MBIA (MBI) to Buyback $250.00 million in Stock
MBIA (NYSE:MBI) announced that its board has approved a share buyback plan, which allows the company to repurchase $250.00 million in shares on Tuesday, November 7th, EventVestor reports. This repurchase authorization allows the insurance provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Shares of MBIA (MBI) opened at $8.90 on Friday. The company has a current ratio of 2.09, a quick ratio of 2.37 and a debt-to-equity ratio of 1.94. MBIA 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 (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.10 by ($1.01). The firm had revenue of $33.00 million during the quarter, compared to analysts’ expectations of $85.85 million. MBIA’s revenue was down 83.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.23 earnings per share.
A number of research firms have recently commented on MBI. MKM Partners restated a “buy” rating on shares of MBIA in a research report on Thursday, October 5th. BTIG Research restated a “buy” rating and issued a $14.00 price objective on shares of MBIA in a research report on Friday, July 14th. BidaskClub cut MBIA from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Finally, ValuEngine upgraded MBIA from a “hold” rating to a “buy” rating in a research report on Thursday. One analyst has rated the stock with a sell rating and three have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $14.50.
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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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