State Board of Administration of Florida Retirement System Maintains Holdings in MBIA, Inc. (MBI)
State Board of Administration of Florida Retirement System held its stake in shares of MBIA, Inc. (NYSE:MBI) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 118,243 shares of the insurance provider’s stock at the end of the second quarter. State Board of Administration of Florida Retirement System owned 0.09% of MBIA worth $1,115,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also made changes to their positions in the company. Envestnet Asset Management Inc. grew its stake in shares of MBIA by 0.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 12,484 shares of the insurance provider’s stock worth $106,000 after purchasing an additional 99 shares during the last quarter. Trexquant Investment LP acquired a new position in shares of MBIA in the 1st quarter worth approximately $125,000. Karp Capital Management Corp acquired a new position in shares of MBIA in the 1st quarter worth approximately $189,000. State of Tennessee Treasury Department acquired a new position in shares of MBIA in the 1st quarter worth approximately $212,000. Finally, Deprince Race & Zollo Inc. acquired a new position in shares of MBIA in the 1st quarter worth approximately $216,000. 92.03% of the stock is currently owned by institutional investors.
In related news, Director Charles R. Rinehart purchased 40,000 shares of the stock in a transaction dated Wednesday, June 28th. The stock was bought 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.11% of the company’s stock.
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MBIA, Inc. (MBI) opened at 10.19 on Thursday. The stock’s market capitalization is $1.28 billion. MBIA, Inc. has a 52-week low of $7.14 and a 52-week high of $11.65. The stock has a 50 day moving average of $10.12 and a 200 day moving average of $9.18.
MBIA (NYSE:MBI) last announced its quarterly earnings results 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 firm had revenue of $72.00 million during the quarter, compared to the consensus estimate of $87.85 million. MBIA’s revenue was down 39.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.12 earnings per share. On average, equities research analysts forecast that MBIA, Inc. will post ($0.76) EPS for the current year.
MBIA announced that its Board of Directors has approved a share repurchase plan on Tuesday, June 27th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the insurance provider to purchase up to 21.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
Several brokerages have recently issued reports on MBI. MKM Partners reaffirmed a “buy” rating and issued a $15.00 price objective on shares of MBIA in a research note on Friday, August 11th. BTIG Research reaffirmed a “buy” rating and issued a $14.00 price objective on shares of MBIA in a research note on Friday, July 14th. Finally, BidaskClub cut shares of MBIA from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th.
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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