American International Group Inc. grew its stake in MBIA, Inc. (NYSE:MBI) by 8.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 84,073 shares of the insurance provider’s stock after buying an additional 6,286 shares during the period. American International Group Inc. owned 0.07% of MBIA worth $731,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of MBI. Financial Partners Capital Management LLC grew its stake in 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 purchasing an additional 1,250 shares during the period. Tower Research Capital LLC TRC acquired a new stake in MBIA during the second quarter worth approximately $116,000. Nine Chapters Capital Management LLC acquired a new stake in MBIA during the third quarter worth approximately $111,000. Intl Fcstone Inc. acquired a new stake in MBIA during the second quarter worth approximately $127,000. Finally, Prudential Financial Inc. grew its stake in MBIA by 2.7% during the second quarter. Prudential Financial Inc. now owns 14,415 shares of the insurance provider’s stock worth $136,000 after purchasing an additional 380 shares during the period.
In other news, Director Joseph W. Brown purchased 50,000 shares of the business’s stock in a transaction on Tuesday, December 19th. The shares were acquired at an average price of $7.25 per share, for a total transaction of $362,500.00. Following the completion of the acquisition, the director now owns 2,399,634 shares in the company, valued at $17,397,346.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 4.11% of the stock is currently owned by corporate insiders.
MBIA (NYSE:MBI) last announced its quarterly earnings results on Tuesday, November 7th. The insurance provider reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($1.01). The business had revenue of $33.00 million during the quarter, compared to analyst estimates of $85.85 million. The business’s quarterly revenue was down 83.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.23 EPS.
MBIA declared that its board has authorized a share buyback plan on Tuesday, November 7th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
Several research firms recently commented on MBI. MKM Partners reaffirmed a “buy” rating on shares of MBIA in a research note on Thursday, October 5th. ValuEngine upgraded MBIA from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, BTIG Research reiterated a “buy” rating and issued a $14.00 price target on shares of MBIA in a report on Wednesday, September 6th. One equities research analyst has rated the stock with a sell rating and three have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $14.50.
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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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