Positives; - EPS jumped 20% - Repurchase plan is in full swing, 2.2 million purchased in the 1st six months of the year with 2.8 million remaining under the Share Repurchase Plan - Book value improved 19.4% Y/Y from $8.31 to $9.92 - Debt to Eq improved Y/Y from 28.6 to 23.6 - Impressive cash flow - Outstanding Ratio's for the value investor
Minor Concerns; - Combined ratio jumped to 96.2, highest in the last six quarters - If it wasn't for the share repurchase plan, the EPS jump would not be at the 20% level (However, net income still rose 10.44%, from 11.645 to 12.861)
Interesting how a stock can have a nice run in this market without anyone noticing. I found MIG on Schwab's shortlist of recommended financial services companies and, not recognizing the name, checked it out and began to accumulate it at prices ranging between 6.38 and 8.47. It still looks cheap to me. You obviously follow insurance stocks more closely than I. I would just note that from the February lows, while MET is up 23.5% and ALL has barely budged, MIG is up 45%. If this were a better known company which had moved from 60 to 87 over that period, perhaps more would pay notice.