Ambac Financial Group’s (NASDAQ:AMBC) Buy Rating Reiterated at BTIG Research
Ambac Financial Group, Inc. (NASDAQ:AMBC)‘s stock had its “buy” rating reaffirmed by investment analysts at BTIG Research in a report released on Saturday. They currently have a $26.00 price objective on the financial services provider’s stock. BTIG Research’s price target suggests a potential upside of 28.90% from the company’s previous close.
Separately, MKM Partners raised shares of Ambac Financial Group from a “sell” rating to a “neutral” rating and set a $17.00 target price on the stock in a research report on Friday, May 12th.
Shares of Ambac Financial Group (NASDAQ AMBC) traded down 4.95% during midday trading on Friday, hitting $20.17. 797,386 shares of the stock were exchanged. The firm has a 50 day moving average of $17.08 and a 200 day moving average of $19.25. The firm’s market cap is $912.25 million. Ambac Financial Group has a 12-month low of $15.67 and a 12-month high of $27.25.
Ambac Financial Group (NASDAQ:AMBC) last posted its earnings results on Wednesday, May 10th. The financial services provider reported ($2.01) EPS for the quarter, missing analysts’ consensus estimates of $3.01 by $5.02. Ambac Financial Group had a positive return on equity of 7.90% and a negative net margin of 9.76%. The firm had revenue of $126.20 million for the quarter, compared to analyst estimates of $136.46 million. During the same period in the previous year, the firm posted $4.82 earnings per share. The company’s revenue for the quarter was down 46.9% on a year-over-year basis. Equities analysts forecast that Ambac Financial Group will post $0.70 EPS for the current fiscal year.
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In related news, CEO Claude Leblanc purchased 7,500 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The shares were purchased at an average cost of $16.45 per share, with a total value of $123,375.00. Following the completion of the acquisition, the chief executive officer now directly owns 25,400 shares of the company’s stock, valued at approximately $417,830. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.00% of the company’s stock.
A number of hedge funds have recently bought and sold shares of AMBC. BNP Paribas Arbitrage SA boosted its stake in Ambac Financial Group by 27.2% in the first quarter. BNP Paribas Arbitrage SA now owns 10,474 shares of the financial services provider’s stock valued at $198,000 after buying an additional 2,237 shares in the last quarter. Nine Chapters Capital Management LLC bought a new stake in Ambac Financial Group during the first quarter valued at about $270,000. Schroder Investment Management Group bought a new stake in Ambac Financial Group during the first quarter valued at about $266,000. Gargoyle Investment Advisor L.L.C. boosted its stake in Ambac Financial Group by 6.2% in the first quarter. Gargoyle Investment Advisor L.L.C. now owns 16,700 shares of the financial services provider’s stock valued at $315,000 after buying an additional 981 shares in the last quarter. Finally, Tudor Investment Corp ET AL boosted its stake in Ambac Financial Group by 79.0% in the first quarter. Tudor Investment Corp ET AL now owns 18,800 shares of the financial services provider’s stock valued at $355,000 after buying an additional 8,300 shares in the last quarter. 74.06% of the stock is currently owned by hedge funds and other institutional investors.
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