KBW Reduces PT on Hallmark Financial Services to $8, Maintains Market Perform (HALL)

KBW reduced its price target on Hallmark Financial Services

to $8. At the same time, KBW left its rating unchanged at Market Perform, in spite of weaker than expected Q1 results. In a research report published today, KBW states, "Hallmark reported a 1Q operating loss on weaker underwriting results driven by $0.49/share after tax of adverse reserve development largely related to Personal Lines in Florida. We are lowering our 2011 and 2012 EPS estimates. We are lowering our target price to $8. With the shares currently trading near our target price, we are maintaining our Market Perform rating." On Tuesday, Hallmark closed the day at $8.29.