KBW Reiterates Outperform on Meadowbrook Insurance Group

KBW is out with its report today on Meadowbrook Insurance Group MIG, reiterating Outperform. In its report, KBW writes, "Meadowbrook reported an in-line 2Q11 as stronger fee income largely offset weaker underwriting. Normalized for $0.08/share of favorable reserve development and $0.01/share of adverse reserve development, operating EPS beat our estimate by $0.03. We're lowering our 2011 and 2012 estimates and maintaining our $12 target price. We continue to believe the stock is attractively priced and reiterate our Outperform rating." Shares of MIG closed Monday at $9.47, up 0.74% from Friday's close.