Convergence Investment Partners LLC Invests $741,000 in Ambac Financial Group Inc. (AMBC)
Convergence Investment Partners LLC bought a new position in shares of Ambac Financial Group Inc. (NASDAQ:AMBC) during the second quarter, Holdings Channel reports. The firm bought 45,030 shares of the company’s stock, valued at approximately $741,000. Convergence Investment Partners LLC owned 0.10% of Ambac Financial Group at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA raised its stake in Ambac Financial Group by 56,981.8% in the second quarter. BNP Paribas Arbitrage SA now owns 6,279 shares of the company’s stock worth $103,000 after buying an additional 6,268 shares during the period. Teacher Retirement System of Texas raised its stake in Ambac Financial Group by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,284 shares of the company’s stock worth $103,000 after buying an additional 763 shares during the period. Acrospire Investment Management LLC bought a new stake in Ambac Financial Group during the second quarter worth $232,000. HBK Investments L P bought a new stake in Ambac Financial Group during the first quarter worth $256,000. Finally, SECOR Capital Advisors LP bought a new stake in Ambac Financial Group during the second quarter worth $366,000. 72.23% of the stock is owned by institutional investors.
Ambac Financial Group Inc. (NASDAQ:AMBC) opened at 18.05 on Tuesday. The company has a market cap of $814.43 million, a price-to-earnings ratio of 12.81 and a beta of 1.81. The firm’s 50-day moving average price is $18.10 and its 200-day moving average price is $16.77. Ambac Financial Group Inc. has a 52-week low of $11.92 and a 52-week high of $19.35.
Ambac Financial Group (NASDAQ:AMBC) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $2.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $1.49. Ambac Financial Group had a net margin of 16.77% and a return on equity of 52.76%. The firm earned $106.70 million during the quarter, compared to the consensus estimate of $119.30 million. During the same quarter in the previous year, the firm posted $5.70 earnings per share. The company’s revenue was down 53.8% on a year-over-year basis. On average, equities analysts anticipate that Ambac Financial Group Inc. will post $8.40 EPS for the current year.
AMBC has been the subject of a number of recent analyst reports. TheStreet lowered Ambac Financial Group from a “hold” rating to a “sell” rating in a research report on Tuesday, August 9th. BTIG Research reaffirmed a “hold” rating on shares of Ambac Financial Group in a research report on Sunday.
In related news, CEO Tavakoli Nader purchased 20,000 shares of the firm’s stock in a transaction dated Monday, June 27th. The stock was purchased at an average price of $15.07 per share, with a total value of $301,400.00. Following the completion of the purchase, the chief executive officer now owns 238,142 shares of the company’s stock, valued at approximately $3,588,799.94. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.00% of the company’s stock.
About Ambac Financial Group
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