Richard C. Vaughan, a director at MBIA Inc. (NYSE:), recently sold a total of 12,821 shares of the company’s common stock. According to a recent SEC filing, the transactions occurred over two days. On November 19, Vaughan sold 9,000 shares at a weighted average price of $6.59. The following day, November 20, he sold an additional 3,821 shares at a weighted average price of $6.45. The total value of these transactions amounted to $83,955. Following these sales, Vaughan holds 61,814 shares of MBIA common stock.
In other recent news, MBIA Inc. has reported an improved financial performance for Q3 2024, despite ongoing challenges. The company’s consolidated GAAP net loss diminished to $56 million, a significant improvement from the $185 million net loss in the same period of the previous year. This progress is attributed to reduced losses from variable interest entities and decreased loss adjustment expenses. However, National’s insured portfolio, part of MBIA Inc., saw a decrease of $2.5 billion to $26 billion, and the PREPA mediation, affecting the company’s sale prospects, has been extended to January 31, 2025.
Furthermore, National reported a statutory net income of $19 million, contrasting with a loss in the previous year, while MBIA Insurance Corp. also showed improvement with a statutory net income of $2 million. On the downside, the extended PREPA mediation delays potential capital releases and the company’s sale. Despite uncertainties and the impact of Puerto Rico’s financial situation, management remains hopeful for a favorable resolution that could benefit shareholders. Lastly, the company is not reengaging in the sale process due to the need for clarity on Puerto Rico’s situation.
InvestingPro Insights
The recent insider sale by MBIA Inc. (NYSE:MBI) director Richard C. Vaughan comes at a time when the company’s stock has shown significant momentum. According to InvestingPro data, MBI has delivered a strong return of 71.88% over the last month and an impressive 106.41% over the past year. This performance aligns with one of the InvestingPro Tips, which highlights the company’s “significant return over the last week.”
Despite the positive price action, investors should note that MBI’s financial health presents a mixed picture. The company’s revenue for the last twelve months as of Q3 2023 stands at -$13 million, with a revenue growth of -114.13% over the same period. This negative revenue figure suggests challenges in the company’s core…
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