Keefe, Bruyette & Woods on Navigators Group (NAVG)

Keefe, Bruyette & Woods reported on Navigators Group NAVG this morning. In the report, Keefe was neutral. Keefe writes, “Results missed driven by several items, including sizeable marine & energy losses and resulting commission adjustments and reinstatements, as well as modest reserve adds and slightly weaker underlying results. Book value declined .7% to $52.29. We are lowering 2011/2012 EPS and our PT to $49, but maintain a Market Perform rating.” Keefe has a Market Perform rating on Navigators Group and a price target of $49.00. NAVG closed yesterday at $48.97, down $0.02 from the opening bell.