The Manufacturers Life Insurance Company reduced its position in MBIA, Inc. (NYSE:MBI) by 3.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 97,642 shares of the insurance provider’s stock after selling 3,874 shares during the period. The Manufacturers Life Insurance Company owned about 0.08% of MBIA worth $920,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in MBI. Prudential Financial Inc. increased its position in shares of 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 acquiring an additional 380 shares in the last quarter. HighTower Advisors LLC increased its position in shares of MBIA by 11.3% in the first quarter. HighTower Advisors LLC now owns 30,959 shares of the insurance provider’s stock worth $261,000 after acquiring an additional 3,132 shares in the last quarter. Trexquant Investment LP increased its position in shares of MBIA by 106.3% in the second quarter. Trexquant Investment LP now owns 30,500 shares of the insurance provider’s stock worth $288,000 after acquiring an additional 15,713 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new position in shares of MBIA in the second quarter worth approximately $306,000. Finally, Los Angeles Capital Management & Equity Research Inc. increased its position in shares of MBIA by 43.0% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 34,365 shares of the insurance provider’s stock worth $324,000 after acquiring an additional 10,330 shares in the last quarter. 93.36% of the stock is currently owned by institutional investors and hedge funds.
MBIA, Inc. (NYSE MBI) opened at $9.28 on Wednesday. MBIA, Inc. has a 1 year low of $6.04 and a 1 year high of $11.65. The company has a debt-to-equity ratio of 1.94, a current ratio of 2.09 and a quick ratio of 2.09.
MBIA (NYSE:MBI) last announced its quarterly earnings data on Tuesday, November 7th. The insurance provider reported ($0.91) EPS for the quarter, missing the Zacks’ consensus estimate of $0.10 by ($1.01). The company had revenue of $33.00 million for the quarter, compared to analysts’ expectations of $85.85 million. During the same quarter in the previous year, the firm earned $0.23 earnings per share. The business’s quarterly revenue was down 83.7% compared to the same quarter last year.
MBIA declared that its Board of Directors has approved a share buyback plan on Tuesday, November 7th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
Several research analysts have recently weighed in on MBI shares. MKM Partners reissued a “buy” rating on shares of MBIA in a research report on Thursday, October 5th. ValuEngine downgraded shares of MBIA from a “buy” rating to a “hold” rating in a research report on Friday, October 20th. BTIG Research reaffirmed a “buy” rating and set a $14.00 price objective on shares of MBIA in a research report on Wednesday, September 6th. Finally, BidaskClub downgraded shares of MBIA from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. MBIA presently has an average rating of “Buy” and an average price target of $14.50.
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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