Confident Of Outcomes In Puerto Rico, MBIA Aggressively Returns Capital To Shareholders

Summary

MBIA announced it has repurchased $297M in stock YTD and has authorized another $100M in buybacks.

The company is taking advantage of its depressed share price caused by worries over Puerto Rico to return capital to shareholders in a very accretive manner.

Patient investors will reap rewards as shares trade at only 29% of book value today, down from 75% a mere 21 months ago.

On Wednesday, MBIA, Inc. (NYSE:MBI) announced it had exhausted its previous share repurchase authorization and has approved a new $100M repurchase program. Year to date, the company has reduced the share count by a whopping 20 percent, with a significant acceleration of repurchases in Q3.

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Jason Kaplan

Confident Of Outcomes In Puerto Rico, MBIA Aggressively Returns Capital To Shareholders