Alta Fundamental Advisers LLC cut its holdings in Ambac Financial Group, Inc. (NASDAQ:AMBC) by 1.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 206,300 shares of the financial services provider’s stock after selling 3,700 shares during the period. Ambac Financial Group accounts for about 3.1% of Alta Fundamental Advisers LLC’s portfolio, making the stock its 12th largest holding. Alta Fundamental Advisers LLC owned approximately 0.46% of Ambac Financial Group worth $3,579,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company lifted its holdings in Ambac Financial Group by 1.9% in the second quarter. The Manufacturers Life Insurance Company now owns 33,923 shares of the financial services provider’s stock valued at $588,000 after acquiring an additional 643 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Ambac Financial Group by 308.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 78,400 shares of the financial services provider’s stock valued at $1,360,000 after purchasing an additional 59,227 shares during the period. State Street Corp raised its position in Ambac Financial Group by 3.4% in the second quarter. State Street Corp now owns 898,162 shares of the financial services provider’s stock valued at $15,583,000 after purchasing an additional 29,767 shares during the period. Sound Point Capital Management LP purchased a new stake in Ambac Financial Group in the second quarter valued at approximately $3,567,000. Finally, Harbor Advisors LLC raised its position in Ambac Financial Group by 1.1% in the second quarter. Harbor Advisors LLC now owns 233,117 shares of the financial services provider’s stock valued at $4,045,000 after purchasing an additional 2,500 shares during the period. Hedge funds and other institutional investors own 72.95% of the company’s stock.
AMBC has been the topic of a number of research analyst reports. BTIG Research reissued a “buy” rating and issued a $26.00 target price on shares of Ambac Financial Group in a research report on Saturday, July 22nd. MKM Partners reissued a “hold” rating on shares of Ambac Financial Group in a research report on Thursday.
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In other Ambac Financial Group news, CEO Claude Leblanc bought 15,000 shares of Ambac Financial Group stock in a transaction that occurred on Wednesday, October 4th. The shares were acquired at an average price of $16.64 per share, for a total transaction of $249,600.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.00% of the company’s stock.
Shares of Ambac Financial Group, Inc. (AMBC) traded up 1.93% during mid-day trading on Friday, reaching $16.92. The company’s stock had a trading volume of 389,019 shares. Ambac Financial Group, Inc. has a 1-year low of $15.67 and a 1-year high of $27.25. The firm’s 50 day moving average price is $17.77 and its 200-day moving average price is $18.08. The company’s market capitalization is $765.65 million.
Ambac Financial Group (NASDAQ:AMBC) last posted its earnings results on Wednesday, August 9th. The financial services provider reported $1.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.32. The business had revenue of $172.85 million for the quarter, compared to analyst estimates of $127.75 million. Ambac Financial Group had a negative net margin of 16.39% and a positive return on equity of 5.74%. The business’s quarterly revenue was up 36.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.54 EPS. On average, analysts predict that Ambac Financial Group, Inc. will post $1.63 EPS for the current year.
About Ambac Financial Group
Ambac Financial Group, Inc, a financial services holding company, provides financial guarantees and other financial services to clients in both the public and private sectors worldwide. It operates through two segments, Financial Guarantee and Financial Services. The Financial Guarantee segment provides financial guarantees, including insurance policies and credit derivative contracts for public finance, structured finance, and international obligations.
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