MBIA, Inc. (MBI) Stake Lessened by Jane Street Group LLC
Jane Street Group LLC lessened its stake in shares of MBIA, Inc. (NYSE:MBI) by 74.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,206 shares of the insurance provider’s stock after selling 56,294 shares during the quarter. Jane Street Group LLC’s holdings in MBIA were worth $167,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fine Capital Partners L.P. boosted its stake in MBIA by 88.9% during the 3rd quarter. Fine Capital Partners L.P. now owns 8,726,432 shares of the insurance provider’s stock valued at $75,920,000 after purchasing an additional 4,105,792 shares during the period. Hosking Partners LLP lifted its position in shares of MBIA by 0.4% in the 3rd quarter. Hosking Partners LLP now owns 5,894,581 shares of the insurance provider’s stock worth $51,283,000 after acquiring an additional 24,425 shares during the period. Kahn Brothers Group Inc. DE lifted its position in shares of MBIA by 1.3% in the 2nd quarter. Kahn Brothers Group Inc. DE now owns 4,483,598 shares of the insurance provider’s stock worth $42,280,000 after acquiring an additional 57,400 shares during the period. Thompson Siegel & Walmsley LLC lifted its position in shares of MBIA by 5.8% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 3,201,838 shares of the insurance provider’s stock worth $30,194,000 after acquiring an additional 174,603 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of MBIA by 0.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,949,991 shares of the insurance provider’s stock worth $27,818,000 after acquiring an additional 10,251 shares during the period.
In other MBIA news, Director Joseph W. Brown purchased 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 19th. The stock was purchased at an average cost of $7.25 per share, with a total value of $362,500.00. Following the acquisition, 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 legal filing with the SEC, which is available at this link. Company insiders own 4.11% of the company’s stock.
A number of brokerages have commented on MBI. BTIG Research reiterated a “buy” rating and issued a $14.00 price objective on shares of MBIA in a research report on Wednesday, September 6th. ValuEngine raised MBIA from a “hold” rating to a “buy” rating in a report on Thursday, November 9th. Finally, MKM Partners reissued a “buy” rating on shares of MBIA in a report on Thursday, October 5th. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $14.50.
MBIA, Inc. (NYSE:MBI) opened at $7.73 on Monday. MBIA, Inc. has a twelve month low of $6.04 and a twelve month high of $11.65. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 1.94. The stock has a market capitalization of $972.56, a P/E ratio of -0.53 and a beta of 2.47.
MBIA (NYSE:MBI) last released its quarterly 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 period last year, the company earned $0.23 earnings per share. MBIA’s quarterly revenue was down 83.7% on a year-over-year basis.
MBIA announced that its board has authorized a share buyback plan on Tuesday, November 7th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the insurance provider to repurchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
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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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