UPDATE: BGB Securities Initiates Tower Group at Buy on Divided Yield and Return on Equity

BGB Securities initiated coverage on Tower Group

with a Buy rating and a $25 price target. BGB Securities commented, "A high dividend yield alone should attract investors to TWGP shares. Despite recent setbacks and CAT losses, we believe TWGP is poised to return to low double digit ROAEs in the next year." Tower Group closed at $17.32 on Monday.