Piper Jaffray Neutral On Hallmark Financial

Piper Jaffray has a Neutral rating and a $7.50 price target on shares of Hallmark Financial (NASDAQ: HALL).

In a note to clients, Piper Jaffray writes, "Hallmark Financial announced the acquisition of Texas Builders Insurance Company, a small and middle market workers compensation insurer based in Austin, TX. Terms of the deal include $1.6M in cash at closing plus an earn out of up to $3.4M. The deal value equates to roughly 1.38x statutory book value. HALL expects to fund the acquisition entirely out of working capital."

Shares of HALL are trading at $7.46, flat on the day.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.