JPMorgan Chase & Co. decreased its stake in MBIA Inc. (NYSE:MBI) by 10.0% during the first quarter, Holdings Channel reports. The institutional investor owned 2,740,285 shares of the insurance provider’s stock after selling 305,449 shares during the quarter. JPMorgan Chase & Co.’s holdings in MBIA were worth $25,375,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of MBI. Fine Capital Partners L.P. boosted its stake in shares of MBIA by 27.0% in the fourth quarter. Fine Capital Partners L.P. now owns 11,086,830 shares of the insurance provider’s stock worth $81,156,000 after buying an additional 2,360,398 shares during the last quarter. Discovery Capital Management LLC CT boosted its stake in shares of MBIA by 79.8% in the fourth quarter. Discovery Capital Management LLC CT now owns 3,165,250 shares of the insurance provider’s stock worth $23,170,000 after buying an additional 1,404,550 shares during the last quarter. OppenheimerFunds Inc. boosted its stake in shares of MBIA by 20.2% in the fourth quarter. OppenheimerFunds Inc. now owns 6,298,113 shares of the insurance provider’s stock worth $46,102,000 after buying an additional 1,060,304 shares during the last quarter. Delek Group Ltd. purchased a new stake in shares of MBIA in the fourth quarter worth about $5,599,000. Finally, X Square Capital LLC purchased a new stake in shares of MBIA in the fourth quarter worth about $5,597,000.
Separately, ValuEngine downgraded MBIA from a “buy” rating to a “hold” rating in a research note on Saturday, April 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $14.50.
MBIA (NYSE:MBI) last released its quarterly earnings results on Wednesday, May 9th. The insurance provider reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.40). The business had revenue of $73.00 million during the quarter, compared to analyst estimates of $76.60 million. MBIA had a negative return on equity of 30.18% and a negative net margin of 380.19%. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.07 EPS.
MBIA Inc provides financial guarantee insurance services to public finance markets. It operates through U.S. Public Finance Insurance, and International and Structured Finance Insurance segments. The company issues financial guarantees for municipal bonds, including tax-exempt and taxable indebtedness of the U.S.
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