Ameriprise Financial Inc. cut its stake in shares of Assured Guaranty Ltd. (NYSE:AGO) by 64.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 62,073 shares of the financial services provider’s stock after selling 114,322 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.05% of Assured Guaranty worth $2,343,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in the stock. Wells Fargo & Company MN boosted its position in shares of Assured Guaranty by 83.6% during the 2nd quarter. Wells Fargo & Company MN now owns 592,251 shares of the financial services provider’s stock valued at $24,721,000 after acquiring an additional 269,588 shares during the last quarter. Janus Henderson Group PLC purchased a new stake in Assured Guaranty during the 2nd quarter valued at $9,622,000. APG Asset Management N.V. purchased a new stake in Assured Guaranty in the third quarter worth $7,716,000. LSV Asset Management increased its stake in Assured Guaranty by 16.0% in the second quarter. LSV Asset Management now owns 1,055,331 shares of the financial services provider’s stock worth $44,049,000 after purchasing an additional 145,300 shares during the period. Finally, FMR LLC increased its stake in Assured Guaranty by 35.7% in the second quarter. FMR LLC now owns 529,892 shares of the financial services provider’s stock worth $22,118,000 after purchasing an additional 139,299 shares during the period. Institutional investors own 95.84% of the company’s stock.
Assured Guaranty Ltd. (NYSE:AGO) opened at $34.04 on Friday. Assured Guaranty Ltd. has a 12 month low of $32.97 and a 12 month high of $45.73. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $3,948.80, a PE ratio of 4.90 and a beta of 1.64.
Assured Guaranty (NYSE:AGO) last posted its earnings results on Thursday, November 2nd. The financial services provider reported $1.29 EPS for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.51. Assured Guaranty had a return on equity of 10.59% and a net margin of 45.38%. The company had revenue of $623.00 million for the quarter, compared to the consensus estimate of $262.09 million. During the same quarter in the previous year, the business earned $3.74 earnings per share. The company’s revenue for the quarter was up 10.1% on a year-over-year basis.
Assured Guaranty announced that its board has approved a share buyback plan on Thursday, November 2nd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
A number of equities analysts have recently issued reports on AGO shares. UBS Group reissued a “buy” rating and set a $47.00 price target (down previously from $49.00) on shares of Assured Guaranty in a research report on Wednesday, October 4th. MKM Partners reissued a “buy” rating on shares of Assured Guaranty in a research report on Thursday, October 5th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $47.00 price objective on shares of Assured Guaranty in a research report on Wednesday, December 20th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $47.67.
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About Assured Guaranty
Assured Guaranty Ltd. is a holding company. The Company, through its subsidiaries, provides credit protection products to the United States and international public finance, including infrastructure, and structured finance markets. It applies its credit underwriting judgment, risk management skills and capital markets experience primarily to offer financial guaranty insurance that protects holders of debt instruments and other monetary obligations from defaults in scheduled payments.
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