MBIA Inc. MBI shares are trading higher by 65% to $12.15 Friday morning after the company declared an $8.00 per share cash dividend totaling about $409 million for shareholders. Their subsidiary received approvals for dividends totaling $647.245 million.
In December 2023, MBIA, a company, received approval from the New York Department of Financial Services for a significant $550 million dividend from its subsidiary, National Public Finance Guarantee Corporation.
Additionally, earlier in November 2023, MBIA also received a separate dividend of $97.245 million from National.
MBIA will retain some dividends for corporate use. Future dividends hinge on various factors, including regulatory approval and company finances.
The tax treatment of the dividend will depend on the investor's cost basis and the company's earnings, to be confirmed with the 2023 financial results in February 2024.
See Also: Why Is Roblox Stock Trading Higher Friday?
According to data from Benzinga Pro, MBIA has a 52-week high of $14.00 and a 52-week low of $6.07.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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