BlackRock Inc. purchased a new position in MBIA, Inc. (NYSE:MBI - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,673,151 shares of the insurance provider's stock, valued at approximately $23,949,000. BlackRock Inc. owned about 7.21% of MBIA at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Alliancebernstein L.P. boosted its position in MBIA by 2.5% during the third quarter. Alliancebernstein L.P. now owns 78,540 shares of the insurance provider's stock valued at $585,000 after purchasing an additional 1,900 shares during the last quarter. Deutsche Bank AG increased its position in MBIA by 4.6% in the 4th quarter. Deutsche Bank AG now owns 45,409 shares of the insurance provider's stock worth $325,000 after purchasing an additional 1,988 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in MBIA by 2.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 106,605 shares of the insurance provider's stock worth $764,000 after purchasing an additional 2,900 shares during the last quarter. Millennium Management LLC raised its stake in shares of MBIA by 8.7% during the 4th quarter. Millennium Management LLC now owns 43,823 shares of the insurance provider's stock worth $314,000 after purchasing an additional 3,509 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of MBIA by 5.5% during the 2nd quarter. Rhumbline Advisers now owns 69,789 shares of the insurance provider's stock worth $303,000 after purchasing an additional 3,626 shares in the last quarter. 60.95% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several brokerages recently commented on MBI. Keefe, Bruyette & Woods lowered their price target on MBIA from $7.50 to $7.00 and set an "outperform" rating for the company in a research note on Thursday, August 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of MBIA in a research note on Friday, July 17th. Finally, Wall Street Zen upgraded shares of MBIA from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $7.00.
Check Out Our Latest Stock Report on MBIA
MBIA Price Performance
NYSE MBI opened at $4.77 on Thursday. MBIA, Inc. has a fifty-two week low of $4.64 and a fifty-two week high of $8.17. The stock's 50-day moving average is $5.65 and its two-hundred day moving average is $5.90. The firm has a market cap of $243.04 million, a P/E ratio of -1.65 and a beta of 1.64.
MBIA (NYSE:MBI - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The insurance provider reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The firm had revenue of $27.00 million during the quarter, compared to the consensus estimate of $5.75 million. On average, equities analysts expect that MBIA, Inc. will post -0.33 EPS for the current year.
MBIA Company Profile
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Free Report)
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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