Pinebridge Investments L.P. Raises Position in Ambac Financial Group, Inc. (NASDAQ:AMBC)

Pinebridge Investments L.P. lifted its stake in Ambac Financial Group, Inc. (NASDAQ:AMBC) by 8.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,588 shares of the financial services provider’s stock after buying an additional 5,058 shares during the period. Pinebridge Investments L.P. owned approximately 0.15% of Ambac Financial Group worth $1,122,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GSA Capital Partners LLP purchased a new position in Ambac Financial Group in the second quarter valued at about $348,000. Comerica Bank boosted its holdings in Ambac Financial Group by 2.4% in the first quarter. Comerica Bank now owns 45,009 shares of the financial services provider’s stock valued at $809,000 after purchasing an additional 1,075 shares during the last quarter. Texas Permanent School Fund boosted its holdings in Ambac Financial Group by 3.8% in the first quarter. Texas Permanent School Fund now owns 30,787 shares of the financial services provider’s stock valued at $558,000 after purchasing an additional 1,120 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Ambac Financial Group in the first quarter valued at about $605,000. Finally, Kennedy Capital Management Inc. purchased a new position in Ambac Financial Group in the first quarter valued at about $1,457,000. 82.19% of the stock is owned by institutional investors.

Shares of Ambac Financial Group stock traded up $0.06 on Friday, reaching $19.89. 1,647 shares of the company were exchanged, compared to its average volume of 181,596. The company has a debt-to-equity ratio of 5.53, a quick ratio of 1.33 and a current ratio of 1.33. The company’s 50-day moving average is $18.59 and its two-hundred day moving average is $17.84. The firm has a market cap of $902.35 million, a price-to-earnings ratio of 76.89 and a beta of 1.07. Ambac Financial Group, Inc. has a 1-year low of $14.44 and a 1-year high of $21.74.

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

Several analysts have issued reports on AMBC shares. MKM Partners cut their price objective on Ambac Financial Group to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 12th. BTIG Research restated a “buy” rating and set a $26.00 price objective on shares of Ambac Financial Group in a research note on Sunday, August 11th. Finally, BidaskClub upgraded Ambac Financial Group from a “hold” rating to a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $20.50.

Ambac Financial Group Profile

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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Institutional Ownership by Quarter for Ambac Financial Group (NASDAQ:AMBC)

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