KBW Maintains Market Perform on Navigators Group

KBW is out with its report on Navigators Group NAVG, maintaining Market Perform. In its report, KBW writes, "Results missed on a higher current AY LR, modest reserve additions and higher taxes, partially offset by stronger NWP volume and slightly higher net investment income, while the ER was in-line. BVPS grew a strong 4.1% sequentially to $54.44, above forecast. We are lowering 2011/2012 EPS but maintain our $49 PT and Market Perform rating." Shares of NAVG closed Thursday at $44.35, down 4.25% from Wednesday's close.