Piper Jaffray Maintains Neutral on Hallmark Financial

Piper Jaffray is out with its report today on Hallmark Financial HALL, maintaining Neutral. In its report, Piper Jaffray writes, "HALL reported a 2Q operating loss of $0.05 per share, below our $0.08 operating EPS estimate and consensus loss per share of $0.04. The shortfall to our estimates resulted from an elevated loss ratio due to large storm losses in addition to adverse claims trends in the Florida non-standard auto book. Gross Premium Production reported slightly above expectations while net investment income reported below our estimate. After another difficult quarter, we remain Neutral on the shares as we see limited upside given continued uncertainty in the Florida book." Piper Jaffray maintains a $7.50 PT on HALL. Shares of HALL closed Wednesday at $6.43.