State Street Corp Grows Holdings in MBIA, Inc. (MBI)
State Street Corp grew its holdings in MBIA, Inc. (NYSE:MBI) by 5.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,775,858 shares of the insurance provider’s stock after purchasing an additional 137,124 shares during the quarter. State Street Corp owned about 2.21% of MBIA worth $26,178,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Prudential Financial Inc. lifted its stake in 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 in the last quarter. Trexquant Investment LP lifted its stake in MBIA by 106.3% in the 2nd quarter. Trexquant Investment LP now owns 30,500 shares of the insurance provider’s stock worth $288,000 after purchasing an additional 15,713 shares in the last quarter. HighTower Advisors LLC lifted its stake in MBIA by 11.3% in the 1st quarter. HighTower Advisors LLC now owns 30,959 shares of the insurance provider’s stock worth $261,000 after purchasing an additional 3,132 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new position in MBIA in the 2nd quarter worth approximately $306,000. Finally, Los Angeles Capital Management & Equity Research Inc. lifted its stake in MBIA by 43.0% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 34,365 shares of the insurance provider’s stock worth $324,000 after purchasing an additional 10,330 shares in the last quarter. 93.36% of the stock is currently owned by institutional investors and hedge funds.
MBI has been the topic of a number of research reports. BidaskClub lowered shares of MBIA from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. ValuEngine lowered shares of MBIA from a “buy” rating to a “hold” rating in a research report on Friday, October 20th. MKM Partners reaffirmed a “buy” rating on shares of MBIA in a research report on Thursday, October 5th. Finally, BTIG Research reaffirmed a “buy” rating and set a $14.00 price target on shares of MBIA in a research report on Wednesday, September 6th. One equities research analyst has rated the stock with a sell rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $14.50.
Shares of MBIA, Inc. (MBI) opened at $9.14 on Tuesday. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 1.94. MBIA, Inc. has a 12-month low of $6.04 and a 12-month high of $11.65.
MBIA (NYSE:MBI) last released its quarterly earnings results on Tuesday, November 7th. The insurance provider reported ($0.91) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($1.01). The firm had revenue of $33.00 million for the quarter, compared to analysts’ expectations of $85.85 million. The business’s revenue for the quarter was down 83.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.23 earnings per share.
MBIA announced that its board has authorized a stock buyback plan on Tuesday, November 7th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the insurance provider to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.
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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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