Q: Hello,
Do you like the quarterly results ? What would be a reasonable price range to add some shares ?
Thank You
Do you like the quarterly results ? What would be a reasonable price range to add some shares ?
Thank You
5i Research Answer:
Results look fine; Net income rose 30%, diluted EPS rose 28%, ROE was 15.8% and book value rose 17%. Net investment income rose 13%. The combined ratio was 103.9%, and there were impacts from the hurricanes, but IFC managed these well. Guidance was OK, with personal and auto and property expected to grow at 'low double digits' and commercial and specialty at 'mid single digits'. Results came out after the close, and it is election day, so the calling the stock is a bit more difficult. Barring a dramatic reaction, we think $260 to $263 would be a good price.