MKM Partners Reaffirms “Buy” Rating for MBIA, Inc. (MBI)
MBIA, Inc. (NYSE:MBI)‘s stock had its “buy” rating reaffirmed by equities researchers at MKM Partners in a note issued to investors on Thursday.
A number of other research firms have also recently issued reports on MBI. BidaskClub cut MBIA from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. BTIG Research restated a “buy” rating and set a $14.00 price objective on shares of MBIA in a research report on Wednesday, September 6th.
Shares of MBIA (NYSE MBI) traded down 3.02% during trading on Thursday, reaching $7.71. The company had a trading volume of 7,639,404 shares. The stock has a 50 day moving average price of $9.83 and a 200 day moving average price of $9.18. The firm’s market capitalization is $970.04 million. MBIA has a 12 month low of $7.14 and a 12 month 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 analysts’ consensus estimates of $0.01 by ($1.10). The firm had revenue of $72.00 million during the quarter, compared to analyst estimates of $87.85 million. The company’s revenue for the quarter was down 39.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 EPS. On average, equities research analysts forecast that MBIA will post ($0.76) EPS for the current year.
MBIA announced that its Board of Directors has approved a stock buyback plan on Tuesday, June 27th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to reacquire up to 21.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
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A number of hedge funds have recently made changes to their positions in MBI. First Trust Advisors LP boosted its stake in MBIA by 104.9% in the 1st quarter. First Trust Advisors LP now owns 229,277 shares of the insurance provider’s stock valued at $1,942,000 after buying an additional 117,365 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in MBIA by 11.6% in the 1st quarter. Bank of New York Mellon Corp now owns 743,501 shares of the insurance provider’s stock valued at $6,297,000 after buying an additional 77,366 shares in the last quarter. UBS Asset Management Americas Inc. boosted its stake in MBIA by 20.4% in the 1st quarter. UBS Asset Management Americas Inc. now owns 105,775 shares of the insurance provider’s stock valued at $896,000 after buying an additional 17,886 shares in the last quarter. Karp Capital Management Corp acquired a new stake in MBIA in the 1st quarter valued at $189,000. Finally, Parametric Portfolio Associates LLC boosted its stake in MBIA by 24.3% in the 1st quarter. Parametric Portfolio Associates LLC now owns 714,510 shares of the insurance provider’s stock valued at $6,052,000 after buying an additional 139,455 shares in 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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