KBW Maintains Market Perform on State Auto Financial

KBW is out with its report today on State Auto Financial STFC, maintaining Market Perform. In a note to clients, KBW writes, "State Auto provided an update for June weather losses, that also included some additions from the previous storms in April and May, totaling $20-$30 million pre-tax (5.8-8.8 pts or $0.37-$0.56 per share). Total cat losses for 2Q11 are now estimated to be $155-$165 million (45.2-48.1 pts or $2.88-$3.07 per share). We are lowering our 2Q11 and overall 2011 estimates. We maintain our Market Perform rating." KBW maintains a $17 PT on STFC. Shares of STFC closed Tuesday at $17.04, down 0.06% from Monday's close.