Hallmark Financial Repurchases 750K Shares
FORT WORTH, Texas (AP) ¿ Hallmark Financial Services Inc., a property and casualty insurance holding company, said Tuesday it bought back 750,000 of its shares for $5.25 million, or $7 per share.
The company repurchased the shares under a stock buyback program announced April 18. The price amounts to 69 percent of the company's most recent book value, reported June 30, of $10.08 per share.
Hallmark funded the repurchase through excess cash funds.
As a result of the move, the company has 20,113,670 shares outstanding as of Sept. 8. It may repurchase up to 250,000 more shares under the program.Purchases under the stock buyback program may be conducted privately or on the open market, through block trades or otherwise. It does not have an expiration date. Shares of Hallmark rose 44 cents, or 6.2 percent, to close at $7.54.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV