Boenning Scattergood Downgrades Cardinal Financial Corp. (CFNL) to Underperform
Cardinal Financial Corp. (NASDAQ:CFNL) was downgraded by investment analysts at Boenning Scattergood from a “neutral” rating to an “underperform” rating in a research note issued on Thursday.
Other research analysts have also issued reports about the company. Zacks Investment Research raised Cardinal Financial Corp. from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research report on Wednesday, November 2nd. Keefe, Bruyette & Woods lowered Cardinal Financial Corp. from an “outperform” rating to a “market perform” rating and upped their target price for the stock from $24.00 to $27.00 in a research report on Monday, August 22nd. Finally, Raymond James Financial Inc. lowered Cardinal Financial Corp. from an “outperform” rating to a “market perform” rating in a research report on Friday, August 19th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $23.60.
Shares of Cardinal Financial Corp. (NASDAQ:CFNL) opened at 31.71 on Thursday. The firm’s 50-day moving average price is $26.97 and its 200 day moving average price is $24.65. The stock has a market capitalization of $1.04 billion, a P/E ratio of 21.70 and a beta of 0.91. Cardinal Financial Corp. has a 12-month low of $17.51 and a 12-month high of $32.01.
Cardinal Financial Corp. (NASDAQ:CFNL) last posted its quarterly earnings results on Wednesday, October 19th. The company reported $0.37 earnings per share for the quarter, meeting the consensus estimate of $0.37. Cardinal Financial Corp. had a return on equity of 11.61% and a net margin of 22.75%. During the same quarter last year, the business earned $0.34 EPS. Analysts predict that Cardinal Financial Corp. will post $1.54 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 21st. Stockholders of record on Thursday, November 3rd will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, November 1st. This represents a $0.48 annualized dividend and a dividend yield of 1.51%. Cardinal Financial Corp.’s dividend payout ratio (DPR) is presently 33.10%.
In other news, insider Christopher W. Bergstrom sold 80,993 shares of the company’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $26.50, for a total transaction of $2,146,314.50. Following the completion of the sale, the insider now owns 97,476 shares in the company, valued at approximately $2,583,114. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 6.23% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in CFNL. Mason Street Advisors LLC acquired a new stake in shares of Cardinal Financial Corp. during the second quarter valued at $139,000. BlackRock Inc. increased its stake in shares of Cardinal Financial Corp. by 258.3% in the second quarter. BlackRock Inc. now owns 7,453 shares of the company’s stock valued at $163,000 after buying an additional 5,373 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its stake in shares of Cardinal Financial Corp. by 1.6% in the third quarter. Municipal Employees Retirement System of Michigan now owns 7,190 shares of the company’s stock valued at $188,000 after buying an additional 110 shares during the last quarter. Sphinx Trading LP acquired a new stake in shares of Cardinal Financial Corp. during the third quarter valued at $218,000. Finally, KCG Holdings Inc. acquired a new stake in shares of Cardinal Financial Corp. during the third quarter valued at $218,000. Institutional investors own 70.07% of the company’s stock.
About Cardinal Financial Corp.
Cardinal Financial Corporation is a financial holding company. The Company owns Cardinal Bank (the Bank), a Virginia state-chartered community bank. The Bank operates in three business segments: commercial banking, mortgage banking and wealth management services. The commercial banking segment includes both commercial and consumer lending and provides customers such products as commercial loans, real estate loans, and other business financing and consumer loans.
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