Ambac Financial Group (NASDAQ:AMBC) Rating Increased to Strong-Buy at BidaskClub

BidaskClub upgraded shares of Ambac Financial Group (NASDAQ:AMBC) from a buy rating to a strong-buy rating in a research report report published on Thursday, BidAskClub reports.

AMBC has been the subject of several other reports. BTIG Research reaffirmed a buy rating and issued a $26.00 target price on shares of Ambac Financial Group in a research report on Sunday, August 11th. TheStreet cut Ambac Financial Group from a c rating to a d+ rating in a research note on Tuesday, May 14th. Finally, MKM Partners decreased their price objective on Ambac Financial Group to $15.00 and set a neutral rating for the company in a research note on Wednesday, June 12th. One investment analyst has rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $20.50.

NASDAQ AMBC traded up $0.54 during trading on Thursday, hitting $19.01. The stock had a trading volume of 7,606 shares, compared to its average volume of 254,747. The company has a market capitalization of $848.37 million, a PE ratio of 72.11 and a beta of 1.09. The company has a quick ratio of 1.26, a current ratio of 1.33 and a debt-to-equity ratio of 5.53. The firm has a 50 day moving average price of $17.72 and a 200 day moving average price of $17.94. Ambac Financial Group has a twelve month low of $14.44 and a twelve month high of $22.42.

Ambac Financial Group (NASDAQ:AMBC) last released its earnings results on Thursday, August 8th. The financial services provider reported $1.88 earnings per share for the quarter, missing the consensus estimate of $2.64 by ($0.76). The firm had revenue of $89.13 million during the quarter, compared to analyst estimates of $76.49 million. Ambac Financial Group had a negative net margin of 78.82% and a positive return on equity of 0.72%. The business’s revenue was down 40.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.78 earnings per share.

In related news, CAO Robert Bryan Eisman acquired 2,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was acquired at an average price of $15.17 per share, for a total transaction of $30,340.00. Following the purchase, the chief accounting officer now owns 22,183 shares of the company’s stock, valued at approximately $336,516.11. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jeffrey Scott Stein acquired 3,000 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was bought at an average price of $15.42 per share, with a total value of $46,260.00. Following the purchase, the director now directly owns 10,000 shares in the company, valued at approximately $154,200. The disclosure for this purchase can be found here. Insiders bought a total of 9,330 shares of company stock valued at $143,317 in the last quarter. Company insiders own 1.60% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in AMBC. Raging Capital Management LLC boosted its stake in shares of Ambac Financial Group by 38.4% in the 2nd quarter. Raging Capital Management LLC now owns 1,884,032 shares of the financial services provider’s stock valued at $31,746,000 after buying an additional 522,677 shares during the period. CQS Cayman LP lifted its stake in Ambac Financial Group by 83.9% during the second quarter. CQS Cayman LP now owns 800,010 shares of the financial services provider’s stock worth $13,481,000 after purchasing an additional 365,010 shares during the last quarter. Morgan Stanley lifted its stake in Ambac Financial Group by 39.7% during the second quarter. Morgan Stanley now owns 877,433 shares of the financial services provider’s stock worth $14,783,000 after purchasing an additional 249,229 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in Ambac Financial Group during the second quarter worth approximately $3,017,000. Finally, Marble Ridge Capital LP purchased a new stake in Ambac Financial Group during the second quarter worth approximately $2,150,000. Institutional investors and hedge funds own 79.91% of the company’s stock.

About Ambac Financial Group

Ambac Financial Group, Inc, a financial services holding company, provides financial guarantees to public and private sector clients in the United States, the United Kingdom, Italy, Austria, Australia, France, and Internationally. It offers financial guarantee insurance policies; and credit derivative contracts and Interest rate derivative transactions.

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