MBIA Sees Unusually High Options Volume (MBI)
MBIA, Inc. (NYSE:MBI) was the recipient of some unusual options trading on Friday. Stock traders purchased 7,349 call options on the company. This represents an increase of 1,169% compared to the average daily volume of 579 call options.
Shares of MBIA (NYSE:MBI) opened at 7.65 on Monday. The firm’s market capitalization is $962.49 million. MBIA has a 1-year low of $7.14 and a 1-year high of $11.65. The firm has a 50-day moving average price of $9.67 and a 200-day moving average price of $9.16.
MBIA (NYSE:MBI) last posted its quarterly earnings data 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 business had revenue of $72.00 million for the quarter, compared to the consensus estimate of $87.85 million. MBIA’s revenue was down 39.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.12 earnings per share. On average, analysts forecast that MBIA will post ($0.76) EPS for the current fiscal year.
MBIA declared that its Board of Directors has approved a stock repurchase program on Tuesday, June 27th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 21.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
A number of research firms recently issued reports on MBI. BTIG Research reiterated a “buy” rating and issued a $14.00 target price on shares of MBIA in a report on Wednesday, September 6th. BidaskClub upgraded MBIA from a “sell” rating to a “hold” rating in a report on Saturday, July 8th. Finally, MKM Partners restated a “buy” rating on shares of MBIA in a research note on Thursday.
Several hedge funds have recently modified their holdings of MBI. First Trust Advisors LP lifted its position in shares of MBIA by 104.9% during the first quarter. First Trust Advisors LP now owns 229,277 shares of the insurance provider’s stock worth $1,942,000 after purchasing an additional 117,365 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of MBIA by 11.6% during the first quarter. Bank of New York Mellon Corp now owns 743,501 shares of the insurance provider’s stock worth $6,297,000 after purchasing an additional 77,366 shares during the last quarter. UBS Asset Management Americas Inc. lifted its position in shares of MBIA by 20.4% during the first quarter. UBS Asset Management Americas Inc. now owns 105,775 shares of the insurance provider’s stock worth $896,000 after purchasing an additional 17,886 shares during the last quarter. Karp Capital Management Corp bought a new position in shares of MBIA during the first quarter worth about $189,000. Finally, Parametric Portfolio Associates LLC lifted its position in shares of MBIA by 24.3% during the first quarter. Parametric Portfolio Associates LLC now owns 714,510 shares of the insurance provider’s stock worth $6,052,000 after purchasing an additional 139,455 shares during the last quarter. 92.03% 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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