MBIA, Inc. (MBI) Posts Quarterly Earnings Results, Misses Expectations By $1.10 EPS
MBIA, Inc. (NYSE:MBI) issued its earnings results on Tuesday. The insurance provider reported ($1.09) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by $1.10, Briefing.com reports. The firm had revenue of $72 million during the quarter, compared to analysts’ expectations of $87.85 million. During the same quarter last year, the business earned $0.12 earnings per share. The company’s revenue was down 39.0% on a year-over-year basis.
Shares of MBIA (NYSE:MBI) traded up 5.48% during midday trading on Wednesday, reaching $10.20. The company’s stock had a trading volume of 3,456,384 shares. MBIA has a 52 week low of $7.15 and a 52 week high of $11.65. The stock’s market capitalization is $1.32 billion. The company has a 50 day moving average price of $9.72 and a 200-day moving average price of $9.31.
MBIA announced that its Board of Directors has authorized a stock buyback program on Tuesday, June 27th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to purchase up to 21.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
MBI has been the topic of several research reports. BidaskClub cut MBIA from a “hold” rating to a “sell” rating in a report on Saturday. BTIG Research reaffirmed a “buy” rating and issued a $14.00 target price on shares of MBIA in a report on Thursday, May 25th.
In related news, Director Steven J. Gilbert bought 50,000 shares of the company’s stock in a transaction that occurred on Monday, June 19th. The stock was purchased at an average price of $8.96 per share, for a total transaction of $448,000.00. Following the acquisition, the director now owns 132,073 shares of the company’s stock, valued at $1,183,374.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles R. Rinehart bought 40,000 shares of the company’s stock in a transaction that occurred on 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 acquisition, the director now directly owns 212,592 shares in the company, valued at approximately $1,966,476. The disclosure for this purchase can be found here. Insiders have bought a total of 177,033 shares of company stock valued at $1,589,112 in the last 90 days. Insiders own 4.11% of the company’s stock.
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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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