Octave Specialty Group (NYSE:OSG) Posts Quarterly Earnings Results, Beats Expectations By $0.19 EPS

Octave Specialty Group (NYSE:OSG) posted its quarterly earnings data on Monday. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates 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 Price Performance

Shares of OSG traded down $0.13 during trading hours on Monday, hitting $5.66. The stock had a trading volume of 655,139 shares, compared to its average volume of 631,821. The stock has a fifty day moving average price of $6.01 and a 200 day moving average price of $7.48. The firm has a market capitalization of $247.75 million, a PE 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.

Insider Activity

In other Octave Specialty Group news, CEO Claude Leblanc bought 12,000 shares of Octave Specialty Group stock in a transaction on Friday, January 2nd. The stock was acquired at an average cost of $7.59 per share, with a total value of $91,080.00. Following the completion of the acquisition, the chief executive officer owned 1,033,777 shares in the company, valued at approximately $7,846,367.43. This represents a 1.17% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Octave Specialty Group

A number of institutional investors have recently bought and sold shares of OSG. Dimensional Fund Advisors LP bought a new stake in Octave Specialty Group during the fourth quarter valued at about $13,114,000. Gendell Jeffrey L bought a new position in shares of Octave Specialty Group in the fourth quarter worth approximately $12,210,000. Geode Capital Management LLC purchased a new position in shares of Octave Specialty Group during the 4th quarter valued at $7,973,000. State Street Corp bought a new stake in Octave Specialty Group during the fourth quarter valued at about $7,339,000. Finally, Nuveen LLC purchased a new stake in shares of Octave Specialty Group during the fourth quarter worth about $6,304,000. 80.92% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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