Envestnet Asset Management Inc. decreased its stake in shares of Cardinal Financial Co. (NASDAQ:CFNL) by 13.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 14,906 shares of the company’s stock after selling 2,313 shares during the period. Envestnet Asset Management Inc.’s holdings in Cardinal Financial were worth $488,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Municipal Employees Retirement System of Michigan raised its position in shares of Cardinal Financial 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 in the last quarter. Anchor Capital Advisors LLC raised its position in shares of Cardinal Financial by 1.7% in the third quarter. Anchor Capital Advisors LLC now owns 57,193 shares of the company’s stock valued at $1,492,000 after buying an additional 982 shares in the last quarter. Eagle Boston Investment Management Inc. raised its position in shares of Cardinal Financial by 0.8% in the third quarter. Eagle Boston Investment Management Inc. now owns 157,028 shares of the company’s stock valued at $4,096,000 after buying an additional 1,247 shares in the last quarter. Great West Life Assurance Co. Can raised its position in shares of Cardinal Financial by 2.8% in the third quarter. Great West Life Assurance Co. Can now owns 46,179 shares of the company’s stock valued at $1,204,000 after buying an additional 1,271 shares in the last quarter. Finally, Comerica Bank raised its position in shares of Cardinal Financial by 6.5% in the fourth quarter. Comerica Bank now owns 34,810 shares of the company’s stock valued at $1,099,000 after buying an additional 2,116 shares in the last quarter. 75.24% of the stock is currently owned by institutional investors.
Cardinal Financial Co. (NASDAQ:CFNL) opened at 30.56 on Tuesday. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 20.37 and a beta of 0.99. The company’s 50-day moving average price is $31.08 and its 200 day moving average price is $29.61. Cardinal Financial Co. has a 12 month low of $18.99 and a 12 month high of $34.75.
The company also recently declared a quarterly dividend, which was paid on Friday, February 24th. Stockholders of record on Thursday, February 9th were given a dividend of $0.13 per share. This is a positive change from Cardinal Financial’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend was Tuesday, February 7th. Cardinal Financial’s dividend payout ratio (DPR) is currently 34.67%.
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Separately, Zacks Investment Research lowered Cardinal Financial from a “buy” rating to a “hold” rating in a research report on Monday, January 2nd. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $24.00.
In other news, insider Christopher W. Bergstrom sold 50,750 shares of the firm’s stock in a transaction on Wednesday, December 21st. The stock was sold at an average price of $33.04, for a total transaction of $1,676,780.00. Following the completion of the transaction, the insider now directly owns 33,226 shares in the company, valued at $1,097,787.04. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Alice P. Frazier sold 2,887 shares of the firm’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $31.42, for a total value of $90,709.54. Following the transaction, the chief operating officer now owns 17,676 shares of the company’s stock, valued at $555,379.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 83,024 shares of company stock valued at $2,731,193. Company insiders own 6.23% of the company’s stock.
Cardinal Financial 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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