BidaskClub downgraded shares of MBIA, Inc. (NYSE:MBI) from a hold rating to a sell rating in a research note released on Saturday morning.
Separately, BTIG Research reiterated a buy rating and issued a $14.00 price objective on shares of MBIA in a research note on Thursday, May 25th.
MBIA (NYSE:MBI) opened at 9.90 on Friday. The stock’s market capitalization is $1.28 billion. The stock has a 50 day moving average price of $9.61 and a 200-day moving average price of $9.30. MBIA has a one year low of $7.14 and a one year high of $11.65.
MBIA (NYSE:MBI) last announced its quarterly earnings data on Wednesday, May 10th. The insurance provider reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.03. The company had revenue of $77 million during the quarter, compared to analyst estimates of $95.20 million. During the same quarter in the previous year, the business posted ($0.58) earnings per share. Analysts anticipate that MBIA will post ($1.18) earnings per share for the current year.
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MBIA announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, June 27th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to repurchase up to 21.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
In related news, Director Steven J. Gilbert acquired 50,000 shares of MBIA stock in a transaction dated Monday, June 19th. The shares were acquired at an average cost of $8.96 per share, for a total transaction of $448,000.00. Following the completion of the purchase, the director now owns 132,073 shares in the company, valued at $1,183,374.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles R. Rinehart acquired 40,000 shares of MBIA stock in a transaction dated Wednesday, June 28th. The stock was bought at an average price of $9.25 per share, for a total transaction of $370,000.00. Following the completion of the purchase, the director now owns 212,592 shares of the company’s stock, valued at approximately $1,966,476. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 177,033 shares of company stock worth $1,589,112. Insiders own 4.11% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Fox Run Management L.L.C. bought a new stake in shares of MBIA during the first quarter valued at about $105,000. Envestnet Asset Management Inc. boosted its stake in MBIA by 0.8% in the first quarter. Envestnet Asset Management Inc. now owns 12,484 shares of the insurance provider’s stock worth $106,000 after buying an additional 99 shares in the last quarter. Prudential Financial Inc. boosted its stake in MBIA by 2.7% in the second quarter. Prudential Financial Inc. now owns 14,415 shares of the insurance provider’s stock worth $136,000 after buying an additional 380 shares in the last quarter. Trexquant Investment LP acquired a new stake in MBIA during the first quarter worth $125,000. Finally, Princeton Alpha Management LP acquired a new stake in MBIA during the first quarter worth $135,000. Institutional investors and hedge funds own 89.52% of the company’s stock.
MBIA Company Profile
MBIA Inc is a holding company. The Company, through its subsidiaries, is engaged in the financial guarantee insurance businesses in the industry. The Company manages its business within three segments: United States (U.S.) public finance insurance; corporate, and international and structured finance insurance.
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