Hallmark Financial Services (NASDAQ:HALL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued 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 initiated coverage on shares of Hallmark Financial Services in a research note on Tuesday. They set a “neutral” rating on the stock.

Shares of Hallmark Financial Services (NASDAQ:HALL) opened at $10.43 on Wednesday. Hallmark Financial Services has a 52 week low of $9.91 and a 52 week high of $11.83. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.43 and a quick ratio of 0.43. The stock has a market cap of $189.39, a price-to-earnings ratio of -41.72 and a beta of 0.84.

Institutional investors and hedge funds have recently bought and sold shares of the business. Boston Partners boosted its stake in Hallmark Financial Services by 121.7% during the third quarter. Boston Partners now owns 457,600 shares of the insurance provider’s stock worth $5,313,000 after buying an additional 251,200 shares in the last quarter. OxFORD Asset Management LLP acquired a new stake in Hallmark Financial Services during the second quarter worth $391,000. Roumell Asset Management LLC boosted its stake in Hallmark Financial Services by 23.1% during the third quarter. Roumell Asset Management LLC now owns 177,327 shares of the insurance provider’s stock worth $2,059,000 after buying an additional 33,227 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Hallmark Financial Services by 161.1% during the second quarter. Arrowstreet Capital Limited Partnership now owns 28,986 shares of the insurance provider’s stock worth $327,000 after buying an additional 17,886 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Hallmark Financial Services by 53.6% during the third quarter. Russell Investments Group Ltd. now owns 683,080 shares of the insurance provider’s stock worth $7,930,000 after buying an additional 238,254 shares in the last quarter. Hedge funds and other institutional investors own 64.97% of the company’s stock.

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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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