Ambac Financial Group (NYSE:AMBC) Trading Down 5.4% – Here’s What Happened

Ambac Financial Group, Inc. (NYSE:AMBC) shares fell 5.4% on Thursday . The stock traded as low as $12.08 and last traded at $12.19. 92,939 shares were traded during mid-day trading, a decline of 80% from the average session volume of 462,292 shares. The stock had previously closed at $12.89.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AMBC. Roth Capital raised Ambac Financial Group from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 18th. Roth Mkm raised shares of Ambac Financial Group from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $13.00 to $15.00 in a research report on Wednesday, September 18th. Finally, StockNews.com downgraded shares of Ambac Financial Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th.

Ambac Financial Group Price Performance

The company has a fifty day simple moving average of $11.39 and a two-hundred day simple moving average of $12.79. The stock has a market capitalization of $585.41 million, a price-to-earnings ratio of -26.83 and a beta of 1.22. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.62 and a current ratio of 0.58.

Insiders Place Their Bets

In other Ambac Financial Group news, Director Kristi Ann Matus bought 2,700 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were bought at an average price of $11.27 per share, for a total transaction of $30,429.00. Following the acquisition, the director now directly owns 2,700 shares of the company’s stock, valued at approximately $30,429. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Ambac Financial Group

Hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its position in Ambac Financial Group by 95.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,542 shares of the company’s stock valued at $165,000 after buying an additional 5,145 shares during the period. BNP Paribas Financial Markets increased its position in shares of Ambac Financial Group by 55.3% during the 1st quarter. BNP Paribas Financial Markets now owns 23,370 shares of the company’s stock valued at $365,000 after purchasing an additional 8,318 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in Ambac Financial Group by 2.0% in the first quarter. Texas Permanent School Fund Corp now owns 39,554 shares of the company’s stock worth $618,000 after purchasing an additional 770 shares during the last quarter. Sei Investments Co. boosted its stake in shares of Ambac Financial Group by 30.1% during the first quarter. Sei Investments Co. now owns 29,714 shares of the company’s stock valued at $464,000 after purchasing an additional 6,879 shares during the period. Finally, State Board of Administration of Florida Retirement System grew its stake in shares of Ambac Financial Group by 27.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 16,040 shares of the company’s stock worth $248,000 after purchasing an additional 3,410 shares during the last quarter. 84.49% of the stock is owned by hedge funds and other institutional investors.

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.