"During the third quarter of 2013, the Company repurchased a total of 1,235,193 shares at an average price of $25.53 per share. During the fourth quarter of 2013, the Company has thus far repurchased an additional 330,176 shares, at an average price per share of $26.66"
"Fully converted book value per common share was $28.06, an increase of 4.2% from June 30, 2013 and 8.7% from December 31, 2012, after taking into account common share dividends declared during the period.
Operating income for the quarter was $72 million, or $1.38 per common share, representing a quarterly return on common equity of 5.0%. Net income was $53 million, or $1.02 per common share. The net impact of realized and unrealized losses from investments and foreign exchange, which is included in net income, was $19 million for the quarter."
MRH is on track to buy back 10% of their outstanding shares this year.
Perhaps MRH is down because it's the old sell on the news-wasn't it selling at a new 5 year high yesterday prior to earnings?
Personally I believe it's just a hold at current prices but I believe that's true of most stocks. I'd love to buy back some shares I sold between 23-25 but only if I could buy at a 20% discount to book value. As I've said before-I traded into SYA and AIG because they both trade at 40% plus discounts to book. AIG has done rather well but SYA is just keeping up with the market.
Note --AIG is currently the largest holding in my Roth IRA.