Octave Specialty Group (NYSE:OSG) Announces Earnings Results

Octave Specialty Group (NYSE:OSG) released its quarterly earnings data on Monday. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.19, Zacks reports. Octave Specialty Group had a negative return on equity of 3.17% and a negative net margin of 290.22%.

Octave Specialty Group Stock Down 2.2%

Shares of Octave Specialty Group stock traded down $0.13 during trading on Monday, reaching $5.66. The company’s stock had a trading volume of 655,139 shares, compared to its average volume of 631,827. The company has a market capitalization of $247.75 million, a P/E ratio of -0.37 and a beta of 0.86. Octave Specialty Group has a 12-month low of $5.55 and a 12-month high of $12.11. The business has a 50 day moving average price of $6.01 and a 200-day moving average price of $7.48.

Insider Activity

In related news, CEO Claude Leblanc purchased 12,000 shares of the business’s stock in a transaction dated Friday, January 2nd. The stock was acquired at an average price of $7.59 per share, for a total transaction of $91,080.00. Following the acquisition, the chief executive officer directly owned 1,033,777 shares of the company’s stock, valued at $7,846,367.43. This trade represents a 1.17% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Octave Specialty Group

Large investors have recently added to or reduced their stakes in the business. Federated Hermes Inc. acquired a new position in shares of Octave Specialty Group during the 4th quarter worth approximately $34,000. Russell Investments Group Ltd. grew its position in shares of Octave Specialty Group by 613.5% in the third quarter. Russell Investments Group Ltd. now owns 4,916 shares of the company’s stock valued at $41,000 after purchasing an additional 4,227 shares during the period. Kemnay Advisory Services Inc. acquired a new position in Octave Specialty Group in the fourth quarter valued at $63,000. New York State Common Retirement Fund purchased a new position in Octave Specialty Group during the fourth quarter worth about $78,000. Finally, Cerity Partners LLC acquired a new stake in Octave Specialty Group in the 2nd quarter worth about $84,000. 80.92% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Octave Specialty Group in a research note on Monday, December 29th. DOWLING & PARTN downgraded shares of Octave Specialty Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Finally, Truist Financial increased their target price on shares of Octave Specialty Group from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, November 12th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $15.00.

About Octave Specialty Group

Ambac Financial Group, Inc (NYSE:AMBC) is a specialized financial services holding company headquartered in New York City. Through its principal subsidiary, Ambac Assurance Corporation, the company provides financial guarantee insurance and surety bonds designed to enhance the credit quality of public finance and structured finance transactions. Ambac’s offerings are tailored to municipal issuers, financial institutions and corporate borrowers, supporting infrastructure projects, energy and transportation initiatives, as well as asset-backed securities.

Ambac’s core business activities center on credit enhancement and risk-transfer solutions.