Alden Global Capital Lowers stake in Ambac Financial Group (AMBC)

Ambac Financial Group (AMBC) : Alden Global Capital reduced its stake in Ambac Financial Group by 10.34% during the most recent quarter end. The investment management company now holds a total of 1,735,150 shares of Ambac Financial Group which is valued at $27.3 Million after selling 200,000 shares in Ambac Financial Group , the firm said in a disclosure report filed with the SEC on May 13, 2016.Ambac Financial Group makes up approximately 20.92% of Alden Global Capital’s portfolio.

Other Hedge Funds, Including , Parametric Portfolio Associates boosted its stake in AMBC in the latest quarter, The investment management firm added 18,370 additional shares and now holds a total of 138,495 shares of Ambac Financial Group which is valued at $2.2 Million. Tsp Capital Management Group sold out all of its stake in AMBC during the most recent quarter. The investment firm sold 10,000 shares of AMBC which is valued $157,600.Manufacturers Life Insurance Company The reduced its stake in AMBC by selling 46 shares or 0.16% in the most recent quarter. The Hedge Fund company now holds 28,152 shares of AMBC which is valued at $443,676. Proshare Advisors sold out all of its stake in AMBC during the most recent quarter. The investment firm sold 11,670 shares of AMBC which is valued $182,285.Rhumbline Advisers boosted its stake in AMBC in the latest quarter, The investment management firm added 6,060 additional shares and now holds a total of 63,986 shares of Ambac Financial Group which is valued at $999,461.

Ambac Financial Group opened for trading at $16.57 and hit $16.77 on the upside on Wednesday, eventually ending the session at $16.52, with a gain of 0.12% or 0.02 points. The heightened volatility saw the trading volume jump to 3,40,298 shares. Company has a market cap of $744 M.

On the company’s financial health, Ambac Financial Group reported $10.64 EPS for the quarter, beating the analyst consensus estimate by $ 9.24 according to the earnings call on Feb 18, 2016. Analyst had a consensus of $1.40. The company had revenue of $170.70 million for the quarter, compared to analysts expectations of $123.80 million. The company’s revenue was up 94.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.73 EPS.

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