First Manhattan Co. Has $302,000 Position in MBIA, Inc. (MBI)
First Manhattan Co. held its stake in shares of MBIA, Inc. (NYSE:MBI) during the second quarter, Holdings Channel reports. The firm owned 32,125 shares of the insurance provider’s stock at the end of the second quarter. First Manhattan Co.’s holdings in MBIA were worth $302,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Fox Run Management L.L.C. purchased a new stake in shares of MBIA during the first quarter valued at $105,000. Envestnet Asset Management Inc. boosted its stake in shares of MBIA by 0.8% in the first quarter. Envestnet Asset Management Inc. now owns 12,484 shares of the insurance provider’s stock valued at $106,000 after buying an additional 99 shares in the last quarter. Trexquant Investment LP purchased a new stake in shares of MBIA during the first quarter valued at $125,000. Princeton Alpha Management LP bought a new position in MBIA during the first quarter valued at approximately $135,000. Finally, Karp Capital Management Corp bought a new position in MBIA during the first quarter valued at approximately $189,000. Institutional investors and hedge funds own 89.52% of the company’s stock.
MBIA, Inc. (MBI) opened at 10.20 on Thursday. The stock has a 50 day moving average price of $9.81 and a 200 day moving average price of $9.27. The company’s market capitalization is $1.32 billion. MBIA, Inc. has a 52-week low of $7.15 and a 52-week high of $11.65.
MBIA (NYSE:MBI) last posted its quarterly earnings data on Tuesday, August 8th. The insurance provider reported ($1.09) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by $1.10. The company had revenue of $72 million for the quarter, compared to analysts’ expectations of $87.85 million. During the same period last year, the company earned $0.12 earnings per share. The business’s revenue for the quarter was down 39.0% on a year-over-year basis. On average, equities analysts expect that MBIA, Inc. will post ($1.18) earnings per share for the current year.
MBIA declared that its board has approved a share repurchase program on Tuesday, June 27th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the insurance provider to reacquire up to 21.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
COPYRIGHT VIOLATION NOTICE: “First Manhattan Co. Has $302,000 Position in MBIA, Inc. (MBI)” was first posted by Daily Political and is the property of of Daily Political. If you are accessing this piece of content on another site, it was stolen and republished in violation of international copyright and trademark law. The legal version of this piece of content can be accessed at https://www.dailypolitical.com/2017/08/10/first-manhattan-co-has-302000-position-in-mbia-inc-mbi.html.
Several research analysts have recently commented on MBI shares. BidaskClub lowered MBIA from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. BTIG Research reissued a “buy” rating and issued a $14.00 price target on shares of MBIA in a research report on Thursday, May 25th.
In other news, Director Steven J. Gilbert acquired 50,000 shares of the firm’s stock in a transaction that occurred on Monday, June 19th. The stock was purchased at an average price of $8.96 per share, with a total value of $448,000.00. Following the purchase, the director now owns 132,073 shares of the company’s stock, valued at approximately $1,183,374.08. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Charles R. Rinehart acquired 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 28th. The stock was purchased at an average cost 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 approximately $1,966,476. The disclosure for this purchase can be found here. Insiders purchased a total of 177,033 shares of company stock valued at $1,589,112 in the last ninety days. Company insiders own 4.11% of the company’s stock.
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.
Want to see what other hedge funds are holding MBI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MBIA, Inc. (NYSE:MBI).
Receive News & Ratings for MBIA Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MBIA Inc. and related companies with MarketBeat.com's FREE daily email newsletter.