ValuEngine upgraded shares of Ambac Financial Group (NASDAQ:AMBC) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning.
Separately, BidaskClub raised shares of Ambac Financial Group from a buy rating to a strong-buy rating in a research note on Tuesday, August 14th.
AMBC stock opened at $20.84 on Tuesday. Ambac Financial Group has a 12 month low of $13.17 and a 12 month high of $23.34. The company has a market cap of $932.94 million, a P/E ratio of 4.27 and a beta of 1.50. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 6.90.
Ambac Financial Group (NASDAQ:AMBC) last released its earnings results on Wednesday, August 8th. The financial services provider reported $0.78 EPS for the quarter, beating the consensus estimate of $0.57 by $0.21. Ambac Financial Group had a net margin of 15.40% and a return on equity of 11.70%. The business had revenue of $150.64 million during the quarter, compared to analyst estimates of $146.37 million. During the same period in the prior year, the business earned $1.54 earnings per share. The business’s quarterly revenue was down 12.9% on a year-over-year basis.
Several large investors have recently modified their holdings of AMBC. Bank of America Corp DE lifted its position in shares of Ambac Financial Group by 20.5% in the 2nd quarter. Bank of America Corp DE now owns 2,144,160 shares of the financial services provider’s stock valued at $42,562,000 after acquiring an additional 365,140 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Ambac Financial Group by 140.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 512,595 shares of the financial services provider’s stock valued at $10,175,000 after acquiring an additional 299,739 shares in the last quarter. Chicago Equity Partners LLC purchased a new stake in shares of Ambac Financial Group in the 2nd quarter valued at approximately $5,799,000. Natixis purchased a new stake in shares of Ambac Financial Group in the 2nd quarter valued at approximately $5,671,000. Finally, Millennium Management LLC purchased a new stake in shares of Ambac Financial Group in the 2nd quarter valued at approximately $4,544,000. Institutional investors and hedge funds own 80.81% of the company’s stock.
About Ambac Financial Group
Ambac Financial Group, Inc, a financial services holding company, provides financial guarantees to clients in public and private sectors worldwide. It offers financial guarantee insurance policies and credit derivative contracts for public finance, structured finance, and international finance. The company was founded in 1971 and is headquartered in New York, New York.
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