Western Standard LLC Acquires Shares of 2,641,351 Octave Specialty Group, Inc. $OSG

Western Standard LLC bought a new position in shares of Octave Specialty Group, Inc. (NYSE:OSG) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,641,351 shares of the company’s stock, valued at approximately $22,029,000. Octave Specialty Group makes up 6.5% of Western Standard LLC’s investment portfolio, making the stock its 2nd largest holding. Western Standard LLC owned about 5.69% of Octave Specialty Group at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWM LLC boosted its stake in shares of Octave Specialty Group by 65,933.3% in the second quarter. CWM LLC now owns 3,962 shares of the company’s stock valued at $28,000 after buying an additional 3,956 shares during the period. Federated Hermes Inc. bought a new stake in shares of Octave Specialty Group during the 2nd quarter valued at $37,000. LM Asset IM Inc. acquired a new stake in shares of Octave Specialty Group during the 2nd quarter worth $43,000. Cerity Partners LLC bought a new position in shares of Octave Specialty Group in the second quarter worth $84,000. Finally, WINTON GROUP Ltd bought a new position in shares of Octave Specialty Group in the second quarter worth $108,000. 80.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Truist Financial increased their price objective on shares of Octave Specialty Group from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, November 12th. DOWLING & PARTN downgraded shares of Octave Specialty Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Octave Specialty Group in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $15.00.

Octave Specialty Group Stock Performance

Shares of Octave Specialty Group stock opened at $5.52 on Friday. The company’s 50 day moving average price is $5.95 and its two-hundred day moving average price is $7.41. The firm has a market capitalization of $241.83 million, a P/E ratio of -0.93 and a beta of 0.86. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.06 and a quick ratio of 1.26. Octave Specialty Group, Inc. has a fifty-two week low of $4.97 and a fifty-two week high of $11.55.

Insider Activity

In other Octave Specialty Group news, CEO Claude Leblanc acquired 12,000 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The stock was acquired at an average price of $7.59 per share, for a total transaction of $91,080.00. Following the acquisition, the chief executive officer directly owned 1,033,777 shares in the company, valued at $7,846,367.43. This represents a 1.17% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 9.29% of the stock is owned by corporate insiders.

About Octave Specialty Group

Ambac Financial Group, Inc (NYSE:AMBC) is a specialized financial services holding company headquartered in New York City. Through its principal subsidiary, Ambac Assurance Corporation, the company provides financial guarantee insurance and surety bonds designed to enhance the credit quality of public finance and structured finance transactions. Ambac’s offerings are tailored to municipal issuers, financial institutions and corporate borrowers, supporting infrastructure projects, energy and transportation initiatives, as well as asset-backed securities.

Ambac’s core business activities center on credit enhancement and risk-transfer solutions.