Ambac Financial Group (AMBC) Downgraded by BidaskClub

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BidaskClub downgraded shares of Ambac Financial Group (NASDAQ:AMBC) from a hold rating to a sell rating in a research note released on Friday.

NASDAQ:AMBC traded down $0.64 during mid-day trading on Friday, hitting $18.74. The company’s stock had a trading volume of 281,809 shares, compared to its average volume of 282,611. Ambac Financial Group has a 1 year low of $14.11 and a 1 year high of $23.34. The company has a debt-to-equity ratio of 5.02, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market cap of $878.72 million, a price-to-earnings ratio of 2.95 and a beta of 0.96.

Several hedge funds have recently bought and sold shares of AMBC. Bank of New York Mellon Corp boosted its stake in shares of Ambac Financial Group by 140.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 512,595 shares of the financial services provider’s stock worth $10,175,000 after acquiring an additional 299,739 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Ambac Financial Group by 6.3% during the 3rd quarter. Wells Fargo & Company MN now owns 91,985 shares of the financial services provider’s stock worth $1,879,000 after acquiring an additional 5,426 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Ambac Financial Group during the 3rd quarter worth about $2,964,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of Ambac Financial Group during the 3rd quarter worth about $221,000. Finally, BlackRock Inc. boosted its stake in shares of Ambac Financial Group by 2.6% during the 3rd quarter. BlackRock Inc. now owns 2,170,282 shares of the financial services provider’s stock worth $44,317,000 after acquiring an additional 55,967 shares in the last quarter. 84.08% of the stock is currently owned by institutional investors and hedge funds.

Ambac Financial Group Company Profile

Ambac Financial Group, Inc, a financial services holding company, provides financial guarantees to clients in public and private sectors worldwide. It offers financial guarantee insurance policies and credit derivative contracts for public finance, structured finance, and international finance. The company was founded in 1971 and is headquartered in New York, New York.

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