BlackRock Inc. Buys New Stake in MBIA, Inc. $MBI

BlackRock Inc. bought a new position in MBIA, Inc. (NYSE:MBI) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 3,673,151 shares of the insurance provider’s stock, valued at approximately $23,949,000. BlackRock Inc. owned 0.07% of MBIA at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Deutsche Bank AG acquired a new stake in MBIA in the 2nd quarter valued at approximately $285,000. Bank of New York Mellon Corp acquired a new position in shares of MBIA during the second quarter worth approximately $968,000. Quantinno Capital Management LP boosted its position in shares of MBIA by 30.7% in the first quarter. Quantinno Capital Management LP now owns 94,764 shares of the insurance provider’s stock valued at $560,000 after acquiring an additional 22,246 shares during the period. Renaissance Technologies LLC boosted its position in shares of MBIA by 189.1% in the first quarter. Renaissance Technologies LLC now owns 409,892 shares of the insurance provider’s stock valued at $2,422,000 after acquiring an additional 268,100 shares during the period. Finally, Walleye Capital LLC grew its stake in shares of MBIA by 14.0% in the first quarter. Walleye Capital LLC now owns 91,801 shares of the insurance provider’s stock worth $543,000 after acquiring an additional 11,255 shares during the last quarter. Institutional investors own 60.95% of the company’s stock.

MBIA Stock Up 2.2%

NYSE MBI opened at $4.77 on Thursday. The stock has a market cap of $243.04 million, a P/E ratio of -1.65 and a beta of 1.64. The company’s 50-day simple moving average is $5.65 and its 200 day simple moving average is $5.90. MBIA, Inc. has a twelve month low of $4.64 and a twelve month high of $8.17.

MBIA (NYSE:MBI) last posted 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 company had revenue of $27.00 million for the quarter, compared to analysts’ expectations of $5.75 million. Research analysts anticipate that MBIA, Inc. will post -0.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MBI. Wall Street Zen raised shares of MBIA from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of MBIA in a report on Friday, July 17th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of MBIA from $7.50 to $7.00 and set an “outperform” rating on the stock in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.00.

About MBIA

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.