First Mercantile Trust Co. lowered its position in shares of Cardinal Financial Corp. (NASDAQ:CFNL) by 8.7% during the second quarter, Holdings Channel reports. The firm owned 8,230 shares of the company’s stock after selling 780 shares during the period. First Mercantile Trust Co.’s holdings in Cardinal Financial Corp. were worth $180,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in CFNL. BNP Paribas Arbitrage SA boosted its position in shares of Cardinal Financial Corp. by 100.3% in the second quarter. BNP Paribas Arbitrage SA now owns 10,090 shares of the company’s stock worth $221,000 after buying an additional 5,053 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Cardinal Financial Corp. during the second quarter worth $235,000. Louisiana State Employees Retirement System raised its position in shares of Cardinal Financial Corp. by 0.7% in the second quarter. Louisiana State Employees Retirement System now owns 14,400 shares of the company’s stock worth $316,000 after buying an additional 100 shares during the period. Arizona State Retirement System raised its position in shares of Cardinal Financial Corp. by 3.1% in the first quarter. Arizona State Retirement System now owns 16,579 shares of the company’s stock worth $337,000 after buying an additional 500 shares during the period. Finally, Glenmede Trust Co. NA raised its position in shares of Cardinal Financial Corp. by 102.4% in the first quarter. Glenmede Trust Co. NA now owns 20,443 shares of the company’s stock worth $415,000 after buying an additional 10,343 shares during the period. Hedge funds and other institutional investors own 80.98% of the company’s stock.
Shares of Cardinal Financial Corp. (NASDAQ:CFNL) opened at 26.08 on Wednesday. Cardinal Financial Corp. has a 52-week low of $17.51 and a 52-week high of $28.16. The stock has a market cap of $846.53 million, a price-to-earnings ratio of 18.35 and a beta of 1.14. The stock’s 50 day moving average is $26.17 and its 200 day moving average is $23.17.
Cardinal Financial Corp. (NASDAQ:CFNL) last announced its quarterly earnings results on Wednesday, July 20th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.36 by $0.06. Cardinal Financial Corp. had a return on equity of 11.27% and a net margin of 23.29%. During the same quarter last year, the company earned $0.40 EPS. On average, equities analysts predict that Cardinal Financial Corp. will post $1.53 EPS for the current fiscal year.
A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods lowered Cardinal Financial Corp. from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $24.00 to $27.00 in a research report on Monday, August 22nd. 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. Finally, Zacks Investment Research lowered Cardinal Financial Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, August 11th. Five investment analysts have rated the stock with a hold rating, Cardinal Financial Corp. has a consensus rating of “Hold” and an average target price of $23.40.
In related news, insider Christopher W. Bergstrom sold 80,993 shares of the firm’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 sale, the insider now owns 97,476 shares of the company’s stock, valued at $2,583,114. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 6.23% of the company’s stock.
Cardinal Financial Corp. Company Profile
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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