MBIA Inc. (MBI), Popular Inc (BPOP) And Other Financial Stocks Stung By Puerto Rico

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Another financial services company in dire straits today was Ambac Financial Group, Inc. (NASDAQ:AMBC), as its stock slid by more than 11.3% in early trading. Among the billionaires that we track, had a total investment of $128.06 million in the company at the end of the first three months of the year, including billionaires Joshua Friedman and Mitchell Julis’ Canyon Capital Advisors, which owns about 2.13 million shares of Ambac Financial Group, Inc. (NASDAQ:AMBC) valued at $51.55 million.

The $3.07 billion financial holding company, Popular Inc (NASDAQ:BPOP) operates in two segments, Banco Popular de Puerto Rico and Banco Popular North America. The former provides services ranging from retail, auto and equipment leasing to even mortgage loans in Puerto Rico. Thus, it is not a surprise that its stock is down by nearly 10% today. Smart money had a bullish outlook towards the company heading into the second quarter. Among the funds that we track, 33 had invested a total of $785.36 million in the company at the end of March, as compared with 29 funds with $863.81 million. Excluding today’s dip,  Popular Inc (NASDAQ:BPOP) was down by about 3% so far this year. Ric Dillon‘s Diamond Hill Capital is the largest stockholder of the company within our database, owning some 5.80 million shares valued at $199.30 million.

Disclosure: None

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