Virginia Retirement Systems ET AL continued to hold its stake in shares of MBIA, Inc. (NYSE:MBI) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,400 shares of the insurance provider’s stock at the close of the 2nd quarter. Virginia Retirement Systems ET AL’s holdings in MBIA were worth $174,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of MBI. Wellington Management Group LLP increased its stake in MBIA by 78.2% in the first quarter. Wellington Management Group LLP now owns 6,122,875 shares of the insurance provider’s stock valued at $51,861,000 after purchasing an additional 2,687,616 shares in the last quarter. OppenheimerFunds Inc. increased its stake in MBIA by 124.5% in the first quarter. OppenheimerFunds Inc. now owns 4,488,823 shares of the insurance provider’s stock valued at $38,020,000 after purchasing an additional 2,488,905 shares in the last quarter. Nordea Investment Management AB increased its stake in MBIA by 95.5% in the first quarter. Nordea Investment Management AB now owns 2,297,901 shares of the insurance provider’s stock valued at $19,463,000 after purchasing an additional 1,122,471 shares in the last quarter. Vanguard Group Inc. increased its stake in MBIA by 5.1% in the first quarter. Vanguard Group Inc. now owns 10,442,849 shares of the insurance provider’s stock valued at $88,451,000 after purchasing an additional 511,194 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in MBIA by 72.3% in the first quarter. Russell Investments Group Ltd. now owns 776,190 shares of the insurance provider’s stock valued at $6,574,000 after purchasing an additional 325,752 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.
MBIA, Inc. (NYSE MBI) opened at 10.40 on Wednesday. MBIA, Inc. has a 12-month low of $7.14 and a 12-month high of $11.65. The firm’s market cap is $1.31 billion. The stock has a 50 day moving average of $10.13 and a 200 day moving average of $9.18.
MBIA (NYSE:MBI) last released its quarterly earnings results on Tuesday, August 8th. The insurance provider reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($1.10). The business had revenue of $72.00 million for the quarter, compared to analysts’ expectations of $87.85 million. During the same period last year, the firm posted $0.12 EPS. The business’s revenue was down 39.0% on a year-over-year basis. On average, equities research analysts anticipate that MBIA, Inc. will post ($0.76) EPS for the current fiscal year.
MBIA announced that its board has authorized a stock repurchase plan on Tuesday, June 27th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the insurance provider to buy up to 21.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
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In related news, Director Steven J. Gilbert acquired 50,000 shares of the stock in a transaction dated Monday, June 19th. The stock was bought at an average price of $8.96 per share, for a total transaction of $448,000.00. Following the purchase, the director now directly owns 132,073 shares of the company’s stock, valued at approximately $1,183,374.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles R. Rinehart acquired 40,000 shares of the stock in a transaction dated Wednesday, June 28th. The stock was bought at an average price of $9.25 per share, with a total value of $370,000.00. Following the purchase, the director now directly owns 212,592 shares in the company, valued at $1,966,476. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 177,033 shares of company stock valued at $1,589,112. Company insiders own 4.11% of the company’s stock.
Several brokerages have commented on MBI. MKM Partners reaffirmed a “buy” rating and issued a $15.00 target price on shares of MBIA in a research note on Friday, August 11th. BTIG Research reaffirmed a “buy” rating and issued a $14.00 target price on shares of MBIA in a research note on Friday, July 14th. Finally, BidaskClub downgraded shares of MBIA from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th.
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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