MBIA’s (MBI) “Buy” Rating Reiterated at BTIG Research

MBIA, Inc. (NYSE:MBI)‘s stock had its “buy” rating restated by analysts at BTIG Research in a note issued to investors on Wednesday, September 6th. They presently have a $14.00 price target on the insurance provider’s stock. BTIG Research’s price target suggests a potential upside of 34.74% from the company’s current price.

MBI has been the subject of a number of other research reports. BidaskClub upgraded shares of MBIA from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 29th. MKM Partners restated a “buy” rating and issued a $15.00 price target on shares of MBIA in a research note on Friday, August 11th.

MBIA (NYSE:MBI) opened at 10.39 on Wednesday. The stock’s market capitalization is $1.31 billion. The company’s 50-day moving average is $10.14 and its 200 day moving average is $9.20. MBIA has a one year low of $7.15 and a one year high of $11.65.

MBIA (NYSE:MBI) last posted its earnings results on Tuesday, August 8th. The insurance provider reported ($1.09) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($1.10). The firm had revenue of $72.00 million for the quarter, compared to analyst estimates of $87.85 million. The company’s quarterly revenue was down 39.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.12 earnings per share. Equities analysts expect that MBIA will post ($0.76) EPS for the current year.

MBIA announced that its board has authorized a stock repurchase plan on Tuesday, June 27th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the insurance provider to reacquire up to 21.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

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In other news, Director Charles R. Rinehart purchased 40,000 shares of MBIA stock in a transaction dated Wednesday, June 28th. The stock was bought at an average price of $9.25 per share, with a total value of $370,000.00. Following the completion of the acquisition, the director now owns 212,592 shares in the company, valued at approximately $1,966,476. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven J. Gilbert purchased 50,000 shares of MBIA stock in a transaction dated Monday, June 19th. The shares were purchased at an average cost of $8.96 per share, with a total value of $448,000.00. Following the acquisition, the director now owns 132,073 shares of the company’s stock, valued at approximately $1,183,374.08. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 177,033 shares of company stock valued at $1,589,112. 4.11% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of MBIA by 5.1% during the first quarter. Vanguard Group Inc. now owns 10,442,849 shares of the insurance provider’s stock valued at $88,451,000 after acquiring an additional 511,194 shares during the period. Wellington Management Group LLP boosted its holdings in shares of MBIA by 78.2% during the first quarter. Wellington Management Group LLP now owns 6,122,875 shares of the insurance provider’s stock valued at $51,861,000 after acquiring an additional 2,687,616 shares during the period. Hosking Partners LLP boosted its holdings in shares of MBIA by 1.6% during the second quarter. Hosking Partners LLP now owns 5,870,156 shares of the insurance provider’s stock valued at $55,356,000 after acquiring an additional 94,510 shares during the period. Fine Capital Partners L.P. boosted its holdings in shares of MBIA by 16.5% during the second quarter. Fine Capital Partners L.P. now owns 4,620,640 shares of the insurance provider’s stock valued at $43,573,000 after acquiring an additional 654,219 shares during the period. Finally, OppenheimerFunds Inc. boosted its holdings in shares of MBIA by 124.5% during the first quarter. OppenheimerFunds Inc. now owns 4,488,823 shares of the insurance provider’s stock valued at $38,020,000 after acquiring an additional 2,488,905 shares during the period. 92.03% of the stock is owned by institutional investors.

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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