Dollar edges higher ahead of Fed minutes; sterling gains after CPI increase
Shasta Theodore, a director at MBIA Inc. (NYSE:MBI), recently sold 9,570 shares of the company's common stock. The transaction, which took place on January 2, 2025, was executed at a price of $6.74 per share, amounting to a total value of $64,501. The sale comes as MBIA's stock trades near its 52-week high of $7.16, with shares showing strong momentum, gaining nearly 10% in the past week. Following this sale, Theodore retains ownership of 61,794 shares in the company. The transaction was disclosed in a filing with the Securities and Exchange Commission. According to InvestingPro data, MBIA maintains a healthy liquidity position with a current ratio of 4.11, indicating strong coverage of short-term obligations. For more detailed insights and additional ProTips on MBIA's financial health, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, MBIA Inc. has reported a significant improvement in its Q3 2024 results despite ongoing uncertainties with PREPA. The financial services company recorded a consolidated GAAP net loss of $56 million, a marked improvement from the $185 million net loss in the same quarter of the previous year. This was attributed to reduced losses from variable interest entities and lower loss adjustment expenses. However, National's insured portfolio decreased by $2.5 billion to $26 billion, and the mediation concerning PREPA has been extended, affecting the potential sale of MBIA.
The company's financial performance has seen an upswing, with National reporting a statutory net income of $19 million, contrasting with a loss in the previous year. MBIA Insurance Corp also showed progress with a statutory net income of $2 million. Despite these improvements, the extended PREPA mediation has delayed potential capital releases and the company's sale, and the insured portfolio's decline indicates potential challenges in the insurance segment.
Finally, CEO Bill Fallon has expressed consideration for extraordinary dividends, awaiting more clarity on Puerto Rico's situation. The company is not reengaging in the sale process due to this need for clarity. However, there's potential for a more favorable back-end payment structure if negotiations in Puerto Rico are pursued sooner. These are among the recent developments in MBIA Inc.'s financial journey.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.