MBIA’s (NYSE:MBI) “Buy” Rating Reiterated at BTIG Research
MBIA, Inc. (NYSE:MBI)‘s stock had its “buy” rating reaffirmed by investment analysts at BTIG Research in a note issued to investors on Friday. They presently have a $14.00 price target on the insurance provider’s stock. BTIG Research’s target price points to a potential upside of 35.53% from the stock’s current price.
Several other research analysts have also issued reports on the stock. BidaskClub raised shares of MBIA from a “sell” rating to a “hold” rating in a research note on Saturday, July 8th. TheStreet lowered shares of MBIA from a “c-” rating to a “d+” rating in a research note on Friday, March 31st.
Shares of MBIA (MBI) traded up 3.40% during midday trading on Friday, hitting $10.33. 3,137,709 shares of the company were exchanged. The firm’s 50 day moving average price is $8.47 and its 200 day moving average price is $9.45. The firm’s market capitalization is $1.34 billion. MBIA has a one year low of $6.97 and a one 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 company had revenue of $77 million for the quarter, compared to the consensus estimate of $95.20 million. During the same period in the prior year, the company earned ($0.58) earnings per share. Analysts forecast that MBIA will post $0.24 EPS for the current fiscal year.
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In other MBIA news, Director Steven J. Gilbert acquired 87,033 shares of the company’s stock in a transaction on Wednesday, June 21st. The shares were purchased at an average cost of $8.86 per share, with a total value of $771,112.38. Following the completion of the purchase, the director now owns 132,073 shares of the company’s stock, valued at $1,170,166.78. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven J. Gilbert acquired 50,000 shares of the company’s stock in a transaction on Monday, June 19th. The stock was 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 directly owns 132,073 shares of the company’s stock, valued at approximately $1,183,374.08. The disclosure for this purchase can be found here. Insiders acquired 177,033 shares of company stock worth $1,589,112 over the last ninety days. Insiders own 4.11% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC raised its position in MBIA by 11.3% in the first quarter. HighTower Advisors LLC now owns 30,959 shares of the insurance provider’s stock worth $261,000 after buying an additional 3,132 shares during the period. Credit Suisse AG raised its position in MBIA by 28.3% in the first quarter. Credit Suisse AG now owns 188,435 shares of the insurance provider’s stock worth $1,596,000 after buying an additional 41,512 shares during the period. Metropolitan Life Insurance Co. NY raised its position in MBIA by 1.8% in the first quarter. Metropolitan Life Insurance Co. NY now owns 93,562 shares of the insurance provider’s stock worth $792,000 after buying an additional 1,665 shares during the period. Saba Capital Management L.P. acquired a new position in MBIA during the first quarter worth $2,688,000. Finally, State Street Corp raised its position in MBIA by 3.1% in the first quarter. State Street Corp now owns 2,638,734 shares of the insurance provider’s stock worth $22,349,000 after buying an additional 79,920 shares during the period. 89.89% of the stock is currently 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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