Geode Capital Management LLC Sells 62,950 Shares of MBIA Inc. (NYSE:MBI)

Geode Capital Management LLC reduced its stake in shares of MBIA Inc. (NYSE:MBI) by 6.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 980,450 shares of the insurance provider’s stock after selling 62,950 shares during the period. Geode Capital Management LLC owned about 1.92% of MBIA worth $3,501,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. BNP Paribas Financial Markets grew its holdings in MBIA by 26.6% during the third quarter. BNP Paribas Financial Markets now owns 9,943 shares of the insurance provider’s stock worth $35,000 after buying an additional 2,090 shares in the last quarter. Seelaus Asset Management LLC purchased a new position in MBIA during the 3rd quarter worth $45,000. Quantbot Technologies LP boosted its holdings in MBIA by 476.5% during the 3rd quarter. Quantbot Technologies LP now owns 14,257 shares of the insurance provider’s stock worth $51,000 after acquiring an additional 11,784 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in shares of MBIA in the 2nd quarter worth $83,000. Finally, K2 Principal Fund L.P. purchased a new stake in shares of MBIA in the third quarter valued at about $173,000. 60.95% of the stock is owned by hedge funds and other institutional investors.

MBIA Stock Performance

MBI opened at $7.04 on Tuesday. MBIA Inc. has a fifty-two week low of $3.22 and a fifty-two week high of $7.16. The firm has a 50-day moving average of $5.93 and a 200 day moving average of $4.76. The firm has a market cap of $359.25 million, a P/E ratio of -0.62 and a beta of 1.62.

Insider Buying and Selling at MBIA

In other news, Director Theodore Shasta sold 9,570 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $6.74, for a total transaction of $64,501.80. Following the transaction, the director now owns 61,794 shares of the company’s stock, valued at $416,491.56. This represents a 13.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard C. Vaughan sold 9,000 shares of MBIA stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $6.59, for a total value of $59,310.00. Following the completion of the sale, the director now directly owns 65,635 shares of the company’s stock, valued at approximately $432,534.65. This trade represents a 12.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,831 shares of company stock worth $192,842 over the last three months. 12.58% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. StockNews.com raised shares of MBIA from a “sell” rating to a “hold” rating in a research report on Tuesday, December 17th. Keefe, Bruyette & Woods raised MBIA from a “market perform” rating to an “outperform” rating and upped their target price for the company from $6.50 to $9.00 in a report on Monday, November 18th.

MBIA Company Profile

MBIA Inc provides financial guarantee insurance services to public finance markets in the United States. It operates United States (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.