First Citizens Bank & Trust Co. Raises Holdings in Ambac Financial Group, Inc. $AMBC

First Citizens Bank & Trust Co. lifted its holdings in shares of Ambac Financial Group, Inc. (NYSE:AMBC) by 207.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 43,210 shares of the company’s stock after purchasing an additional 29,140 shares during the period. First Citizens Bank & Trust Co.’s holdings in Ambac Financial Group were worth $307,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of AMBC. Millennium Management LLC raised its stake in shares of Ambac Financial Group by 142.7% during the 1st quarter. Millennium Management LLC now owns 508,686 shares of the company’s stock worth $4,451,000 after buying an additional 299,094 shares in the last quarter. Nuveen LLC purchased a new position in shares of Ambac Financial Group during the 1st quarter worth approximately $2,473,000. Prescott Group Capital Management L.L.C. raised its stake in shares of 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 worth $3,871,000 after buying an additional 247,462 shares in the last quarter. Trexquant Investment LP purchased a new position in shares of Ambac Financial Group during the 1st quarter worth approximately $1,410,000. Finally, Third Avenue Management LLC raised its stake in shares of Ambac Financial Group by 59.0% during the 1st quarter. Third Avenue Management LLC now owns 366,461 shares of the company’s stock worth $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.

Insider Buying and Selling

In related news, CEO Claude Leblanc bought 25,000 shares of the stock in a transaction on Wednesday, October 1st. The shares were purchased at an average price of $8.54 per share, for a total transaction of $213,500.00. Following the acquisition, the chief executive officer owned 1,021,777 shares in the company, valued at $8,725,975.58. This represents a 2.51% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 6.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AMBC. Truist Financial began coverage on Ambac Financial Group in a report on Tuesday, July 15th. They issued a “buy” rating and a $10.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Ambac Financial Group in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Ambac Financial Group currently has an average rating of “Hold” and a consensus target price of $10.00.

Ambac Financial Group Stock Performance

Shares of NYSE:AMBC opened at $8.44 on Monday. The business’s fifty day moving average price is $8.76 and its two-hundred day moving average price is $8.02. The stock has a market cap of $391.66 million, a PE ratio of -0.62 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.

Ambac Financial Group (NYSE:AMBC) last announced 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 for the quarter, compared to analysts’ expectations 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 research analysts predict that Ambac Financial Group, Inc. will post 0.6 earnings per share for the current fiscal year.

Ambac Financial Group 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.