MBIA, Inc. (MBI) Shares Sold by Renaissance Technologies LLC
Renaissance Technologies LLC lowered its position in shares of MBIA, Inc. (NYSE:MBI) by 77.6% during the first quarter, Holdings Channel reports. The firm owned 257,000 shares of the insurance provider’s stock after selling 888,600 shares during the period. Renaissance Technologies LLC’s holdings in MBIA were worth $2,177,000 as of its most recent filing with the SEC.
A number of other large investors also recently made changes to their positions in MBI. Vanguard Group Inc. raised its stake in shares of MBIA by 5.1% in the first quarter. Vanguard Group Inc. now owns 10,442,849 shares of the insurance provider’s stock worth $88,451,000 after buying an additional 511,194 shares during the period. Wellington Management Group LLP raised its stake in shares of MBIA by 78.2% in the first quarter. Wellington Management Group LLP now owns 6,122,875 shares of the insurance provider’s stock worth $51,861,000 after buying an additional 2,687,616 shares during the period. Hosking Partners LLP raised its stake in shares of MBIA by 4.5% in the first quarter. Hosking Partners LLP now owns 5,775,646 shares of the insurance provider’s stock worth $48,920,000 after buying an additional 247,963 shares during the period. OppenheimerFunds Inc. raised its stake in shares of MBIA by 124.5% in the first quarter. OppenheimerFunds Inc. now owns 4,488,823 shares of the insurance provider’s stock worth $38,020,000 after buying an additional 2,488,905 shares during the period. Finally, Kahn Brothers Group Inc. DE raised its stake in shares of MBIA by 1.3% in the first quarter. Kahn Brothers Group Inc. DE now owns 4,426,198 shares of the insurance provider’s stock worth $37,490,000 after buying an additional 58,034 shares during the period. 91.89% of the stock is owned by institutional investors and hedge funds.
MBIA, Inc. (MBI) traded up 0.28% on Thursday, hitting $10.57. The stock had a trading volume of 277,485 shares. MBIA, Inc. has a 12 month low of $7.14 and a 12 month high of $11.65. The company has a 50-day moving average of $10.06 and a 200 day moving average of $9.24. The company’s market cap is $1.33 billion.
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 million during the quarter, compared to the consensus estimate of $87.85 million. During the same period last year, the firm earned $0.12 earnings per share. The company’s revenue for the quarter was down 39.0% compared to the same quarter last year. On average, analysts predict that MBIA, Inc. will post ($0.89) EPS for the current fiscal year.
MBIA announced that its board has authorized a share repurchase program on Tuesday, June 27th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the insurance provider to purchase up to 21.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
MBI has been the subject of a number of research analyst reports. BidaskClub lowered shares of MBIA from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. MKM Partners reiterated a “buy” rating and set a $15.00 target price on shares of MBIA in a research report on Friday, August 11th. Finally, BTIG Research reiterated a “buy” rating and set a $14.00 target price on shares of MBIA in a research report on Thursday, May 25th.
In related news, Director Steven J. Gilbert acquired 87,033 shares of the firm’s stock in a transaction on Wednesday, June 21st. The stock was bought at an average cost of $8.86 per share, with a total value of $771,112.38. Following the transaction, the director now owns 132,073 shares of the company’s stock, valued at $1,170,166.78. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles R. Rinehart acquired 40,000 shares of the firm’s stock in a transaction on Wednesday, June 28th. The shares were bought at an average cost of $9.25 per share, with a total value of $370,000.00. Following the completion of the transaction, the director now directly owns 212,592 shares in the company, valued at approximately $1,966,476. The disclosure for this purchase can be found here. Insiders have acquired a total of 177,033 shares of company stock valued at $1,589,112 over the last ninety days. 4.11% of the stock is owned by insiders.
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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