UPDATE: KBW Lowers PT on EMC Insurance Group to $21

KBW is out with its report today on EMC Insurance Group EMCI, lowering its PT from $22 to $21. In its report, KBW writes, "We are maintaining our 2011 and 2012 EPS estimates of a loss of $0.45, and a profit of $1.80, respectively. We are lowering our target price to $21 from $22 and maintaining our Market Perform rating." Shares of EMCI closed Friday at $18.67, down 0.27% from Thursday's close.