Wedge Capital Management L L P NC boosted its position in Hallmark Financial Services, Inc. (NASDAQ:HALL) by 104.6% in the 3rd quarter, Holdings Channel reports. The fund owned 53,756 shares of the insurance provider’s stock after purchasing an additional 27,487 shares during the period. Wedge Capital Management L L P NC’s holdings in Hallmark Financial Services were worth $1,028,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Morgan Stanley grew its stake in Hallmark Financial Services by 4.5% in the 2nd quarter. Morgan Stanley now owns 39,047 shares of the insurance provider’s stock worth $555,000 after acquiring an additional 1,696 shares during the period. Meeder Asset Management Inc. grew its stake in Hallmark Financial Services by 1,236.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 1,884 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 1,743 shares during the period. Rhumbline Advisers grew its stake in Hallmark Financial Services by 8.9% in the 3rd quarter. Rhumbline Advisers now owns 23,295 shares of the insurance provider’s stock worth $446,000 after acquiring an additional 1,900 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in Hallmark Financial Services in the 3rd quarter worth approximately $44,000. Finally, Sigma Planning Corp grew its stake in Hallmark Financial Services by 16.3% in the 3rd quarter. Sigma Planning Corp now owns 17,790 shares of the insurance provider’s stock worth $340,000 after acquiring an additional 2,490 shares during the period. 65.69% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ HALL traded up $0.96 during trading on Friday, hitting $17.76. 1,843 shares of the company traded hands, compared to its average volume of 137,677. Hallmark Financial Services, Inc. has a 1 year low of $9.48 and a 1 year high of $20.30. The company has a 50-day moving average price of $18.45 and a 200-day moving average price of $15.33. The firm has a market capitalization of $302.66 million, a P/E ratio of 16.63 and a beta of 0.56. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.30.

Hallmark Financial Services (NASDAQ:HALL) last announced its quarterly earnings data on Thursday, November 7th. The insurance provider reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.02. Hallmark Financial Services had a net margin of 7.65% and a return on equity of 8.29%. Research analysts predict that Hallmark Financial Services, Inc. will post 1.45 EPS for the current fiscal year.

In related news, CEO Naveen Anand acquired 6,500 shares of the stock in a transaction dated Wednesday, August 14th. The stock was bought at an average cost of $16.38 per share, with a total value of $106,470.00. Following the purchase, the chief executive officer now directly owns 77,400 shares of the company’s stock, valued at $1,267,812. The transaction was disclosed in a filing with the SEC, which is available through this link. 28.60% of the stock is owned by insiders.

Several analysts have commented on the stock. Zacks Investment Research raised shares of Hallmark Financial Services from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research note on Thursday, October 31st. ValuEngine cut shares of Hallmark Financial Services from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. BidaskClub cut shares of Hallmark Financial Services from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 26th. Finally, Raymond James boosted their price objective on shares of Hallmark Financial Services from $15.00 to $18.00 and gave the company an “outperform” rating in a research note on Monday, August 12th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price 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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Institutional Ownership by Quarter for Hallmark Financial Services (NASDAQ:HALL)

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