MBIA, Inc. (NYSE:MBI)‘s stock had its “buy” rating restated by equities research analysts at BTIG Research in a research note issued to investors on Wednesday, September 6th. They currently have a $14.00 price objective on the insurance provider’s stock. BTIG Research’s price objective indicates a potential upside of 34.62% from the company’s current price.
A number of other analysts also recently issued reports on the company. BidaskClub downgraded MBIA from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. MKM Partners reaffirmed a “buy” rating and issued a $15.00 price objective on shares of MBIA in a research note on Friday, August 11th.
Shares of MBIA (NYSE:MBI) traded down 0.625% on Wednesday, reaching $10.335. 244,301 shares of the company traded hands. The firm has a 50-day moving average price of $10.13 and a 200 day moving average price of $9.18. The company’s market capitalization is $1.30 billion. MBIA has a one year low of $7.15 and a one year high of $11.65.
MBIA (NYSE:MBI) last issued its earnings results on Tuesday, August 8th. The insurance provider reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($1.10). The company had revenue of $72.00 million during the quarter, compared to the consensus estimate of $87.85 million. The company’s revenue for the quarter was down 39.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.12 earnings per share. Equities analysts forecast that MBIA will post ($0.76) EPS for the current fiscal year.
MBIA declared that its board has initiated a share buyback plan on Tuesday, June 27th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the insurance provider to buy up to 21.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
In other MBIA news, Director Steven J. Gilbert acquired 50,000 shares of the company’s stock in a transaction that occurred on 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 acquisition, the director now directly owns 132,073 shares in the company, valued at $1,183,374.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles R. Rinehart acquired 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 28th. The shares were acquired at an average price of $9.25 per share, with a total value of $370,000.00. Following the acquisition, the director now owns 212,592 shares in the company, valued at $1,966,476. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 177,033 shares of company stock valued at $1,589,112. 4.11% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in MBI. Envestnet Asset Management Inc. raised its position in shares of MBIA by 0.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 12,484 shares of the insurance provider’s stock worth $106,000 after acquiring an additional 99 shares in the last quarter. Financial Partners Capital Management LLC raised its position in shares of MBIA by 12.4% in the 2nd quarter. Financial Partners Capital Management LLC now owns 11,294 shares of the insurance provider’s stock worth $107,000 after acquiring an additional 1,250 shares in the last quarter. Tower Research Capital LLC TRC bought a new position in shares of MBIA in the 2nd quarter worth $116,000. Trexquant Investment LP acquired a new position in MBIA during the 1st quarter valued at about $125,000. Finally, Intl Fcstone Inc. acquired a new position in MBIA during the 2nd quarter valued at about $127,000. 92.03% of the stock is owned by hedge funds and other institutional investors.
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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