Ambac Financial Group, Inc. (AMBC) Issues Quarterly Earnings Results
Ambac Financial Group, Inc. (NASDAQ:AMBC) released its quarterly earnings data on Monday. The financial services provider reported $1.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.32, Bloomberg Earnings reports. The business had revenue of $172.85 million for the quarter, compared to the consensus estimate of $127.75 million. Ambac Financial Group had a negative net margin of 9.76% and a positive return on equity of 7.90%. The company’s revenue was up 36.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.54 earnings per share.
Shares of Ambac Financial Group (AMBC) traded up 1.11% during midday trading on Wednesday, hitting $19.97. 285,295 shares of the stock were exchanged. The stock’s market cap is $903.20 million. The firm’s 50 day moving average price is $18.18 and its 200-day moving average price is $19.12. Ambac Financial Group has a 52-week low of $15.67 and a 52-week high of $27.25.
Several research firms have commented on AMBC. MKM Partners reaffirmed a “neutral” rating and set a $21.00 price objective (up from $17.00) on shares of Ambac Financial Group in a report on Tuesday, July 25th. BTIG Research reaffirmed a “buy” rating and set a $26.00 price objective on shares of Ambac Financial Group in a report on Saturday, July 22nd.
In other Ambac Financial Group news, CEO Claude Leblanc acquired 5,000 shares of the company’s stock in a transaction on Monday, May 15th. The shares were bought at an average cost of $17.32 per share, with a total value of $86,600.00. Following the completion of the acquisition, the chief executive officer now owns 22,500 shares in the company, valued at $389,700. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.61% of the stock is currently owned by company insiders.
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