Rhumbline Advisers Trims Holdings in Ambac Financial Group, Inc. $AMBC

Key Points

• Rhumbline Advisers significantly reduced its holdings in Ambac Financial Group by 50.7% during the first quarter, ending with 69,540 shares valued at approximately $608,000.
• Several institutional investors, including Nuveen Asset Management and Millennium Management, have recently increased their stakes in Ambac, with Nuveen increasing its holdings by 65.5%.
• Ambac Financial Group reported an earnings per share (EPS) of ($0.22), beating analyst estimates, but had a negative return on equity of 3.50% and a negative net margin of 215.40%.

Rhumbline Advisers trimmed its position in Ambac Financial Group, Inc. (NYSE:AMBC - Free Report) by 50.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,540 shares of the company's stock after selling 71,459 shares during the quarter. Rhumbline Advisers owned about 0.15% of Ambac Financial Group worth $608,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nuveen Asset Management LLC grew its holdings in Ambac Financial Group by 65.5% during the 4th quarter. Nuveen Asset Management LLC now owns 824,357 shares of the company's stock valued at $10,428,000 after buying an additional 326,149 shares in the last quarter. Deutsche Bank AG grew its holdings in Ambac Financial Group by 7.1% during the 1st quarter. Deutsche Bank AG now owns 723,250 shares of the company's stock valued at $6,328,000 after buying an additional 48,117 shares in the last quarter. Millennium Management LLC grew its holdings in Ambac Financial Group by 142.7% during the 1st quarter. Millennium Management LLC now owns 508,686 shares of the company's stock valued at $4,451,000 after buying an additional 299,094 shares in the last quarter. Prescott Group Capital Management L.L.C. grew its holdings in Ambac Financial Group by 127.0% during the 1st quarter. Prescott Group Capital Management L.L.C. now owns 442,364 shares of the company's stock valued at $3,871,000 after buying an additional 247,462 shares in the last quarter. Finally, Third Avenue Management LLC grew its holdings in Ambac Financial Group by 59.0% during the 1st quarter. Third Avenue Management LLC now owns 366,461 shares of the company's stock valued at $3,207,000 after buying an additional 136,045 shares in the last quarter. 84.49% of the stock is owned by hedge funds and other institutional investors.

Ambac Financial Group Stock Performance

NYSE AMBC opened at $9.16 on Tuesday. The company has a market capitalization of $425.02 million, a P/E ratio of -0.67 and a beta of 0.96. Ambac Financial Group, Inc. has a one year low of $5.99 and a one year high of $13.64. The stock has a 50 day moving average price of $8.59 and a 200-day moving average price of $7.95.

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

Wall Street Analysts Forecast Growth

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

Insider Activity at Ambac Financial Group

In other news, CEO Claude Leblanc bought 25,000 shares of the stock in a transaction dated Monday, August 11th. The stock was purchased at an average cost of $7.03 per share, for a total transaction of $175,750.00. Following the transaction, the chief executive officer owned 603,291 shares of the company's stock, valued at $4,241,135.73. The trade was a 4.32% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 6.20% of the company's stock.

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.

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