MBIA Sees Unusually High Options Volume (NYSE:MBI)
MBIA, Inc. (NYSE:MBI) saw unusually large options trading on Tuesday. Stock traders acquired 23,008 put options on the company. This is an increase of approximately 1,130% compared to the average volume of 1,871 put options.
In related news, Director Charles R. Rinehart acquired 40,000 shares of the stock in a transaction on Wednesday, June 28th. The shares were bought at an average price of $9.25 per share, with a total value 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven J. Gilbert acquired 50,000 shares of the stock in a transaction on Monday, June 19th. The shares were bought at an average cost of $8.96 per share, for a total transaction of $448,000.00. Following 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 have acquired 177,033 shares of company stock worth $1,589,112 in the last three months. 4.11% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. HPM Partners LLC acquired a new stake in shares of MBIA during the first quarter worth approximately $192,000. First Trust Advisors LP increased 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 worth $1,942,000 after buying an additional 117,365 shares in the last quarter. Old Mutual Global Investors UK Ltd. increased 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 worth $8,222,000 after buying an additional 291,246 shares in the last quarter. First Midwest Bank Trust Division increased 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 worth $789,000 after buying an additional 1,947 shares in the last quarter. Finally, Russell Investments Group Ltd. increased 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 worth $6,574,000 after buying an additional 325,752 shares in the last quarter. 89.88% of the stock is owned by institutional investors and hedge funds.
MBIA (NYSE MBI) opened at 10.47 on Friday. The stock has a 50 day moving average price of $9.20 and a 200 day moving average price of $9.35. The firm’s market cap is $1.36 billion. MBIA has a 52 week low of $7.15 and a 52 week high of $11.65.
MBIA (NYSE:MBI) last announced its quarterly earnings data on Wednesday, May 10th. The insurance provider reported $0.07 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.03. The business had revenue of $77 million during the quarter, compared to analysts’ expectations of $95.20 million. During the same period in the prior year, the firm earned ($0.58) EPS. Equities research analysts expect that MBIA will post $0.24 EPS for the current year.
MBIA announced that its Board of Directors has approved a share buyback plan on Tuesday, June 27th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the insurance provider to buy up to 21.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Several brokerages have recently commented on MBI. BTIG Research reaffirmed a “buy” rating and issued a $14.00 price target on shares of MBIA in a research note on Tuesday, June 27th. BidaskClub raised MBIA from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 29th. Finally, TheStreet lowered MBIA from a “c-” rating to a “d+” rating in a research note on Friday, March 31st.
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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