MBIA, Inc. (NYSE:MBI) Earns “Buy” Rating from BTIG Research

BTIG Research reiterated their buy rating on shares of MBIA, Inc. (NYSE:MBI) in a research report released on Friday, July 14th. They currently have a $14.00 target price on the insurance provider’s stock.

Several other research analysts have also recently issued reports on MBI. BidaskClub raised shares of MBIA from a sell rating to a hold rating in a report on Saturday, July 8th. TheStreet lowered shares of MBIA from a c- rating to a d+ rating in a research report on Friday, March 31st.

Shares of MBIA (NYSE MBI) traded down 1.69% on Friday, reaching $9.87. 776,856 shares of the company traded hands. The company has a 50-day moving average of $9.61 and a 200-day moving average of $9.30. The stock’s market capitalization is $1.28 billion. MBIA has a 1-year low of $7.14 and a 1-year high of $11.65.

MBIA (NYSE:MBI) last issued its earnings results on Wednesday, May 10th. The insurance provider reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.03. The business had revenue of $77 million for the quarter, compared to analysts’ expectations of $95.20 million. During the same period last year, the business earned ($0.58) EPS. Analysts anticipate that MBIA will post ($1.18) earnings per share for the current fiscal year.

MBIA announced that its board has approved a stock buyback plan on Tuesday, June 27th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the insurance provider to buy up to 21.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

In related news, Director Steven J. Gilbert bought 87,033 shares of the company’s stock in a transaction dated Wednesday, June 21st. The shares were acquired at an average price of $8.86 per share, for a total transaction of $771,112.38. Following the completion of the transaction, the director now directly owns 132,073 shares in the company, valued at $1,170,166.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Steven J. Gilbert bought 50,000 shares of the company’s stock in a transaction dated Monday, June 19th. The stock was bought at an average price of $8.96 per share, for a total transaction of $448,000.00. Following the transaction, the director now owns 132,073 shares of the company’s stock, valued at $1,183,374.08. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 177,033 shares of company stock worth $1,589,112. 4.11% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in MBI. First Trust Advisors LP raised its stake in shares of MBIA by 104.9% in the first quarter. First Trust Advisors LP now owns 229,277 shares of the insurance provider’s stock valued at $1,942,000 after buying an additional 117,365 shares during the period. Old Mutual Global Investors UK Ltd. raised its stake in shares of MBIA by 42.9% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 970,779 shares of the insurance provider’s stock valued at $8,222,000 after buying an additional 291,246 shares during the period. First Midwest Bank Trust Division raised its stake in shares of MBIA by 2.1% in the first quarter. First Midwest Bank Trust Division now owns 93,117 shares of the insurance provider’s stock valued at $789,000 after buying an additional 1,947 shares during the period. Russell Investments Group Ltd. raised its stake in shares of MBIA by 72.3% in the first quarter. Russell Investments Group Ltd. now owns 776,190 shares of the insurance provider’s stock valued at $6,574,000 after buying an additional 325,752 shares during the period. Finally, Clear Harbor Asset Management LLC bought a new stake in shares of MBIA during the first quarter valued at about $877,000. Institutional investors and hedge funds own 89.53% 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.