Hallmark Financial Services (HALL) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research downgraded shares of Hallmark Financial Services (NASDAQ:HALL) from a hold rating to a sell rating in a research report released on Wednesday.

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. “

Separately, Boenning Scattergood started coverage on shares of Hallmark Financial Services in a research note on Tuesday. They issued a neutral rating for the company.

Shares of Hallmark Financial Services (HALL) traded down $0.14 during trading hours on Wednesday, reaching $10.47. 9,540 shares of the company traded hands, compared to its average volume of 34,955. The company has a market cap of $189.39, a P/E ratio of -41.88 and a beta of 0.84. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.43 and a current ratio of 0.43. Hallmark Financial Services has a fifty-two week low of $9.91 and a fifty-two week high of $11.83.

A number of large investors have recently modified their holdings of HALL. Wells Fargo & Company MN raised its stake in shares of Hallmark Financial Services by 73.3% during the third quarter. Wells Fargo & Company MN now owns 13,921 shares of the insurance provider’s stock valued at $161,000 after acquiring an additional 5,889 shares during the last quarter. Ameriprise Financial Inc. bought a new position in shares of Hallmark Financial Services during the second quarter valued at $190,000. Hancock Holding Co. raised its stake in shares of Hallmark Financial Services by 12.1% during the second quarter. Hancock Holding Co. now owns 17,572 shares of the insurance provider’s stock valued at $198,000 after acquiring an additional 1,900 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Hallmark Financial Services by 11.2% during the second quarter. Alliancebernstein L.P. now owns 18,800 shares of the insurance provider’s stock valued at $212,000 after acquiring an additional 1,900 shares during the last quarter. Finally, Teachers Advisors LLC raised its stake in shares of Hallmark Financial Services by 6.8% during the second quarter. Teachers Advisors LLC now owns 27,951 shares of the insurance provider’s stock valued at $315,000 after acquiring an additional 1,769 shares during the last quarter. 64.97% of the stock is owned by institutional investors and hedge funds.

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About Hallmark Financial Services

Hallmark Financial Services, Inc is an insurance holding company. The Company markets, distributes, underwrites and services its property/casualty insurance products to businesses and individuals. Its business involves marketing, distributing, underwriting and servicing insurance products, as well as providing other insurance related services.

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