Ambac Financial Group, Inc. $AMBC Stock Position Reduced by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has reduced its stake in Ambac Financial Group by 17.3%, selling 555,166 shares during the first quarter, leaving them with approximately 2.66 million shares valued at $23.28 million.
• CEO Claude Leblanc purchased 25,000 shares of Ambac Financial Group recently, increasing his ownership to about 603,291 shares valued at approximately $4.24 million.
• Truist Financial initiated coverage on Ambac Financial Group with a "buy" rating and a target price of $10.00, while the stock currently has a consensus target price of $12.50.

Vanguard Group Inc. lowered its position in shares of Ambac Financial Group, Inc. (NYSE:AMBC - Free Report) by 17.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,660,882 shares of the company's stock after selling 555,166 shares during the quarter. Vanguard Group Inc. owned approximately 5.21% of Ambac Financial Group worth $23,283,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. GAMMA Investing LLC raised its stake in Ambac Financial Group by 191.9% during the first 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 period. Point72 Asset Management L.P. purchased a new position in Ambac Financial Group during the fourth quarter worth approximately $92,000. Aquatic Capital Management LLC purchased a new position in Ambac Financial Group during the fourth quarter worth approximately $105,000. Envestnet Portfolio Solutions Inc. purchased a new position in Ambac Financial Group during the first quarter worth approximately $110,000. Finally, First Citizens Bank & Trust Co. purchased a new position in Ambac Financial Group during the first quarter worth approximately $123,000. Hedge funds and other institutional investors own 84.49% of the company's stock.

Wall Street Analyst Weigh In

Separately, Truist Financial began coverage on shares of Ambac Financial Group in a research note on Tuesday, July 15th. They issued 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 given a Buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $12.50.

Ambac Financial Group Price Performance

Ambac Financial Group stock traded up $0.03 during midday trading on Monday, hitting $9.04. 644,571 shares of the stock were exchanged, compared to its average volume of 802,670. 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 $419.24 million, a P/E ratio of -0.66 and a beta of 0.96. The company has a 50 day moving average price of $7.98 and a two-hundred day moving average price of $8.13.

Ambac Financial Group (NYSE:AMBC - Get Free Report) last announced its quarterly earnings data 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%. As a group, analysts predict that Ambac Financial Group, Inc. will post 0.6 EPS for the current year.

Insider Transactions at Ambac Financial Group

In other news, CEO Claude Leblanc bought 25,000 shares of Ambac Financial Group stock in a transaction on Monday, August 11th. The stock was purchased at an average cost of $7.03 per share, with a total value of $175,750.00. Following the purchase, the chief executive officer directly 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. 6.20% of the stock is owned by insiders.

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.