MKM Partners Reaffirms Buy Rating for MBIA, Inc. (MBI)
MBIA, Inc. (NYSE:MBI)‘s stock had its “buy” rating reaffirmed by equities researchers at MKM Partners in a research note issued to investors on Friday. They currently have a $15.00 price objective on the insurance provider’s stock. MKM Partners’ price target would suggest a potential upside of 44.51% from the company’s current price.
A number of other analysts also recently weighed in on MBI. BidaskClub downgraded shares of MBIA from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. BTIG Research reissued a “buy” rating and set a $14.00 target price on shares of MBIA in a research note on Thursday, May 25th.
MBIA (NYSE:MBI) opened at 10.38 on Friday. The stock’s market capitalization is $1.31 billion. The stock has a 50 day moving average of $9.86 and a 200 day moving average of $9.27. 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 results on Tuesday, August 8th. The insurance provider reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by $1.10. The company had revenue of $72 million for the quarter, compared to analyst estimates of $87.85 million. MBIA’s revenue for the quarter was down 39.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.12 EPS. On average, equities research analysts forecast that MBIA will post ($1.01) EPS for the current year.
MBIA announced that its board has initiated a share repurchase program on Tuesday, June 27th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the insurance provider to repurchase up to 21.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
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In other MBIA news, Director Steven J. Gilbert bought 87,033 shares of the stock in a transaction that occurred on Wednesday, June 21st. The stock was acquired at an average cost of $8.86 per share, with a total value of $771,112.38. Following the purchase, the director now owns 132,073 shares in the company, valued at $1,170,166.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles R. Rinehart bought 40,000 shares of the stock in a transaction that occurred on Wednesday, June 28th. The shares were acquired at an average cost 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 in the company, valued at approximately $1,966,476. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 177,033 shares of company stock valued at $1,589,112. 4.11% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the company. Fox Run Management L.L.C. acquired a new stake in MBIA during the first quarter worth about $105,000. Envestnet Asset Management Inc. boosted its stake in MBIA by 0.8% in the first quarter. Envestnet Asset Management Inc. now owns 12,484 shares of the insurance provider’s stock worth $106,000 after buying an additional 99 shares during the last quarter. Trexquant Investment LP acquired a new stake in MBIA during the first quarter worth about $125,000. Princeton Alpha Management LP acquired a new stake in MBIA during the first quarter worth about $135,000. Finally, Prudential Financial Inc. boosted its stake in MBIA by 2.7% in the second quarter. Prudential Financial Inc. now owns 14,415 shares of the insurance provider’s stock worth $136,000 after buying an additional 380 shares during the last quarter. 89.52% of the stock is owned by institutional investors and hedge funds.
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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