California State Teachers Retirement System lessened its holdings in shares of MBIA, Inc. (NYSE:MBI) by 14.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 222,168 shares of the insurance provider’s stock after selling 36,965 shares during the period. California State Teachers Retirement System owned approximately 0.18% of MBIA worth $2,095,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Tower Research Capital LLC TRC purchased a new stake in shares of MBIA during the 2nd quarter valued at $116,000. Prudential Financial Inc. raised its stake in MBIA by 2.7% in the 2nd quarter. Prudential Financial Inc. now owns 14,415 shares of the insurance provider’s stock worth $136,000 after acquiring an additional 380 shares during the last quarter. Trexquant Investment LP raised its stake in MBIA by 106.3% in the 2nd quarter. Trexquant Investment LP now owns 30,500 shares of the insurance provider’s stock worth $288,000 after acquiring an additional 15,713 shares during the last quarter. HighTower Advisors LLC raised its stake in MBIA by 11.3% in the 1st quarter. HighTower Advisors LLC now owns 30,959 shares of the insurance provider’s stock worth $261,000 after acquiring an additional 3,132 shares during the last quarter. Finally, Catalyst Capital Advisors LLC purchased a new position in MBIA in the 2nd quarter worth $306,000. Hedge funds and other institutional investors own 93.36% of the company’s stock.
MBIA, Inc. (NYSE MBI) opened at $9.28 on Wednesday. The company has a debt-to-equity ratio of 1.94, a current ratio of 2.09 and a quick ratio of 2.09. MBIA, Inc. has a 52 week low of $6.04 and a 52 week high of $11.65.
MBIA (NYSE:MBI) last issued its earnings results on Tuesday, November 7th. The insurance provider reported ($0.91) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.10 by ($1.01). The company had revenue of $33.00 million during the quarter, compared to the consensus estimate of $85.85 million. MBIA’s revenue was down 83.7% compared to the same quarter last year. During the same period last year, the business earned $0.23 EPS.
MBIA declared that its board has authorized a share buyback plan on Tuesday, November 7th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the insurance provider to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
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A number of equities analysts recently issued reports on MBI shares. ValuEngine lowered MBIA from a “buy” rating to a “hold” rating in a research note on Friday, October 20th. BidaskClub lowered MBIA from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. BTIG Research restated a “buy” rating and issued a $14.00 target price on shares of MBIA in a research note on Wednesday, September 6th. Finally, MKM Partners restated a “buy” rating and issued a $15.00 target price on shares of MBIA in a research note on Friday, August 11th. One 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 price target of $14.50.
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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