MBIA, Inc. (MBI) Downgraded to “Hold” at ValuEngine
MBIA, Inc. (NYSE:MBI) was downgraded by ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
Other equities research analysts have also recently issued reports about the stock. BTIG Research reissued a “buy” rating and issued a $14.00 price objective on shares of MBIA in a research report on Wednesday, September 6th. BidaskClub raised shares of MBIA from a “sell” rating to a “hold” rating in a research report on Saturday, July 8th. Finally, MKM Partners reaffirmed a “buy” rating and issued a $15.00 price target on shares of MBIA in a research report on Friday, August 11th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. MBIA currently has a consensus rating of “Hold” and a consensus target price of $14.50.
Shares of MBIA (MBI) traded up 0.43% during trading on Friday, hitting $7.00. 4,640,856 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $8.82 and a 200-day moving average price of $9.08. The stock’s market cap is $880.71 million. MBIA has a one year low of $6.61 and a one year high of $11.65.
MBIA (NYSE:MBI) last released its quarterly earnings data on Tuesday, August 8th. The insurance provider reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter was down 39.0% compared to the same quarter last year. During the same period last year, the business posted $0.12 earnings per share. Equities research analysts expect that MBIA will post ($0.76) EPS for the current fiscal year.
MBIA announced that its Board of Directors has authorized a stock repurchase program 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 programs are often a sign that the company’s board believes its shares are undervalued.
Institutional investors and hedge funds have recently made changes to their positions in the company. Financial Partners Capital Management LLC lifted its position 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 worth $107,000 after purchasing an additional 1,250 shares during the period. Tower Research Capital LLC TRC purchased a new stake in shares of MBIA in the 2nd quarter worth approximately $116,000. Envestnet Asset Management Inc. lifted its position in shares of MBIA by 0.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 12,484 shares of the insurance provider’s stock worth $106,000 after purchasing an additional 99 shares during the period. Intl Fcstone Inc. purchased a new stake in shares of MBIA in the 2nd quarter worth approximately $127,000. Finally, Prudential Financial Inc. lifted its position in shares of MBIA by 2.7% in the 2nd quarter. Prudential Financial Inc. now owns 14,415 shares of the insurance provider’s stock worth $136,000 after purchasing an additional 380 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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