Ambac Financial Group (AMBC) Sees Unusually-High Trading Volume

Shares of Ambac Financial Group, Inc. (NASDAQ:AMBC) saw an uptick in trading volume on Monday . 2,404,925 shares changed hands during trading, an increase of 399% from the previous session’s volume of 482,085 shares.The stock last traded at $20.90 and had previously closed at $20.84.

A number of brokerages have recently weighed in on AMBC. BidaskClub raised shares of Ambac Financial Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 14th. ValuEngine raised shares of Ambac Financial Group from a “hold” rating to a “buy” rating in a report on Tuesday, October 30th.

The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 6.90. The firm has a market capitalization of $944.72 million, a price-to-earnings ratio of 4.32 and a beta of 1.50.

Ambac Financial Group (NASDAQ:AMBC) last issued its quarterly earnings results on Wednesday, August 8th. The financial services provider reported $0.78 earnings per share for the quarter, topping the Zacks’ 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 company had revenue of $150.64 million during the quarter, compared to the consensus estimate of $146.37 million. During the same quarter in the prior year, the firm posted $1.54 EPS. The firm’s quarterly revenue was down 12.9% on a year-over-year basis.

Institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp lifted its stake in 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 purchasing an additional 299,739 shares during the last quarter. Glen Harbor Capital Management LLC bought a new position in Ambac Financial Group in the 2nd quarter valued at approximately $115,000. Bank of America Corp DE lifted its stake in 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 purchasing an additional 365,140 shares during the last quarter. ING Groep NV bought a new position in Ambac Financial Group in the 2nd quarter valued at approximately $2,978,000. Finally, Municipal Employees Retirement System of Michigan bought a new position in Ambac Financial Group in the 2nd quarter valued at approximately $254,000. 80.82% of the stock is owned by institutional investors.

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Ambac Financial Group Company Profile (NASDAQ:AMBC)

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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