Zacks Investment Research upgraded shares of Hallmark Financial Services (NASDAQ:HALL) from a hold rating to a buy rating in a research note published on Friday morning, Zacks.com reports. The firm currently has $16.00 target price 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 analysts have also recently issued research reports about the stock. BidaskClub cut shares of Westport Fuel Systems from a buy rating to a hold rating in a research note on Friday. ValuEngine upgraded shares of Xylem from a hold rating to a buy rating in a research note on Friday, June 21st. TheStreet cut shares of Virtusa from a b- rating to a c+ rating in a research note on Wednesday, May 29th. Finally, Boenning Scattergood upgraded shares of Hallmark Financial Services from a neutral rating to an outperform rating and raised their target price for the stock from $13.00 to $14.00 in a research note on Thursday, May 9th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $14.33.
Shares of NASDAQ:HALL opened at $14.04 on Friday. The business has a 50 day simple moving average of $13.85. Hallmark Financial Services has a twelve month low of $9.48 and a twelve month high of $15.06. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.31. The company has a market cap of $254.45 million, a PE ratio of 13.90 and a beta of 0.67.
Hallmark Financial Services (NASDAQ:HALL) last issued its quarterly earnings data on Wednesday, May 8th. The insurance provider reported $0.31 earnings per share for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $104.45 million for the quarter, compared to analysts’ expectations of $94.18 million. Equities analysts forecast that Hallmark Financial Services will post 1.35 earnings per share for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA raised its stake 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 worth $29,000 after acquiring an additional 2,336 shares during the period. SG Americas Securities LLC bought a new stake in Hallmark Financial Services during the 1st quarter worth approximately $109,000. O Shaughnessy Asset Management LLC raised its stake in 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 worth $197,000 after acquiring an additional 7,261 shares during the period. Rhumbline Advisers raised its stake in 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. bought a new stake in Hallmark Financial Services during the 2nd quarter worth approximately $398,000. Institutional investors own 64.16% of the company’s stock.
About Hallmark Financial Services
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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