Ambac Financial Group (NYSE:AMBC) Price Target Raised to $15.00 at Truist Financial

Ambac Financial Group (NYSE:AMBC) had its target price boosted by Truist Financial from $10.00 to $15.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 55.84% from the company’s current price.

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Ambac Financial Group in a research note on Tuesday. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $15.00.

Ambac Financial Group Trading Down 4.5%

Shares of AMBC traded down $0.46 during trading hours on Wednesday, reaching $9.63. The company had a trading volume of 956,897 shares, compared to its average volume of 955,445. The firm has a 50 day simple moving average of $8.72 and a 200-day simple moving average of $8.14. Ambac Financial Group has a 12-month low of $5.99 and a 12-month high of $13.64. The company has a market capitalization of $446.62 million, a price-to-earnings ratio of -0.71 and a beta of 0.96.

Ambac Financial Group (NYSE:AMBC) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.02. The firm had revenue of $66.61 million during the quarter, compared to the consensus estimate of $56.77 million. Ambac Financial Group had a negative return on equity of 3.50% and a negative net margin of 215.40%. Sell-side analysts forecast that Ambac Financial Group will post 0.6 earnings per share for the current year.

Insider Activity

In other news, CEO Claude Leblanc bought 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were purchased at an average price of $8.54 per share, for a total transaction of $213,500.00. Following the completion of the transaction, the chief executive officer owned 1,021,777 shares in the company, valued at $8,725,975.58. The trade was a 2.51% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Ambac Financial Group

Several institutional investors have recently added to or reduced their stakes in the business. Western Standard LLC purchased a new stake in Ambac Financial Group in the third quarter valued at approximately $22,029,000. Continental General Insurance Co. acquired a new stake in Ambac Financial Group during the 2nd quarter valued at $8,650,000. Gendell Jeffrey L lifted its holdings in Ambac Financial Group by 99.0% in the 2nd quarter. Gendell Jeffrey L now owns 1,198,420 shares of the company’s stock worth $8,509,000 after buying an additional 596,134 shares in the last quarter. Marshall Wace LLP boosted its position in Ambac Financial Group by 215.5% in the 2nd quarter. Marshall Wace LLP now owns 648,155 shares of the company’s stock valued at $4,602,000 after buying an additional 442,750 shares during the last quarter. Finally, Prescott Group Capital Management L.L.C. boosted its position in Ambac Financial Group by 98.0% in the 2nd quarter. Prescott Group Capital Management L.L.C. now owns 875,977 shares of the company’s stock valued at $6,219,000 after buying an additional 433,613 shares during the last quarter. 84.49% of the stock is currently owned by institutional investors and hedge funds.

Ambac Financial Group Company Profile

Ambac Financial Group, Inc operates as a financial services holding company. It operates three businesses: Specialty Property and Casualty Insurance, Insurance Distribution, and Legacy Financial Guarantee (LFG) Insurance. The Specialty Property and Casualty Insurance business provides specialty property and casualty program insurance with a focus commercial and personal liability risks.