Wedge Capital Management L L P NC grew its position in shares of Hallmark Financial Services, Inc. (NASDAQ:HALL) by 104.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 53,756 shares of the insurance provider’s stock after purchasing an additional 27,487 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.30% of Hallmark Financial Services worth $1,028,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of the business. Sigma Planning Corp grew its holdings in shares of Hallmark Financial Services by 16.3% during the third quarter. Sigma Planning Corp now owns 17,790 shares of the insurance provider’s stock worth $340,000 after purchasing an additional 2,490 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Hallmark Financial Services by 1.9% during the third quarter. Russell Investments Group Ltd. now owns 809,208 shares of the insurance provider’s stock worth $15,480,000 after purchasing an additional 14,779 shares during the last quarter. California Public Employees Retirement System grew its holdings in shares of Hallmark Financial Services by 5.8% during the third quarter. California Public Employees Retirement System now owns 75,300 shares of the insurance provider’s stock worth $1,440,000 after purchasing an additional 4,100 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new position in shares of Hallmark Financial Services during the third quarter worth about $44,000. Finally, Chicago Equity Partners LLC purchased a new position in shares of Hallmark Financial Services during the third quarter worth about $300,000. 65.69% of the stock is currently owned by institutional investors.
Shares of NASDAQ HALL traded up $0.96 during midday trading on Friday, reaching $17.76. 1,843 shares of the company were exchanged, compared to its average volume of 137,677. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.30. Hallmark Financial Services, Inc. has a 1 year low of $9.48 and a 1 year high of $20.30. The stock has a fifty day simple moving average of $18.45 and a 200 day simple moving average of $15.33. The stock has a market cap of $302.66 million, a P/E ratio of 16.63 and a beta of 0.56.
Hallmark Financial Services (NASDAQ:HALL) last released its quarterly earnings results on Thursday, November 7th. The insurance provider reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.02. Hallmark Financial Services had a return on equity of 8.29% and a net margin of 7.65%. As a group, analysts forecast that Hallmark Financial Services, Inc. will post 1.45 earnings per share for the current year.
In related news, CEO Naveen Anand purchased 6,500 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were purchased at an average price of $16.38 per share, with a total value of $106,470.00. Following the completion of the acquisition, the chief executive officer now directly owns 77,400 shares in the company, valued at approximately $1,267,812. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 28.60% of the company’s stock.
Several equities analysts have issued reports on HALL shares. Zacks Investment Research raised Hallmark Financial Services from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a report on Thursday, October 31st. ValuEngine lowered Hallmark Financial Services from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Raymond James raised their price target on Hallmark Financial Services from $15.00 to $18.00 and gave the stock an “outperform” rating in a report on Monday, August 12th. Finally, BidaskClub lowered Hallmark Financial Services from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 26th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Hallmark Financial Services presently has a consensus rating of “Buy” and a consensus price target of $17.00.
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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