Hallmark Financial Services (NASDAQ:HALL) Lifted to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Hallmark Financial Services (NASDAQ:HALL) from a hold rating to a strong-buy rating in a report issued on Wednesday morning, Zacks.com reports. The brokerage currently has $18.00 price target on the insurance provider’s stock.

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. “

Other equities research analysts have also recently issued research reports about the company. BidaskClub raised Hallmark Financial Services from a buy rating to a strong-buy rating in a research note on Tuesday, July 30th. Raymond James increased their price target on Hallmark Financial Services from $15.00 to $18.00 and gave the company an outperform rating in a research note on Monday, August 12th. ValuEngine cut Hallmark Financial Services from a buy rating to a hold rating in a research note on Thursday, August 1st. Boenning Scattergood raised Hallmark Financial Services from a neutral rating to an outperform rating and increased their price target for the company from $13.00 to $14.00 in a research note on Thursday, May 9th. Finally, TheStreet raised Hallmark Financial Services from a c rating to a b rating in a research note on Wednesday, May 29th. One research analyst has rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $16.67.

Shares of HALL stock opened at $17.20 on Wednesday. The stock has a market cap of $295.23 million, a price-to-earnings ratio of 13.14 and a beta of 0.63. The stock has a 50-day moving average of $14.94 and a 200-day moving average of $12.16. The company has a current ratio of 0.51, a quick ratio of 0.49 and a debt-to-equity ratio of 0.30. Hallmark Financial Services has a 1-year low of $9.48 and a 1-year high of $17.22.

In other Hallmark Financial Services news, CEO Naveen Anand bought 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were bought at an average price of $16.38 per share, for a total transaction of $106,470.00. Following the transaction, the chief executive officer now directly owns 77,400 shares in the company, valued at $1,267,812. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 28.60% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA boosted its position in shares of 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 purchasing an additional 2,336 shares in the last quarter. Bessemer Group Inc. bought a new stake in shares of Hallmark Financial Services during the 2nd quarter valued at about $398,000. BlackRock Inc. boosted its position in shares of Hallmark Financial Services by 2.4% during the 4th quarter. BlackRock Inc. now owns 825,859 shares of the insurance provider’s stock valued at $8,828,000 after purchasing an additional 19,327 shares in the last quarter. Teton Advisors Inc. boosted its position in shares of Hallmark Financial Services by 2.8% during the 1st quarter. Teton Advisors Inc. now owns 188,930 shares of the insurance provider’s stock valued at $1,965,000 after purchasing an additional 5,070 shares in the last quarter. Finally, Cove Street Capital LLC boosted its position in shares of Hallmark Financial Services by 1.4% during the 1st quarter. Cove Street Capital LLC now owns 1,685,981 shares of the insurance provider’s stock valued at $17,534,000 after purchasing an additional 23,373 shares in the last quarter. Institutional investors own 64.65% of the company’s stock.

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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