Hedge Fund Giant Berkowitz is All Smiles with MBIA (MBI) Ripping Higher
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Bruce R. Berkowitz should have a little extra spring in his step Monday. The reason is that his Fairholme Capital Management is a large holder of MBIA, Inc. (NYSE: MBI), which is ripping higher following a positive verdict against Bank of America (NYSE: BAC) over a 2009 restructuring.
Fairholme last reported holding about 42,495,420 shares of MBI, or about 22 percent of total outstanding MBIA shares (192.75 million outstanding as of February 21st). Fairholme lowered its stake by about 1.8 million shares during the fourth quarter, but has held a sizable position in the firm over the last few years.
MBIA hit a 52-week high of $12.93 today while volume is surging. Notably, short interest rose 6.6 percent from the start through middle of February to 12.98 million shares, or 9.24 percent of float.
Shares of MBIA are up 24 percent.
Fairholme last reported holding about 42,495,420 shares of MBI, or about 22 percent of total outstanding MBIA shares (192.75 million outstanding as of February 21st). Fairholme lowered its stake by about 1.8 million shares during the fourth quarter, but has held a sizable position in the firm over the last few years.
MBIA hit a 52-week high of $12.93 today while volume is surging. Notably, short interest rose 6.6 percent from the start through middle of February to 12.98 million shares, or 9.24 percent of float.
Shares of MBIA are up 24 percent.
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