MBIA Shares Jump as Davis Ups Stake
MBIA(MBI Quote) surged more than 12% Wednesday after Davis Selected Advisers bought a substantial stake in the Armonk, N.Y.-based bond insurer.
The Tucson, Ariz.-based money management firm significantly increased its holding to 6.4 million shares, or a 5.1% stake in MBIA, according to a Schedule 13G filing with the Securities and Exchange Commission. Schedule 13G filings typically denote that the investor intends to take a passive stake in a company. Davis, which manages $100 billion in assets, had owned 481,021 shares of MBIA as of Sept. 30, according to SEC filings. The firm's full stake is now valued almost $129 million, as of Monday's closing price of $20.12.- Loading Comments...
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