Daytripper

I honestly don't know if this would be considered a good value or not, but I've been looking at Hallmark Financial (HALL). It is a P&C insurance company in Texas, priced a few dollars under book. The stock seems cheap, and has been acting kinda weak lately. If HALL is a good value, do you require a "catalyst" before you buy, or do you buy on faith that sooner or later the price will move towards a more realistic valuation of the business. Thanks everybody!