Hallmark Financial Services (NASDAQ:HALL) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Hallmark Financial Services (NASDAQ:HALL) from a buy rating to a hold rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “HALLMARK FINANCIAL and its wholly owned subsidiaries engage in the sale of property and casualty insurance products. Their business primarily involves marketing, underwriting and premium financing of non-standard automobile insurance, as well as claims adjusting and other insurance related services. “

A number of other equities analysts have also weighed in on HALL. TheStreet lowered shares of Virtusa from a b- rating to a c+ rating in a research note on Wednesday, May 29th. BidaskClub lowered shares of Walgreens Boots Alliance from a sell rating to a strong sell rating in a research note on Monday, June 24th. Boenning Scattergood raised shares of Hallmark Financial Services from a neutral rating to an outperform rating and upped their target price for the stock from $13.00 to $14.00 in a research note on Thursday, May 9th. Finally, ValuEngine raised shares of Xylem from a hold rating to a buy rating in a research note on Friday, June 21st. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $14.33.

HALL opened at $14.04 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.49 and a current ratio of 0.49. Hallmark Financial Services has a 12 month low of $9.48 and a 12 month high of $15.06. The company has a fifty day moving average price of $13.85. The company has a market cap of $254.45 million, a PE ratio of 13.00 and a beta of 0.67.

Hallmark Financial Services (NASDAQ:HALL) last released its quarterly earnings data on Wednesday, May 8th. The insurance provider reported $0.31 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.11. Hallmark Financial Services had a net margin of 6.12% and a return on equity of 7.42%. The business had revenue of $104.45 million during the quarter, compared to analysts’ expectations of $94.18 million. On average, research analysts predict that Hallmark Financial Services will post 1.35 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA lifted its position in Hallmark Financial Services by 547.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,763 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 2,336 shares during the period. SG Americas Securities LLC purchased a new position in shares of Hallmark Financial Services in the 1st quarter valued at approximately $109,000. O Shaughnessy Asset Management LLC lifted its position in shares of Hallmark Financial Services by 62.1% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 18,960 shares of the insurance provider’s stock valued at $197,000 after buying an additional 7,261 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Hallmark Financial Services by 35.6% during the 4th quarter. Rhumbline Advisers now owns 21,333 shares of the insurance provider’s stock worth $228,000 after acquiring an additional 5,598 shares during the period. Finally, Bessemer Group Inc. acquired a new position in shares of Hallmark Financial Services during the second quarter worth about $398,000. 64.16% of the stock is owned by hedge funds and other institutional investors.

Hallmark Financial Services Company Profile

Hallmark Financial Services, Inc, through its subsidiaries, underwrites, markets, distributes, and services property/casualty insurance products to businesses and individuals in the United States. The company operates in the Specialty Commercial, Standard Commercial, and Personal segments. The Specialty Commercial segment markets, underwrites, finances, and services commercial lines of insurance products, including commercial automobile, general liability, commercial property, commercial excess liability, and commercial umbrella insurance products.

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