in Ambac Financial Group, Inc. $AMBC

Key Points

• Nuveen LLC has acquired 282,657 shares of Ambac Financial Group, Inc. for approximately $2.47 million, marking a new position for the institutional investor in the first quarter.
• CEO Claude Leblanc recently bought 25,000 shares at an average price of $7.03, increasing his ownership to over 603,000 shares and suggesting confidence in the company's future.
• Ambac Financial Group recently reported a quarterly EPS of ($0.22), beating estimates, although revenue significantly fell short of analyst forecasts at $16.20 million.

Nuveen LLC bought a new position in shares of Ambac Financial Group, Inc. (NYSE:AMBC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 282,657 shares of the company's stock, valued at approximately $2,473,000. Nuveen LLC owned about 0.55% of Ambac Financial Group at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of AMBC. GAMMA Investing LLC increased 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 purchasing an additional 2,934 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Ambac Financial Group during the fourth quarter worth about $92,000. Aquatic Capital Management LLC acquired a new position in shares of Ambac Financial Group during the 4th quarter worth approximately $105,000. Bayesian Capital Management LP bought a new position in shares of Ambac Financial Group in the fourth quarter valued at about $127,000. Finally, Envestnet Portfolio Solutions Inc. acquired a new stake in Ambac Financial Group during the first quarter worth approximately $110,000. 84.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Truist Financial assumed coverage on shares of Ambac Financial Group in a research note on Tuesday, July 15th. They issued a "buy" rating and a $10.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $12.50.

Insider Activity

In other news, CEO Claude Leblanc bought 25,000 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were bought at an average cost of $7.03 per share, with a total value of $175,750.00. Following the completion of the purchase, the chief executive officer directly owned 603,291 shares in the company, valued at $4,241,135.73. This represents a 4.32% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 6.20% of the company's stock.

Ambac Financial Group Stock Performance

NYSE AMBC traded up $0.07 during trading hours on Wednesday, hitting $9.00. The company had a trading volume of 407,855 shares, compared to its average volume of 997,259. The firm has a market capitalization of $417.37 million, a price-to-earnings ratio of -0.66 and a beta of 0.96. The firm has a 50 day simple moving average of $8.06 and a 200 day simple moving average of $8.12. Ambac Financial Group, Inc. has a 52 week low of $5.99 and a 52 week high of $13.64.

Ambac Financial Group (NYSE:AMBC - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.22) EPS 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 return on equity of 3.50% and a negative net margin of 215.40%. On average, research analysts forecast that Ambac Financial Group, Inc. will post 0.6 earnings per share 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.