Ambac Financial Group (NASDAQ:AMBC) Coverage Initiated at BTIG Research

Equities researchers at BTIG Research initiated coverage on shares of Ambac Financial Group (NASDAQ:AMBC) in a report issued on Friday, TipRanks reports. The brokerage set a “buy” rating and a $26.00 price target on the financial services provider’s stock. BTIG Research’s price objective suggests a potential upside of 42.39% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. MKM Partners dropped their price objective on shares of Ambac Financial Group to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 12th. BidaskClub raised shares of Ambac Financial Group from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, TheStreet lowered shares of Ambac Financial Group from a “c” rating to a “d+” rating in a research note on Tuesday, May 14th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. Ambac Financial Group presently has a consensus rating of “Buy” and a consensus target price of $20.50.

Shares of AMBC traded up $0.37 during trading hours on Friday, reaching $18.26. 23,622 shares of the company traded hands, compared to its average volume of 209,296. The firm has a fifty day moving average price of $17.35. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 5.20. Ambac Financial Group has a 12 month low of $14.44 and a 12 month high of $23.34.

Ambac Financial Group (NASDAQ:AMBC) last announced its earnings results on Thursday, May 9th. The financial services provider reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). The company had revenue of $100.37 million for the quarter, compared to the consensus estimate of $79.65 million. Ambac Financial Group had a negative net margin of 37.35% and a negative return on equity of 2.12%. During the same period in the previous year, the firm posted $7.22 EPS.

In other Ambac Financial Group news, CAO Robert Bryan Eisman bought 2,000 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were acquired at an average price of $15.17 per share, with a total value of $30,340.00. Following the transaction, the chief accounting officer now owns 22,183 shares of the company’s stock, valued at approximately $336,516.11. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey Scott Stein bought 3,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were acquired at an average cost of $15.42 per share, for a total transaction of $46,260.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $154,200. The disclosure for this purchase can be found here. Insiders have acquired 29,330 shares of company stock valued at $477,972 in the last quarter. 1.60% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in AMBC. Asset Dedication LLC acquired a new stake in Ambac Financial Group in the 1st quarter worth approximately $25,000. Macquarie Group Ltd. boosted its stake in Ambac Financial Group by 183.3% in the 4th quarter. Macquarie Group Ltd. now owns 1,700 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 1,100 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Ambac Financial Group by 104.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,743 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 892 shares in the last quarter. 6 Meridian acquired a new stake in Ambac Financial Group in the 1st quarter worth approximately $195,000. Finally, Piedmont Investment Advisors Inc. boosted its stake in Ambac Financial Group by 5.9% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 11,421 shares of the financial services provider’s stock worth $207,000 after purchasing an additional 633 shares in the last quarter. Institutional investors and hedge funds own 79.87% of the company’s stock.

About Ambac Financial Group

Ambac Financial Group, Inc, a financial services holding company, provides financial guarantees to public and private sector clients in the United States, the United Kingdom, Italy, Austria, Australia, France, and Internationally. It offers financial guarantee insurance policies; and credit derivative contracts and Interest rate derivative transactions.

See Also: Consumer behavior in bull markets

Receive News & Ratings for Ambac Financial Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ambac Financial Group and related companies with MarketBeat.com's FREE daily email newsletter.