Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
The Company 's common stock trades on the NYSE under the symbol “AMBC". The Company's warrants previously traded on the NYSE under the symbol "AMBC WS" and as of April 30, 2023, all of the then outstanding warrants expired without being exercised.
Holders
On February 26, 2024, there were 16 stockholders of record of AFG’s common stock.
Dividends
The Company did not pay cash dividends on its common stock during 2023 and 2022. Information concerning restrictions on the payment of dividends from Ambac's insurance subsidiaries is set forth in Item 1 above under the caption “Dividend Restrictions, Including Contractual Restrictions" and in Note 8. Insurance Regulatory Restrictions to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K.
Purchases of Equity Securities By the Issuer and Affiliated Purchasers
The following table summarizes Ambac's share purchases during the fourth quarter of 2023.
October 2023 November 2023 December 2023 Fourth Quarter 2023
Total Shares Purchased (1)
— — 469 469
Average Price Paid Per Share $ — $ — $ 14.75 $ 14.75
Total Number of Shares Purchased as Part of Publicly Announced Plan — — — —
Maximum Dollar Value That may Yet be Purchased Under the Plan
$ 16 $ 16 $ 16 $ 16
(1) There were no other repurchase of equity securities made during the three months ended December 31, 2023.
When restricted stock unit awards issued by Ambac vest or settle, they become taxable compensation to employees. For certain awards, shares may be withheld to cover the employee's portion of withholding taxes. In the fourth quarter of 2023, Ambac purchased shares from employees that settled restricted stock units to meet employee tax withholdings.
On March 29, 2022, our Board of Directors approved a share repurchase program authorizing up to $20 million in share repurchases, with an expiration date of March 31, 2024, which may be terminated at any time. On May 5, 2022, the Board of Directors authorized an additional $15 million share repurchase. The following table shows shares repurchased by year.
($ in millions, except per share)
Year ended December 31, 2022 2023 Total
Shares repurchased 1,605,316
325,068 1,930,384
Total cost $ 14.2 $ 4.5 $ 18.7
Average purchase price per share $ 8.86 $ 13.88 $ 9.70
Unused authorization amount $ 16.3
Shares purchased from employees to satisfy withholding taxes, as described above, do not count towards utilization under the Company's share repurchase program.
Ambac Financial Group, Inc 27
2023 Form 10-K
Table of Contents ,
Stock Performance Graph
The following graph compares the performance of an investment in our common stock from the close of business on December 31, 2018, through December 31, 2023, with the Russell 2000 Index and S&P Completion Index. The graph assumes $100 was invested on December 31, 2018, in our common stock at the closing price of $17.24 per share and at the closing price for the Russell 2000 Index and S&P Completion Index. It also assumes that dividends (if any) were reinvested on the date of payment without payment of any commissions. The performance shown in the graph represents past performance and should not be considered an indication of future performance.
December 31,
2018 2019 2020 2021 2022 2023
Ambac Financial Group, Inc. $100 $125 $89 $93 $101 $96
Russell 2000 Index $100 $124 $147 $167 $131 $151
S&P Completion Index $100 $126 $165 $184 $133 $164
Item 6. [Reserved]