Hallmark Financial Services (NASDAQ:HALL) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Hallmark Financial Services (NASDAQ:HALL) from a hold rating to a buy rating in a research report report published on Friday morning, Zacks.com reports. Zacks Investment Research currently has $16.00 price objective 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. “

Several other analysts also recently weighed in on the company. ValuEngine upgraded Xylem from a hold rating to a buy rating in a report on Friday, June 21st. BidaskClub downgraded Westport Fuel Systems from a buy rating to a hold rating in a report on Friday. TheStreet downgraded Virtusa from a b- rating to a c+ rating in a report on Wednesday, May 29th. Finally, Boenning Scattergood upgraded Hallmark Financial Services from a neutral rating to an outperform rating and lifted their price objective for the company from $13.00 to $14.00 in a report on Thursday, May 9th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Hallmark Financial Services has an average rating of Buy and an average price target of $14.33.

NASDAQ:HALL opened at $14.04 on Friday. Hallmark Financial Services has a twelve month low of $9.48 and a twelve month high of $15.06. The company has a market capitalization of $254.45 million, a P/E ratio of 13.90 and a beta of 0.67. The stock’s fifty day simple moving average is $13.85. 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 (NASDAQ:HALL) last released its earnings results on Wednesday, May 8th. The insurance provider reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.11. Hallmark Financial Services had a return on equity of 7.42% and a net margin of 6.12%. The business had revenue of $104.45 million during the quarter, compared to the consensus estimate of $94.18 million. On average, analysts forecast that Hallmark Financial Services will post 1.35 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the stock. Cove Street Capital LLC raised its holdings in shares of Hallmark Financial Services by 1.4% in the first quarter. Cove Street Capital LLC now owns 1,685,981 shares of the insurance provider’s stock valued at $17,534,000 after acquiring an additional 23,373 shares in the last quarter. BlackRock Inc. grew its stake in Hallmark Financial Services by 2.4% in the fourth 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 during the last quarter. Bank of Montreal Can grew its stake in Hallmark Financial Services by 1.0% in the first quarter. Bank of Montreal Can now owns 603,761 shares of the insurance provider’s stock valued at $6,280,000 after purchasing an additional 5,854 shares during the last quarter. Teton Advisors Inc. grew its stake in Hallmark Financial Services by 2.8% in the first 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 during the last quarter. Finally, Geode Capital Management LLC grew its stake in Hallmark Financial Services by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 116,798 shares of the insurance provider’s stock valued at $1,248,000 after purchasing an additional 6,041 shares during the last quarter. Hedge funds and other institutional investors own 64.16% 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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