Boenning & Scattergood analyst Robert Farnam maintained a Hold rating on The Navigators Group (NASDAQ: NAVG) today. The company’s shares opened today at $70.05, close to its 52-week high of $70.13.
Farnam wrote:
“We view the agreement as fair for Navigators’ shareholders. However, Navigators has a 30-day window to seek competing proposals, and we believe the $70 purchase price leaves some room for a higher competing bid. We believe Navigators has an attractive global platform with a long-standing specialization in the marine insurance niche. Over the last two decades, the company has grown by expanding its products to a more diversified book of specialty insurance, including professional liability and assumed reinsurance products. We are making no changes to our estimates or Neutral rating.”
According to TipRanks.com, Farnam is a 1-star analyst with an average return of -0.2% and a 48.3% success rate. Farnam covers the Financial sector, focusing on stocks such as 1347 Property Insurance Holdings Inc, Hallmark Financial Services, and Selective Insurance Group.
Currently, the analyst consensus on The Navigators Group is a Moderate Buy with an average price target of $65, a -7.2% downside from current levels. In a report issued on August 9, KBW also reiterated a Hold rating on the stock with a $62 price target.
.
See today’s analyst top recommended stocks >>
The company has a one-year high of $70.13 and a one-year low of $45.80. Currently, The Navigators Group has an average volume of 84.71K.
Based on the recent corporate insider activity of 40 insiders, corporate insider sentiment is negative on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Navigators Group, Inc. engages in the provision of international insurance. It operates through the following segments: Marine; P&C, and Professional Liability. The Marine segment offers insurance for companies engaged in diverse aspects of shipping, global trade, and worldwide transportation.
