MBIA, Inc. (MBI) Director Charles R. Rinehart Purchases 40,000 Shares
MBIA, Inc. (NYSE:MBI) Director Charles R. Rinehart acquired 40,000 shares of the business’s stock in a transaction dated Wednesday, June 28th. The stock was acquired at an average price of $9.25 per share, with a total value of $370,000.00. Following the completion of the transaction, the director now directly owns 212,592 shares of the company’s stock, valued at $1,966,476. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Shares of MBIA, Inc. (MBI) traded up 0.64% during mid-day trading on Friday, hitting $9.40. The company had a trading volume of 892,178 shares. The firm’s market capitalization is $1.22 billion. MBIA, Inc. has a 12 month low of $6.61 and a 12 month high of $11.65. The firm has a 50-day moving average price of $8.47 and a 200 day moving average price of $9.45. MBIA also saw some unusual options trading on Wednesday. Traders bought 7,300 put options on the stock. This is an increase of 836% compared to the typical volume of 780 put options.
MBIA (NYSE:MBI) last posted its earnings results on Wednesday, May 10th. The insurance provider reported $0.07 EPS for the quarter, beating the Thomson Reuters’ 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. MBIA had a return on equity of 0.68% and a net margin of 1.23%. During the same period in the prior year, the company earned ($0.58) earnings per share. On average, equities research analysts forecast that MBIA, Inc. will post $0.17 earnings per share for the current fiscal year.
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Institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP raised its position in shares of MBIA by 78.2% in the first quarter. Wellington Management Group LLP now owns 6,122,875 shares of the insurance provider’s stock worth $51,861,000 after buying an additional 2,687,616 shares during the period. OppenheimerFunds Inc. raised its position in shares of MBIA by 124.5% in the first quarter. OppenheimerFunds Inc. now owns 4,488,823 shares of the insurance provider’s stock worth $38,020,000 after buying an additional 2,488,905 shares during the period. Nordea Investment Management AB raised its position in shares of MBIA by 95.5% in the first quarter. Nordea Investment Management AB now owns 2,297,901 shares of the insurance provider’s stock worth $19,463,000 after buying an additional 1,122,471 shares during the period. Renaissance Technologies LLC raised its position in shares of MBIA by 839.0% in the fourth quarter. Renaissance Technologies LLC now owns 1,145,600 shares of the insurance provider’s stock worth $12,258,000 after buying an additional 1,023,600 shares during the period. Finally, Norges Bank acquired a new position in shares of MBIA during the fourth quarter worth about $6,023,000. 89.89% of the stock is owned by institutional investors.
A number of analysts have recently commented on MBI shares. MKM Partners restated a “buy” rating and issued a $15.00 price objective on shares of MBIA in a research report on Thursday, March 2nd. BTIG Research reiterated a “buy” rating and set a $14.00 price target on shares of MBIA in a research report on Thursday, May 25th. TheStreet cut MBIA from a “c-” rating to a “d+” rating in a research report on Friday, March 31st. Finally, BidaskClub upgraded MBIA from a “strong sell” rating to a “sell” rating in a research report on Thursday.
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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