MBIA, Inc. (MBI) Stock Price Down 8.4%
MBIA, Inc. (NYSE:MBI)’s share price was down 8.4% during trading on Wednesday . The company traded as low as $7.65 and last traded at $7.95. Approximately 20,074,351 shares changed hands during trading, an increase of 834% from the average daily volume of 2,148,890 shares. The stock had previously closed at $8.68.
A number of equities analysts recently commented on MBI shares. BidaskClub upgraded MBIA from a “strong sell” rating to a “sell” rating in a report on Thursday, June 29th. BTIG Research restated a “buy” rating and set a $14.00 target price on shares of MBIA in a report on Friday, July 14th. Finally, MKM Partners restated a “buy” rating and set a $15.00 target price on shares of MBIA in a report on Friday, August 11th.
The stock’s market capitalization is $1.00 billion. The company’s 50-day moving average price is $9.83 and its 200 day moving average price is $9.18.
MBIA (NYSE:MBI) last announced its quarterly earnings results on Tuesday, August 8th. The insurance provider reported ($1.09) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by ($1.10). The business had revenue of $72.00 million during 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 previous year, the company earned $0.12 EPS. On average, equities analysts anticipate that MBIA, Inc. will post ($0.76) earnings per share for the current fiscal year.
MBIA announced that its Board of Directors has approved a stock buyback program on Tuesday, June 27th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the insurance provider to repurchase up to 21.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
A number of large investors have recently made changes to their positions in MBI. First Trust Advisors LP increased its stake in 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 acquiring an additional 117,365 shares during the last quarter. Bank of New York Mellon Corp increased its stake in 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 acquiring an additional 77,366 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in 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 acquiring an additional 17,886 shares during the last quarter. Karp Capital Management Corp acquired a new stake in MBIA during the first quarter worth about $189,000. Finally, Parametric Portfolio Associates LLC increased its stake in 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 acquiring an additional 139,455 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.
TRADEMARK VIOLATION WARNING: This report was posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this report on another domain, it was illegally stolen and reposted in violation of United States and international copyright & trademark law. The legal version of this report can be viewed at https://www.thecerbatgem.com/2017/10/04/mbia-inc-mbi-stock-price-down-8-4.html.
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.
Receive News & Stock Ratings for MBIA Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MBIA Inc. and related stocks with our FREE daily email newsletter.