Traders Buy High Volume of Call Options on MBIA (MBI)
MBIA, Inc. (NYSE:MBI) was the target of unusually large options trading activity on Friday. Stock investors bought 7,349 call options on the company. This is an increase of 1,169% compared to the typical volume of 579 call options.
A number of brokerages have commented on MBI. MKM Partners reissued a “buy” rating on shares of MBIA in a research note on Thursday. BTIG Research reissued a “buy” rating and issued a $14.00 price objective on shares of MBIA in a research note on Tuesday, June 27th. Finally, BidaskClub raised shares of MBIA from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 29th.
Several institutional investors have recently added to or reduced their stakes in MBI. Envestnet Asset Management Inc. grew its holdings in shares of MBIA by 0.8% during the first quarter. Envestnet Asset Management Inc. now owns 12,484 shares of the insurance provider’s stock worth $106,000 after buying an additional 99 shares in the last quarter. Financial Partners Capital Management LLC grew its holdings in shares of MBIA by 12.4% during the second quarter. Financial Partners Capital Management LLC now owns 11,294 shares of the insurance provider’s stock worth $107,000 after buying an additional 1,250 shares in the last quarter. Tower Research Capital LLC TRC purchased a new stake in shares of MBIA during the second quarter worth $116,000. Trexquant Investment LP purchased a new stake in shares of MBIA during the first quarter worth $125,000. Finally, Intl Fcstone Inc. purchased a new stake in shares of MBIA during the second quarter worth $127,000. 92.03% of the stock is owned by institutional investors and hedge funds.
MBIA (MBI) opened at 7.65 on Monday. MBIA has a 52 week low of $7.14 and a 52 week high of $11.65. The stock’s market capitalization is $962.49 million. The firm has a 50 day moving average of $9.67 and a 200-day moving average of $9.16.
MBIA (NYSE:MBI) last released its earnings results on Tuesday, August 8th. The insurance provider reported ($1.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($1.10). The firm had revenue of $72.00 million for the quarter, compared to analyst estimates of $87.85 million. During the same period last year, the firm earned $0.12 earnings per share. The firm’s quarterly revenue was down 39.0% on a year-over-year basis. On average, equities analysts predict that MBIA will post ($0.76) EPS for the current year.
MBIA announced that its board has initiated a share buyback program on Tuesday, June 27th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the insurance provider to reacquire up to 21.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
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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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