MBIA (NYSE:MBI) released its earnings results on Tuesday. The insurance provider reported ($0.35) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.34) by ($0.01), Briefing.com reports. The firm had revenue of $105.00 million during the quarter, compared to the consensus estimate of $58.50 million. MBIA had a negative net margin of 148.51% and a negative return on equity of 28.41%. The firm’s revenue was up 218.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.91) EPS.
MBI traded down $0.29 during trading on Wednesday, reaching $10.12. The stock had a trading volume of 1,126,355 shares, compared to its average volume of 1,237,288. The company has a debt-to-equity ratio of 4.91, a current ratio of 1.79 and a quick ratio of 1.79. MBIA has a one year low of $6.88 and a one year high of $11.62.
In related news, major shareholder Fine Capital Partners, L.P. sold 1,477,900 shares of the stock in a transaction on Friday, August 10th. The stock was sold at an average price of $11.33, for a total value of $16,744,607.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 3.07% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Davidson Kempner Capital Management LP increased its stake 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 during the last quarter. Russell Investments Group Ltd. grew its stake in shares of MBIA by 2.9% during 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 buying an additional 65,672 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of MBIA by 14.2% during 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 buying an additional 153,216 shares during the last quarter. Millennium Management LLC grew its stake in shares of MBIA by 228.5% during the second quarter. Millennium Management LLC now owns 1,021,057 shares of the insurance provider’s stock valued at $9,230,000 after buying an additional 710,212 shares during the last quarter. Finally, KBC Group NV grew its stake in shares of MBIA by 5.7% during the second quarter. KBC Group NV now owns 298,782 shares of the insurance provider’s stock valued at $2,701,000 after buying an additional 16,081 shares during the last quarter.
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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.
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