Hallmark Financial Services, Inc.
US ˙ OTCPK ˙ US40624Q3020

Introduction

This page provides a comprehensive analysis of the known insider trading history of Mark E Schwarz. Insiders are officers, directors, or significant investors in a company. It is illegal for insiders to make trades in their companies based on specific, non-public information. This does not mean it is illegal for them to make any trades in their own companies. However, they must report all trades to the SEC via a Form 4. Despite these restrictions, academic research suggests that insiders - in general - tend to outperform the market in their own companies.

Average Trade Profitability

The average trade profitability is the average return of all the open market purchases made by the insider in the last three years. To calculate this, we examine every open-market, unplanned purchase made by the insider, excluding all trades that were marked as part of a 10b5-1 trading plan. We then calculate the average performance of those trades over 3, 6, and 12 months, averaging each of those durations to generate a final performance metric for each trade. Finally, we average all of the performance metrics to calculate a performance metric for the insider. This list only includes insiders that have made at least three trades in the last two years.

If this insiders trade profitability is "N/A", then the insider either has not made any open-market purchases in the last three years, or the trades they’ve made are too recent to calculate a reliable performance metric.

Update Frequency: Daily

See the list of most profitable insider traders.

See Highest Ranking Insiders
Companies with Reported Insider Positions

The SEC filings indicate Mark E Schwarz has reported holdings or trades in the following companies:

Security Title Latest Reported Holdings
US:RAVE / Rave Restaurant Group, Inc. Chairman, Director, 10% Owner 3,092,125
US:HALL / Hallmark Financial Services, Inc. Chairman & CEO, Director, 10% Owner 3,079,873
Director 0
How to Interpret the Charts

The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Mark E Schwarz. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. The stock performance is charted as cumulative percent change in share price. For example, if an insider trade was made on January 1, 2019, the chart will show the daily percent change of the security to the present day. If the share price were to go from $10 to $15 during this time, the cumulative percent change in share price would be 50%. A change in price from $10 to $20 would be 100%, and a change in price of $10 to $5 would be -50%.

Ultimately, we are trying to determine how closely the insider’s trades correlate to excess returns (positive or negative) in the share price in order to see if the insider is timing their trades to profit from insider information. Consider the situation where an insider was doing this. In this situation, we would expect either (a) positive returns after purchases, or (b) negative returns after sales. In the case of (a), the PURCHASE chart would show a series of upwardly sloping curves, indicating positive returns after each purchase transaction. In the case of (b), the SALE chart would show a series of downward sloping curves, indicating negative returns after each sale transaction.

However, this alone is not enough to draw conclusions. If, for example, the share price of the company was in a non-cyclical climb over many years, then we would expect all the post-purchase plots to be upwardly sloping. Likewise, non-cyclical declines over many years would result in downward sloping post-trade plots. Neither of these charts would suggest insider trading activity.

The strongest indicator would be a situation where the share price was extremely cyclical, and there were both positive signals in the PURCHASE chart and negative plots on the SALE chart. This situation would be highly suggestive of an insider that was timing trades to their financial advantage.

Insider Purchases HALL / Hallmark Financial Services, Inc. - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in HALL / Hallmark Financial Services, Inc.. This analysis helps to understand if the insider consistently generates abnormal returns, and is worth following. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market purchases that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Max		 Price at
Max		 Max
Profit ($)		 Max Return (%)
2022-05-31 HALL SCHWARZ MARK E 0 0.0000 0 0.0000 0 273 11.0100 0
2014-04-21 HALL SCHWARZ MARK E 18,400 8.1100 1,840 81.1000 149,224
2014-04-17 HALL SCHWARZ MARK E 20,000 8.1000 2,000 81.0000 162,000
2013-09-17 HALL SCHWARZ MARK E 25,000 8.8000 2,500 88.0000 220,000
2013-09-16 HALL SCHWARZ MARK E 5,100 8.6700 510 86.7000 44,217
2013-09-13 HALL SCHWARZ MARK E 208 8.5500 21 85.5000 1,778
2013-09-12 HALL SCHWARZ MARK E 7,665 8.5200 766 85.2000 65,306
2013-09-11 HALL SCHWARZ MARK E 7,490 8.3500 749 83.5000 62,542
2012-04-23 HALL DETROIT STOKER Co 1,348 7.1700 135 71.7000 9,665
2012-04-20 HALL DETROIT STOKER Co 6,798 7.1000 680 71.0000 48,266
2012-04-19 HALL DETROIT STOKER Co 5,427 7.0400 543 70.4000 38,206
2012-04-18 HALL DETROIT STOKER Co 20,200 7.0800 2,020 70.8000 143,016
2012-04-16 HALL DETROIT STOKER Co 3,500 7.1400 350 71.4000 24,990
2012-04-13 HALL DETROIT STOKER Co 1,600 7.1500 160 71.5000 11,440
2012-04-12 HALL DETROIT STOKER Co 3,833 7.1800 383 71.8000 27,521
2012-04-11 HALL DETROIT STOKER Co 5,000 7.1400 500 71.4000 35,700
2004-02-13 HAF.EC NEWCASTLE PARTNERS L P 25,000 0.5200 2,500 5.2000 13,000

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

HALL / Hallmark Financial Services, Inc. Insider Trades
Insider Sales HALL / Hallmark Financial Services, Inc. - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in HALL / Hallmark Financial Services, Inc.. A consistent pattern of loss avoidance may suggest that future sale transactions may predict declines in price. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market sales that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Min		 Price at
Min		 Max Loss
Avoided ($)		 Max Loss
Avoided (%)
There are no known unplanned open-market trades for this insider and security combination

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

HALL / Hallmark Financial Services, Inc. Insider Trades
Insider Purchases RAVE / Rave Restaurant Group, Inc. - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in HALL / Hallmark Financial Services, Inc.. This analysis helps to understand if the insider consistently generates abnormal returns, and is worth following. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market purchases that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Max		 Price at
Max		 Max
Profit ($)		 Max Return (%)
2022-06-08 RAVE SCHWARZ MARK E 12,252 0.9800 12,252 0.9800 12,007 146 2.1600 14,458 120.43
2022-05-31 RAVE SCHWARZ MARK E 1,179 0.8900 1,179 0.8900 1,049
2022-05-26 RAVE SCHWARZ MARK E 10,986 0.8800 10,986 0.8800 9,668
2022-05-25 RAVE SCHWARZ MARK E 3,000 0.8700 3,000 0.8700 2,610
2022-05-24 RAVE SCHWARZ MARK E 990 0.8700 990 0.8700 861
2022-05-23 RAVE SCHWARZ MARK E 14,126 0.8700 14,126 0.8700 12,290
2022-05-20 RAVE SCHWARZ MARK E 10,452 0.8800 10,452 0.8800 9,198
2022-05-19 RAVE SCHWARZ MARK E 11,266 0.8900 11,266 0.8900 10,027
2022-05-18 RAVE SCHWARZ MARK E 9,843 0.9000 9,843 0.9000 8,859
2022-05-17 RAVE SCHWARZ MARK E 7,600 0.9000 7,600 0.9000 6,840
2022-05-16 RAVE SCHWARZ MARK E 18,777 0.8800 18,777 0.8800 16,524
2022-05-12 RAVE SCHWARZ MARK E 10,700 0.8697 10,700 0.8697 9,306
2022-05-12 RAVE SCHWARZ MARK E 2,201 0.8697 2,201 0.8697 1,914
2022-05-11 RAVE SCHWARZ MARK E 18,000 0.8575 18,000 0.8575 15,435
2022-05-10 RAVE SCHWARZ MARK E 11,300 0.8734 11,300 0.8734 9,869
2015-12-30 RAVE SCHWARZ MARK E 16,665 5.8499 16,665 5.8499 97,489
2015-12-28 RAVE SCHWARZ MARK E 3,335 5.7500 3,335 5.7500 19,176
2012-06-20 PZZI SCHWARZ MARK E 2,900 2.5600 2,900 2.5600 7,424
2012-06-18 PZZI SCHWARZ MARK E 4,600 2.3800 4,600 2.3800 10,948
2008-10-10 PZZI SCHWARZ MARK E 300 2.4900 300 2.4900 747

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

RAVE / Rave Restaurant Group, Inc. Insider Trades
Insider Sales RAVE / Rave Restaurant Group, Inc. - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in HALL / Hallmark Financial Services, Inc.. A consistent pattern of loss avoidance may suggest that future sale transactions may predict declines in price. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market sales that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Min		 Price at
Min		 Max Loss
Avoided ($)		 Max Loss
Avoided (%)
2017-09-27 RAVE SCHWARZ MARK E 178,540 1.4000 178,540 1.4000 249,956 258 1.1200 -49,991 -20.00
2017-09-25 RAVE SCHWARZ MARK E 500,000 1.4000 500,000 1.4000 700,000

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

RAVE / Rave Restaurant Group, Inc. Insider Trades
Insider Trading History

This table shows the complete list of insider trades made by Mark E Schwarz as disclosed to the Securities Exchange Commission (SEC).

File Date Tran Date Form Ticker Security Code 10b5-1 Shares Remaining Shares Percent
Change		 Share
Price		 Tran
Value		 Remaining
Value
2022-06-09 2022-06-08 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 12,252 3,092,125 0.40 0.98 12,007 3,030,282
2022-06-02 2022-05-31 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 1,179 3,079,873 0.04 0.89 1,049 2,741,087
2022-06-02 2022-05-31 4/A HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 0 3,730,432 0.00
2022-06-02 2022-05-31 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 1,179 3,079,873 0.04 0.89 1,049 2,741,087
2022-05-26 2022-05-26 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 10,986 3,078,694 0.36 0.88 9,668 2,709,251
2022-05-26 2022-05-25 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 3,000 3,067,708 0.10 0.87 2,610 2,668,906
2022-05-26 2022-05-24 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 990 3,064,708 0.03 0.87 861 2,666,296
2022-05-23 2022-05-23 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 14,126 3,063,718 0.46 0.87 12,290 2,665,435
2022-05-23 2022-05-20 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 10,452 3,049,592 0.34 0.88 9,198 2,683,641
2022-05-23 2022-05-19 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 11,266 3,039,140 0.37 0.89 10,027 2,704,835
2022-05-18 2022-05-18 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 9,843 3,027,874 0.33 0.90 8,859 2,725,087
2022-05-18 2022-05-17 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 7,600 3,018,031 0.25 0.90 6,840 2,716,228
2022-05-18 2022-05-16 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 18,777 3,010,431 0.63 0.88 16,524 2,649,179
2022-05-12 2022-05-12 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 2,201 2,991,654 0.07 0.87 1,914 2,601,841
2022-05-12 2022-05-12 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 10,700 140,691 8.23 0.87 9,306 122,359
2022-05-12 2022-05-11 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 18,000 129,991 16.07 0.86 15,435 111,467
2022-05-12 2022-05-10 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 11,300 111,991 11.22 0.87 9,869 97,813
2022-04-05 2022-04-03 4 HALL HALLMARK FINANCIAL SERVICES INC
Restricted Stock Units 		A - Award 123,968 123,968
2022-04-05 2021-12-21 4 HALL HALLMARK FINANCIAL SERVICES INC
Restricted Stock Units 		A - Award 127,374 127,374
2021-12-22 2021-12-21 4 HALL HALLMARK FINANCIAL SERVICES INC
Restricted Stock Units 		A - Award 127,374 127,374
2019-03-11 2019-03-07 4 HALL HALLMARK FINANCIAL SERVICES INC
Director Stock Option (right to buy) 		M - Exercise -200,000 0 -100.00
2019-03-11 2019-03-07 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		M - Exercise 200,000 202,580 7,751.94 6.61 1,322,000 1,339,054
2019-03-11 2019-03-07 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		F - Taxes -128,225 2,580 -98.03 10.31 -1,322,000 26,600
2017-12-19 2017-12-15 4 RAVE RAVE RESTAURANT GROUP, INC.
4% Convertible Senior Notes due 2022, Par $100 		C - Conversion
2017-12-19 2017-12-15 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		C - Conversion 150,000 2,989,453 5.28 2.00 300,000 5,978,906
2017-09-27 2017-09-27 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		S - Sale -178,540 2,839,453 -5.92 1.40 -249,956 3,975,234
2017-09-27 2017-09-25 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		S - Sale -500,000 3,017,993 -14.21 1.40 -700,000 4,225,190
2017-09-27 2017-09-14 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		X - Other 1,788,220 3,517,993 103.38 1.40 2,503,508 4,925,190
2017-03-16 2017-03-16 4 RAVE RAVE RESTAURANT GROUP, INC.
4% Convertible Senior Notes due 2022, Par $100 		S - Sale 219,400.00
2017-03-07 2017-03-03 4 RAVE RAVE RESTAURANT GROUP, INC.
4% Convertible Senior Notes due 2022, Par $100 		P - Purchase 1,304,400.00
2017-03-07 2017-03-03 4 RAVE RAVE RESTAURANT GROUP, INC.
4% Convertible Senior Notes due 2022, Par $100 		P - Purchase 27,800.00
2016-06-27 2016-06-27 4 RAVE RAVE RESTAURANT GROUP, INC.
Director Stock Option (right to buy) 		A - Award 40,000 40,000
2016-06-01 2016-06-01 4 SLI SL INDUSTRIES INC
Common Stock 		D - Sale to Issuer -6,000 0 -100.00 40.00 -240,000
2016-06-01 2016-05-31 4 SLI SL INDUSTRIES INC
Common Stock 		U - Other -10,001 6,000 -62.50 40.00 -400,040 240,000
2016-05-06 2016-05-04 4 SLI SL INDUSTRIES INC
Common Stock 		A - Award 3,000 16,001 23.08
2015-12-30 2015-12-30 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 16,665 100,691 19.83 5.85 97,489 589,032
2015-12-30 2015-12-28 4 RAVE RAVE RESTAURANT GROUP, INC.
Common Stock 		P - Purchase 3,335 84,026 4.13 5.75 19,176 483,150
2015-06-01 2015-05-28 4 SLI SL INDUSTRIES INC
Common Stock 		A - Award 3,000 13,001 30.00
2014-05-13 2014-05-12 4 SLI SL INDUSTRIES INC
Common Stock 		A - Award 3,000 10,001 42.85
2014-04-21 2014-04-21 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 18,400 172,776 11.92 8.11 149,224 1,401,213
2014-04-21 2014-04-17 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 20,000 154,376 14.88 8.10 162,000 1,250,446
2013-10-03 2008-10-10 4 PZZI PIZZA INN HOLDINGS, INC /MO/
Common Stock 		P - Purchase 300 52,743 0.57 2.49 747 131,330
2013-09-19 2013-09-17 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 25,000 949,702 2.70 8.80 220,000 8,357,378
2013-09-17 2013-09-16 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 5,100 924,702 0.55 8.67 44,217 8,017,166
2013-09-17 2013-09-13 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 208 919,602 0.02 8.55 1,778 7,862,597
2013-09-16 2013-09-12 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 7,665 919,394 0.84 8.52 65,306 7,833,237
2013-09-16 2013-09-11 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 7,490 911,729 0.83 8.35 62,542 7,612,937
2013-05-13 2013-05-09 4 SLI SL INDUSTRIES INC
Common Stock 		A - Award 3,000 7,001 74.98
2012-06-27 2012-06-25 4 PZZI PIZZA INN HOLDINGS, INC /MO/
Director Stock Options (Right to Buy) 		A - Award 15,000 95,000 18.75
2012-06-20 2012-06-20 4 PZZI PIZZA INN HOLDINGS, INC /MO/
Common Stock 		P - Purchase 2,900 3,068,100 0.09 2.56 7,424 7,854,336
2012-06-20 2012-06-18 4 PZZI PIZZA INN HOLDINGS, INC /MO/
Common Stock 		P - Purchase 4,600 3,065,200 0.15 2.38 10,948 7,295,176
2012-04-24 2012-04-23 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 1,348 904,239 0.15 7.17 9,665 6,483,394
2012-04-20 2012-04-20 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 6,798 902,891 0.76 7.10 48,266 6,410,526
2012-04-20 2012-04-19 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 5,427 896,093 0.61 7.04 38,206 6,308,495
2012-04-20 2012-04-18 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 20,200 890,666 2.32 7.08 143,016 6,305,915
2012-04-16 2012-04-16 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 3,500 870,466 0.40 7.14 24,990 6,215,127
2012-04-16 2012-04-13 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 1,600 866,966 0.18 7.15 11,440 6,198,807
2012-04-12 2012-04-12 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 3,833 865,366 0.44 7.18 27,521 6,213,328
2012-04-12 2012-04-11 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		P - Purchase 5,000 861,533 0.58 7.14 35,700 6,151,346
2012-04-04 2012-03-30 4 PZZI PIZZA INN HOLDINGS, INC /MO/
Common Stock 		J - Other 17,048 3,040,550 0.56
2012-04-04 2012-03-30 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		J - Other 37,280 4,952,857 0.76
2012-04-03 2012-04-02 4 SLI SL INDUSTRIES INC
Common Stock 		A - Award 3,000 4,001 299.70
2012-01-12 2012-01-11 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		J - Other 43,223 3,902,086 1.12
2012-01-12 2012-01-11 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		J - Other 63,745 3,370,430 1.93
2012-01-12 2012-01-11 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		J - Other -507,439 0 -100.00
2012-01-12 2012-01-11 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		J - Other 7,439 507,439 1.49
2012-01-12 2012-01-11 4/A HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		J - Other 63,745 3,730,430 1.74
2012-01-04 2011-12-31 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		J - Other 91,153 4,795,118 1.94
2012-01-04 2011-12-31 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		J - Other 127,610 3,666,685 3.61
2012-01-04 2011-12-31 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		J - Other -1,130,865 500,000 -69.34
2012-01-04 2011-12-30 4 HALL HALLMARK FINANCIAL SERVICES INC
Employee Stock Options 		A - Award 14,157 229,157 6.58
2012-01-03 2011-12-31 4 HALL HALLMARK FINANCIAL SERVICES INC
Common Stock 		J - Other -1,143,965 500,000 -69.59
2004-02-17 2004-02-13 4 HAF.EC HALLMARK FINANCIAL SERVICES INC
COMMON STOCK 		P - Purchase 25,000 23,078,269 0.11 0.52 13,000 12,000,700
P
Open market or private purchase of non-derivative or derivative security
S
Open market or private sale of non-derivative or derivative security
A
Grant, award, or other acquisition of securities from the company (such as an option)
C
Conversion of derivative
D
Sale or transfer of securities back to the company
F
Payment of exercise price or tax liability using portion of securities received from the company
G
Gift of securities by or to the insider
K
Equity swaps and similar hedging transactions
M
Exercise or conversion of derivative security received from the company (such as an option)
V
A transaction voluntarily reported on Form 4
J
Other (accompanied by a footnote describing the transaction)