237,872 Shares in MBIA, Inc. (MBI) Acquired by Engineers Gate Manager LP
Engineers Gate Manager LP purchased a new position in shares of MBIA, Inc. (NYSE:MBI) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 237,872 shares of the insurance provider’s stock, valued at approximately $2,069,000. Engineers Gate Manager LP owned about 0.26% of MBIA as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Trellus Management Company LLC acquired a new position in MBIA in the 3rd quarter valued at $740,000. Kahn Brothers Group Inc. DE grew its stake in MBIA by 1.3% in the 2nd quarter. Kahn Brothers Group Inc. DE now owns 4,483,598 shares of the insurance provider’s stock valued at $42,280,000 after buying an additional 57,400 shares during the last quarter. Credit Suisse AG grew its stake in MBIA by 28.3% in the 1st quarter. Credit Suisse AG now owns 188,435 shares of the insurance provider’s stock valued at $1,596,000 after buying an additional 41,512 shares during the last quarter. JPMorgan Chase & Co. grew its stake in MBIA by 0.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,949,991 shares of the insurance provider’s stock valued at $27,818,000 after buying an additional 10,251 shares during the last quarter. Finally, Fine Capital Partners L.P. grew its stake in MBIA by 16.5% in the 2nd quarter. Fine Capital Partners L.P. now owns 4,620,640 shares of the insurance provider’s stock valued at $43,573,000 after buying an additional 654,219 shares during the last quarter.
Shares of MBIA, Inc. (NYSE:MBI) traded down $0.02 during trading on Friday, reaching $8.08. 1,650,000 shares of the company’s stock were exchanged, compared to its average volume of 4,300,000. The company has a quick ratio of 2.09, a current 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 issued its quarterly earnings results on Tuesday, November 7th. The insurance provider reported ($0.91) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($1.01). The business had revenue of $33.00 million for the quarter, compared to analysts’ expectations of $85.85 million. During the same period in the previous year, the business posted $0.23 earnings per share. MBIA’s revenue for the quarter was down 83.7% on a year-over-year basis.
MBIA announced that its Board of Directors has authorized a share repurchase plan on Tuesday, November 7th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
A number of research firms recently issued reports on MBI. ValuEngine upgraded shares of MBIA from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. MKM Partners reiterated a “buy” rating on shares of MBIA in a research note on Thursday, October 5th. Finally, BTIG Research reiterated a “buy” rating and issued a $14.00 target price on shares of MBIA in a research note on Wednesday, September 6th. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company’s stock. MBIA currently has a consensus rating of “Buy” and an average target price of $14.50.
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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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