California Public Employees Retirement System decreased its stake in shares of MBIA, Inc. (NYSE:MBI) by 3.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 782,839 shares of the insurance provider’s stock after selling 24,661 shares during the period. California Public Employees Retirement System owned 0.85% of MBIA worth $6,811,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in MBI. Schwab Charles Investment Management Inc. increased its position in MBIA by 1.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,014,277 shares of the insurance provider’s stock worth $9,565,000 after buying an additional 16,259 shares in the last quarter. Prudential Financial Inc. grew its position in shares of MBIA by 2.7% in the second quarter. Prudential Financial Inc. now owns 14,415 shares of the insurance provider’s stock valued at $136,000 after purchasing an additional 380 shares during the period. Oppenheimer & Co. Inc. grew its position in shares of MBIA by 11.9% in the second quarter. Oppenheimer & Co. Inc. now owns 44,340 shares of the insurance provider’s stock valued at $418,000 after purchasing an additional 4,700 shares during the period. JPMorgan Chase & Co. grew its position in shares of MBIA by 0.3% in the second quarter. JPMorgan Chase & Co. now owns 2,949,991 shares of the insurance provider’s stock valued at $27,818,000 after purchasing an additional 10,251 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. grew its position in shares of MBIA by 43.0% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 34,365 shares of the insurance provider’s stock valued at $324,000 after purchasing an additional 10,330 shares during the period.
In other news, Director Joseph W. Brown bought 50,000 shares of MBIA stock in a transaction that occurred on Tuesday, December 19th. The shares were purchased 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 of the company’s stock, valued at $17,397,346.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.11% of the stock is currently owned by company insiders.
A number of equities research analysts have recently commented on MBI shares. ValuEngine downgraded MBIA from a “buy” rating to a “hold” rating in a research report on Friday, October 20th. MKM Partners reaffirmed a “buy” rating on shares of MBIA in a research report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $14.50.
Shares of MBIA, Inc. (MBI) opened at $7.39 on Thursday. MBIA, Inc. has a 1 year low of $6.04 and a 1 year high of $11.65. The company has a market capitalization of $929.78, a price-to-earnings ratio of -0.51 and a beta of 2.46. 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 (NYSE:MBI) last issued its earnings results on Tuesday, November 7th. The insurance provider reported ($0.91) earnings per share 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 analysts’ expectations of $85.85 million. During the same quarter in the prior year, the firm earned $0.23 EPS. The company’s revenue was down 83.7% compared to the same quarter last year.
MBIA declared that its Board of Directors has authorized a share buyback plan on Tuesday, November 7th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the insurance provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
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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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