MBIA’s (MBI) “Buy” Rating Reaffirmed at BTIG Research
MBIA, Inc. (NYSE:MBI)‘s stock had its “buy” rating reiterated by BTIG Research in a report issued on Wednesday. They currently have a $14.00 price target on the insurance provider’s stock. BTIG Research’s price target points to a potential upside of 39.17% from the company’s previous close.
MBI has been the subject of several other reports. BidaskClub upgraded MBIA from a “strong sell” rating to a “sell” rating in a report on Thursday, June 29th. MKM Partners reiterated a “buy” rating and set a $15.00 price target on shares of MBIA in a report on Friday, August 11th.
MBIA (MBI) traded up 1.62% during mid-day trading on Wednesday, reaching $10.06. 1,482,797 shares of the company were exchanged. MBIA has a 12 month low of $7.14 and a 12 month high of $11.65. The company’s market cap is $1.27 billion. The stock’s 50-day moving average is $10.13 and its 200-day moving average is $9.21.
MBIA (NYSE:MBI) last announced its quarterly earnings results on Tuesday, August 8th. The insurance provider reported ($1.09) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by $1.10. The firm had revenue of $72 million during the quarter, compared to analyst estimates of $87.85 million. MBIA’s revenue was down 39.0% compared to the same quarter last year. During the same period last year, the company posted $0.12 EPS. Equities analysts expect that MBIA will post ($0.76) earnings per share for the current year.
MBIA declared that its Board of Directors has authorized a share buyback plan on Tuesday, June 27th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to purchase up to 21.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
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In related news, Director Steven J. Gilbert acquired 50,000 shares of the business’s stock in a transaction that occurred on Monday, June 19th. The shares were acquired at an average cost of $8.96 per share, with a total value of $448,000.00. Following the purchase, the director now owns 132,073 shares of the company’s stock, valued at $1,183,374.08. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven J. Gilbert acquired 87,033 shares of the business’s stock in a transaction that occurred on Wednesday, June 21st. The stock was bought at an average cost of $8.86 per share, for a total transaction of $771,112.38. Following the completion of the purchase, the director now directly owns 132,073 shares in the company, valued at approximately $1,170,166.78. The disclosure for this purchase can be found here. Insiders purchased a total of 177,033 shares of company stock worth $1,589,112 over the last three months. 4.11% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the stock. Intl Fcstone Inc. bought a new position in shares of MBIA in the 2nd quarter valued at approximately $127,000. Public Employees Retirement System of Ohio raised its stake in shares of MBIA by 7.0% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 16,849 shares of the insurance provider’s stock valued at $159,000 after acquiring an additional 1,109 shares in the last quarter. Proxima Capital Management LLC raised its stake in shares of MBIA by 33.9% in the 2nd quarter. Proxima Capital Management LLC now owns 805,000 shares of the insurance provider’s stock valued at $7,591,000 after acquiring an additional 204,000 shares in the last quarter. Financial Partners Capital Management LLC raised its stake 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 valued at $107,000 after acquiring an additional 1,250 shares in the last quarter. Finally, Tower Research Capital LLC TRC bought a new position in shares of MBIA in the 2nd quarter valued at approximately $116,000. 92.02% of the stock is currently owned by institutional investors and hedge funds.
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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