UPDATE: BGB Securities Lowers PT to $17 on Employers Holdings

BGB Securities lowers its price target on Hold-rated Employers Holdings (NYSE: EIG) on acquisition expenses and lower investment income.

BGB Securities says, "Acquisition expenses are running high as EIG is paying incentives to grow its business. The investment portfolio was slightly lower as the company has continued to use cash to repurchase shares and make a shift in the duration of its portfolio."

EIG closed at $16.81 a share yesterday.