Ambac Financial Group, Inc. (NYSE:AMBC – Get Free Report) was the target of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 2,740,000 shares, a growth of 15.1% from the May 31st total of 2,380,000 shares. Based on an average daily volume of 472,000 shares, the days-to-cover ratio is currently 5.8 days. Currently, 6.7% of the shares of the stock are short sold.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on AMBC. StockNews.com upgraded Ambac Financial Group from a “sell” rating to a “hold” rating in a research report on Tuesday, May 14th. Compass Point lifted their price target on shares of Ambac Financial Group from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th.
Get Our Latest Stock Report on Ambac Financial Group
Ambac Financial Group Trading Up 0.2 %
Ambac Financial Group (NYSE:AMBC – Get Free Report) last released its earnings results on Monday, May 6th. The company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.21 by $0.61. Ambac Financial Group had a return on equity of 10.69% and a net margin of 18.09%. The firm had revenue of $103.00 million during the quarter. During the same quarter in the previous year, the company posted ($0.30) earnings per share. As a group, analysts forecast that Ambac Financial Group will post 1.45 EPS for the current year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of AMBC. Gladius Capital Management LP raised its holdings in Ambac Financial Group by 71.3% in the third quarter. Gladius Capital Management LP now owns 2,528 shares of the company’s stock valued at $30,000 after buying an additional 1,052 shares during the period. Federated Hermes Inc. lifted its holdings in shares of Ambac Financial Group by 26.9% during the 3rd quarter. Federated Hermes Inc. now owns 6,171 shares of the company’s stock valued at $74,000 after acquiring an additional 1,309 shares in the last quarter. Sherbrooke Park Advisers LLC purchased a new stake in Ambac Financial Group during the 3rd quarter worth $122,000. Victory Capital Management Inc. acquired a new stake in Ambac Financial Group in the 4th quarter valued at $165,000. Finally, Allspring Global Investments Holdings LLC raised its position in Ambac Financial Group by 95.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 10,542 shares of the company’s stock valued at $165,000 after purchasing an additional 5,145 shares during the period. Institutional investors and hedge funds own 84.49% of the company’s stock.
About Ambac Financial Group
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.
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