State Street Corp increased its stake in The Navigators Group, Inc. (NASDAQ:NAVG) by 111.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 544,910 shares of the insurance provider’s stock after buying an additional 286,756 shares during the period. State Street Corp owned about 1.85% of The Navigators Group worth $29,586,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NAVG. Ameritas Investment Partners Inc. bought a new position in The Navigators Group during the first quarter valued at approximately $105,000. State of Alaska Department of Revenue increased its position in The Navigators Group by 104.2% in the first quarter. State of Alaska Department of Revenue now owns 2,450 shares of the insurance provider’s stock valued at $133,000 after buying an additional 1,250 shares in the last quarter. SG Americas Securities LLC increased its position in The Navigators Group by 42.1% in the first quarter. SG Americas Securities LLC now owns 2,942 shares of the insurance provider’s stock valued at $160,000 after buying an additional 871 shares in the last quarter. Contravisory Investment Management Inc. increased its position in The Navigators Group by 100.0% in the first quarter. Contravisory Investment Management Inc. now owns 3,778 shares of the insurance provider’s stock valued at $205,000 after buying an additional 1,889 shares in the last quarter. Finally, Profund Advisors LLC increased its position in The Navigators Group by 28.0% in the first quarter. Profund Advisors LLC now owns 3,893 shares of the insurance provider’s stock valued at $211,000 after buying an additional 851 shares in the last quarter. Hedge funds and other institutional investors own 73.05% of the company’s stock.
Shares of The Navigators Group, Inc. (NASDAQ NAVG) traded up 0.36% on Friday, reaching $56.50. The company had a trading volume of 28,914 shares. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of 21.07 and a beta of 0.77. The stock’s 50 day moving average is $54.91 and its 200 day moving average is $56.06. The Navigators Group, Inc. has a 52 week low of $45.17 and a 52 week high of $62.04.
The Navigators Group (NASDAQ:NAVG) last posted its quarterly earnings data on Thursday, August 3rd. The insurance provider reported $0.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.08. The Navigators Group had a net margin of 6.64% and a return on equity of 5.99%. The company had revenue of $293.80 million for the quarter, compared to analyst estimates of $297.82 million. During the same period in the prior year, the company posted $0.54 EPS. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, equities analysts anticipate that The Navigators Group, Inc. will post $2.48 EPS for the current year.
Several research firms have recently commented on NAVG. Boenning Scattergood reiterated a “hold” rating on shares of The Navigators Group in a report on Friday. Sidoti assumed coverage on The Navigators Group in a report on Thursday, June 22nd. They set a “neutral” rating and a $58.00 price target on the stock. Zacks Investment Research upgraded The Navigators Group from a “sell” rating to a “hold” rating in a report on Wednesday, April 19th. Finally, ValuEngine downgraded The Navigators Group from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $56.75.
In related news, insider Colin Sprott sold 10,000 shares of the stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $52.73, for a total value of $527,300.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Stanley A. Galanski sold 25,000 shares of the stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $54.12, for a total transaction of $1,353,000.00. The disclosure for this sale can be found here. Insiders sold a total of 55,000 shares of company stock worth $2,933,900 over the last three months. 24.10% of the stock is currently owned by corporate insiders.
The Navigators Group Company Profile
The Navigators Group, Inc is an insurance holding company. The Company is an international insurance company focused on marine insurance. The Company’s segments include U.S. Insurance, International Insurance (Int’l Insurance), Global Reinsurance (GlobalRe) and Corporate. The Company’s Property and Casualty (P&C) insurance business primarily offers general liability coverage, and umbrella and excess liability coverage to commercial enterprises through its U.S.
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