MBIA (MBI) Shares Down 5.9% Following Insider Selling

MBIA Inc. (NYSE:MBI)’s share price dropped 5.9% during trading on Friday following insider selling activity. The stock traded as low as $9.41 and last traded at $9.47. Approximately 1,560,563 shares traded hands during mid-day trading, an increase of 26% from the average daily volume of 1,238,658 shares. The stock had previously closed at $10.06.

Specifically, major shareholder Fine Capital Partners, L.P. sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $10.09, for a total value of $2,018,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.11% of the company’s stock.

The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 4.91.

MBIA (NYSE:MBI) last posted its quarterly earnings data on Tuesday, November 6th. The insurance provider reported ($0.35) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by ($0.01). MBIA had a negative net margin of 73.92% and a negative return on equity of 24.55%. The business had revenue of $105.00 million during the quarter, compared to analysts’ expectations of $58.50 million. During the same period in the previous year, the business posted ($0.91) EPS. The company’s revenue for the quarter was up 218.2% compared to the same quarter last year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Davidson Kempner Capital Management LP raised its holdings in MBIA by 79.6% in the second quarter. Davidson Kempner Capital Management LP now owns 2,592,669 shares of the insurance provider’s stock valued at $23,438,000 after acquiring an additional 1,149,328 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in MBIA by 2.9% in the third quarter. Russell Investments Group Ltd. now owns 2,333,146 shares of the insurance provider’s stock valued at $24,942,000 after acquiring an additional 65,672 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in MBIA by 14.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,234,319 shares of the insurance provider’s stock valued at $11,159,000 after acquiring an additional 153,216 shares in the last quarter. Millennium Management LLC raised its holdings in MBIA by 228.5% in the second quarter. Millennium Management LLC now owns 1,021,057 shares of the insurance provider’s stock valued at $9,230,000 after acquiring an additional 710,212 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in MBIA by 4.6% in the third quarter. Bank of New York Mellon Corp now owns 498,568 shares of the insurance provider’s stock valued at $5,330,000 after acquiring an additional 21,941 shares in the last quarter.

TRADEMARK VIOLATION NOTICE: This article was first posted by WKRB News and is the property of of WKRB News. If you are accessing this article on another site, it was illegally copied and reposted in violation of United States and international copyright legislation. The legal version of this article can be read at https://www.wkrb13.com/2018/11/10/mbia-mbi-shares-down-5-9-following-insider-selling.html.

About MBIA (NYSE:MBI)

MBIA Inc provides financial guarantee insurance services to public finance markets. It operates through U.S. Public Finance Insurance, and International and Structured Finance Insurance segments. The company issues financial guarantees for municipal bonds, including tax-exempt and taxable indebtedness of the U.S.

Recommended Story: Why do company’s buyback their stock?

Receive News & Ratings for MBIA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MBIA and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply