Shares of MBIA, Inc. (NYSE:MBI – Get Free Report) crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $6.21 and traded as high as $6.41. MBIA shares last traded at $6.2950, with a volume of 358,670 shares changing hands.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on MBI. Weiss Ratings restated a “sell (d-)” rating on shares of MBIA in a research note on Friday. Wall Street Zen upgraded MBIA from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $7.50.
Read Our Latest Stock Report on MBIA
MBIA Stock Performance
MBIA (NYSE:MBI – Get Free Report) last issued its earnings results on Thursday, May 7th. The insurance provider reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The business had revenue of $24.00 million for the quarter, compared to analyst estimates of $5.80 million. On average, analysts forecast that MBIA, Inc. will post -0.29 EPS for the current fiscal year.
Hedge Funds Weigh In On MBIA
A number of hedge funds have recently added to or reduced their stakes in MBI. Alliancebernstein L.P. boosted its stake in MBIA by 2.5% in the 3rd quarter. Alliancebernstein L.P. now owns 78,540 shares of the insurance provider’s stock worth $585,000 after purchasing an additional 1,900 shares during the period. Deutsche Bank AG raised its position in shares of MBIA by 4.6% during the fourth quarter. Deutsche Bank AG now owns 45,409 shares of the insurance provider’s stock valued at $325,000 after buying an additional 1,988 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of MBIA by 2.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 106,605 shares of the insurance provider’s stock valued at $764,000 after buying an additional 2,900 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of MBIA by 8.7% in the fourth quarter. Millennium Management LLC now owns 43,823 shares of the insurance provider’s stock worth $314,000 after buying an additional 3,509 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in shares of MBIA by 5.5% during the second quarter. Rhumbline Advisers now owns 69,789 shares of the insurance provider’s stock worth $303,000 after acquiring an additional 3,626 shares during the last quarter. 60.95% of the stock is currently owned by hedge funds and other institutional investors.
MBIA Company Profile
MBIA Inc is a financial guarantee insurance company specializing in credit enhancement and risk mitigation solutions for public finance and structured finance transactions. The company provides guaranty insurance for municipal bonds, asset-backed securities and other credit-sensitive obligations, protecting investors against the risk of payment default. Through its core insurance subsidiary, MBIA Insurance Corp., the firm offers financial guarantees, reinsurance support and customized credit solutions designed to improve the marketability and pricing of debt instruments.
Founded in 1973 as the Municipal Bond Insurance Association, MBIA built its reputation by insuring U.S.
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