Royce & Associates LP lifted its position in MBIA Inc. (NYSE:MBI) by 10.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 4,273,068 shares of the insurance provider’s stock after purchasing an additional 396,351 shares during the period. Royce & Associates LP’s holdings in MBIA were worth $31,279,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the company. UBS Asset Management Americas Inc. lifted its holdings in shares of MBIA by 9.3% in the fourth quarter. UBS Asset Management Americas Inc. now owns 111,998 shares of the insurance provider’s stock worth $820,000 after buying an additional 9,516 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new stake in shares of MBIA in the fourth quarter worth about $266,000. California Public Employees Retirement System raised its stake in MBIA by 3.5% in the fourth quarter. California Public Employees Retirement System now owns 810,440 shares of the insurance provider’s stock valued at $5,932,000 after purchasing an additional 27,601 shares in the last quarter. Teacher Retirement System of Texas raised its stake in MBIA by 303.1% in the fourth quarter. Teacher Retirement System of Texas now owns 41,092 shares of the insurance provider’s stock valued at $301,000 after purchasing an additional 30,899 shares in the last quarter. Finally, Gamco Investors INC. ET AL purchased a new stake in MBIA in the fourth quarter valued at approximately $163,000.
A number of brokerages recently weighed in on MBI. ValuEngine downgraded shares of MBIA from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Keefe, Bruyette & Woods began coverage on shares of MBIA in a research note on Monday, February 5th. They issued a “market perform” rating on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $14.50.
MBIA announced that its Board of Directors has authorized a share repurchase 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Joseph W. Brown bought 50,000 shares of the stock in a transaction that occurred on Tuesday, December 19th. The shares were acquired at an average cost of $7.25 per share, with a total value of $362,500.00. Following the completion of the purchase, the director now directly owns 2,399,634 shares of the company’s stock, valued at approximately $17,397,346.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.11% of the company’s stock.
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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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