Everence Capital Management Inc. Invests $113,000 in Ambac Financial Group, Inc. (NYSE:AMBC)

Everence Capital Management Inc. acquired a new position in shares of Ambac Financial Group, Inc. (NYSE:AMBCGet Rating) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 10,910 shares of the company’s stock, valued at approximately $113,000.

Other large investors have also added to or reduced their stakes in the company. Wolverine Asset Management LLC bought a new position in shares of Ambac Financial Group during the 4th quarter worth about $43,000. Long Focus Capital Management LLC bought a new position in shares of Ambac Financial Group during the 4th quarter worth about $161,000. Metropolitan Life Insurance Co NY lifted its holdings in shares of Ambac Financial Group by 17.5% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 11,358 shares of the company’s stock worth $163,000 after acquiring an additional 1,689 shares during the period. Bridgefront Capital LLC bought a new position in shares of Ambac Financial Group during the 4th quarter worth about $168,000. Finally, ProShare Advisors LLC bought a new position in shares of Ambac Financial Group during the 4th quarter worth about $183,000. 77.94% of the stock is owned by institutional investors.

In other Ambac Financial Group news, Director Lisa G. Iglesias purchased 6,250 shares of the stock in a transaction dated Thursday, May 12th. The stock was bought at an average price of $7.99 per share, for a total transaction of $49,937.50. Following the transaction, the director now directly owns 14,550 shares in the company, valued at $116,254.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Claude Leblanc purchased 3,000 shares of the stock in a transaction dated Friday, May 13th. The shares were acquired at an average price of $8.72 per share, with a total value of $26,160.00. Following the transaction, the chief executive officer now owns 406,600 shares in the company, valued at $3,545,552. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 19,500 shares of company stock valued at $162,245. Insiders own 2.40% of the company’s stock.

Shares of AMBC stock opened at $10.68 on Thursday. Ambac Financial Group, Inc. has a 12-month low of $7.24 and a 12-month high of $17.86. The company has a market capitalization of $497.10 million, a P/E ratio of -17.23 and a beta of 1.46. The firm has a 50-day moving average price of $9.42 and a 200 day moving average price of $12.06. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 5.87.

Ambac Financial Group (NYSE:AMBCGet Rating) last announced its quarterly earnings results on Tuesday, May 10th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.72) by $1.02. Ambac Financial Group had a negative net margin of 6.03% and a positive return on equity of 3.31%. During the same quarter in the prior year, the company posted $0.59 earnings per share.

Ambac Financial Group announced that its Board of Directors has approved a stock repurchase program on Wednesday, March 30th that allows the company to buyback $20.00 million in shares. This buyback authorization allows the company to buy up to 5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Separately, MKM Partners cut their price target on shares of Ambac Financial Group from $15.00 to $9.00 and set a “neutral” rating for the company in a report on Wednesday, March 23rd.

Ambac Financial Group Profile (Get Rating)

Ambac Financial Group, Inc, a financial services holding company, provides financial guarantees in the United States, the United Kingdom, Italy, Austria, Australia, France, and Internationally. It offers financial guarantee insurance policies; specialty property & casualty program insurance; credit derivative contracts; and interest rate derivative transactions, as well as managing general agency / underwriting services.

See Also

Institutional Ownership by Quarter for Ambac Financial Group (NYSE:AMBC)

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