Herring Creek Capital Management buys $19.4 Million stake in MBIA (MBI)

MBIA (MBI) : Herring Creek Capital Management scooped up 303,959 additional shares in MBIA during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 2,788,060 shares of MBIA which is valued at $19.4 Million.MBIA makes up approximately 5.12% of Herring Creek Capital Management’s portfolio.

Other Hedge Funds, Including , Oppenheimerfunds reduced its stake in MBI by selling 4,759,840 shares or 40.82% in the most recent quarter. The Hedge Fund company now holds 6,901,635 shares of MBI which is valued at $48 Million. MBIA makes up approx 0.06% of Oppenheimerfunds’s portfolio.Manufacturers Life Insurance Company The reduced its stake in MBI by selling 6,754 shares or 6.91% in the most recent quarter. The Hedge Fund company now holds 90,972 shares of MBI which is valued at $632,255.Norges Bank reduced its stake in MBI by selling 693,898 shares or 46.43% in the most recent quarter. The Hedge Fund company now holds 800,749 shares of MBI which is valued at $5.6 Million. Oxford Asset Management added MBI to its portfolio by purchasing 180,206 company shares during the most recent quarter which is valued at $1.3 Million. MBIA makes up approx 0.05% of Oxford Asset Management’s portfolio.Rhumbline Advisers boosted its stake in MBI in the latest quarter, The investment management firm added 19,735 additional shares and now holds a total of 219,367 shares of MBIA which is valued at $1.7 Million. MBIA makes up approx 0.01% of Rhumbline Advisers’s portfolio.

MBIA opened for trading at $7.1 and hit $7.39 on the upside on Friday, eventually ending the session at $7.39, with a gain of 4.97% or 0.35 points. The heightened volatility saw the trading volume jump to 25,94,306 shares. Company has a market cap of $1,015 M.

On the company’s financial health, MBIA reported $-0.58 EPS for the quarter, missing the analyst consensus estimate by $ -0.70 based on the information available during the earnings call on May 9, 2016. Analyst had a consensus of $0.12. The company had revenue of $32.00 million for the quarter, compared to analysts expectations of $136.60 million. The company’s revenue was down -85.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.37 EPS.

Many Wall Street Analysts have commented on MBIA. Keefe Bruyette Initiated MBIA on Apr 25, 2016 to “Mkt Perform”, Price Target of the shares are set at $8.50.

MBIA Inc. (MBIA) is a holding company. Through its subsidiary the Company provides financial guarantee insurance to the United States public finance markets. The Company’s indirect wholly owned subsidiary is National Public Finance Guarantee Corporation (National). The Company’s operating segments includes United States (U.S.) public finance insurance; international and structured finance insurance; corporate and advisory services. The U.S. public finance insurance business is operated through National Public Finance Guarantee Corporation and its subsidiaries (National). The international and structured finance insurance business is operated through MBIA Insurance Corporation and its subsidiaries (MBIA Corp.). The asset management and advisory services business is operated through Cutwater Holdings LLC and its subsidiaries (Cutwater). National’s guarantees insure municipal bonds including tax-exempt and taxable indebtedness of the United States political subdivisions.

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