MKM Partners Reaffirms “Buy” Rating for MBIA, Inc. (NYSE:MBI)
MBIA, Inc. (NYSE:MBI)‘s stock had its “buy” rating restated by analysts at MKM Partners in a research report issued on Friday. They currently have a $15.00 price target on the insurance provider’s stock. MKM Partners’ price objective suggests a potential upside of 44.51% from the stock’s current price.
A number of other brokerages have also issued reports on MBI. BidaskClub lowered shares of MBIA from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. BTIG Research reiterated a “buy” rating and set a $14.00 price target on shares of MBIA in a research note on Thursday, May 25th.
Shares of MBIA (MBI) opened at 10.38 on Friday. The stock’s market cap is $1.31 billion. MBIA has a 12-month low of $7.15 and a 12-month high of $11.65. The firm’s 50-day moving average price is $9.86 and its 200-day moving average price is $9.27.
MBIA (NYSE:MBI) last issued its quarterly earnings results on Tuesday, August 8th. The insurance provider reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by $1.10. The firm had revenue of $72 million for the quarter, compared to analyst estimates of $87.85 million. During the same quarter last year, the business posted $0.12 EPS. The firm’s revenue for the quarter was down 39.0% on a year-over-year basis. On average, analysts forecast that MBIA will post ($1.01) EPS for the current fiscal year.
MBIA declared that its Board of Directors has authorized a stock repurchase 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 repurchase up to 21.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In related news, Director Steven J. Gilbert bought 87,033 shares of the stock in a transaction on Wednesday, June 21st. The shares were bought at an average cost of $8.86 per share, for a total transaction of $771,112.38. Following the completion of the transaction, the director now owns 132,073 shares of the company’s stock, valued at approximately $1,170,166.78. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles R. Rinehart bought 40,000 shares of the stock in a transaction on Wednesday, June 28th. The shares were bought at an average price of $9.25 per share, for a total transaction of $370,000.00. Following the completion of the transaction, the director now directly owns 212,592 shares of the company’s stock, valued at approximately $1,966,476. The disclosure for this purchase can be found here. Insiders have acquired 177,033 shares of company stock worth $1,589,112 over the last 90 days. 4.11% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of MBI. Fox Run Management L.L.C. bought a new position in shares of MBIA during the first quarter valued at $105,000. Envestnet Asset Management Inc. raised its position 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 during the last quarter. Trexquant Investment LP bought a new position in shares of MBIA during the first quarter valued at $125,000. Princeton Alpha Management LP bought a new position in shares of MBIA during the first quarter valued at $135,000. Finally, Prudential Financial Inc. raised its position in shares of MBIA by 2.7% in the second quarter. Prudential Financial Inc. now owns 14,415 shares of the insurance provider’s stock valued at $136,000 after buying an additional 380 shares during the last quarter. Institutional investors own 89.52% 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.
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