BidaskClub Upgrades Ambac Financial Group (NASDAQ:AMBC) to Strong-Buy

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

A number of other brokerages have also weighed in on AMBC. BTIG Research restated a buy rating and issued a $26.00 price objective on shares of Ambac Financial Group in a report on Sunday, August 11th. MKM Partners decreased their price objective on Ambac Financial Group to $15.00 and set a neutral rating on the stock in a report on Wednesday, June 12th. Finally, TheStreet lowered Ambac Financial Group from a c rating to a d+ rating in a report on Tuesday, May 14th. One investment analyst has rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $20.50.

Shares of NASDAQ:AMBC opened at $18.70 on Thursday. Ambac Financial Group has a 1 year low of $14.44 and a 1 year high of $22.36. The firm has a market capitalization of $841.33 million, a price-to-earnings ratio of 71.04 and a beta of 1.09. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.33 and a quick ratio of 1.26. The business’s 50 day moving average price is $17.76 and its 200-day moving average price is $17.95.

Ambac Financial Group (NASDAQ:AMBC) last announced its earnings results on Thursday, August 8th. The financial services provider reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.64 by ($0.76). The business had revenue of $89.13 million for the quarter, compared to analysts’ expectations 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 company’s quarterly revenue was down 40.8% on a year-over-year basis. During the same quarter last year, the business earned $0.78 EPS.

In other news, Director Jeffrey Scott Stein acquired 3,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were bought at an average price of $15.42 per share, for a total transaction of $46,260.00. Following the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $154,200. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Robert Bryan Eisman acquired 2,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was purchased at an average price of $15.17 per share, for a total transaction of $30,340.00. Following the acquisition, the chief accounting officer now directly owns 22,183 shares in the company, valued at approximately $336,516.11. The disclosure for this purchase can be found here. Insiders acquired a total of 9,330 shares of company stock worth $143,317 in the last 90 days. 1.60% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in AMBC. Asset Dedication LLC acquired a new stake in shares of Ambac Financial Group in the 1st quarter worth $25,000. Macquarie Group Ltd. increased its stake in shares of Ambac Financial Group by 183.3% in the 4th quarter. Macquarie Group Ltd. now owns 1,700 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 1,100 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Ambac Financial Group by 104.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,743 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 892 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Ambac Financial Group by 733.9% in the 2nd quarter. Bank of Montreal Can now owns 4,303 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 3,787 shares during the last quarter. Finally, Piedmont Investment Advisors Inc. increased its stake in shares of Ambac Financial Group by 5.9% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 11,421 shares of the financial services provider’s stock worth $207,000 after acquiring an additional 633 shares during the last quarter. Institutional investors own 79.91% of the company’s stock.

Ambac Financial Group Company 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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