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.