PNC Financial Services Group Inc. Reduces Position in Cardinal Financial Corp. (CFNL)
PNC Financial Services Group Inc. lowered its position in shares of Cardinal Financial Corp. (NASDAQ:CFNL) by 53.7% during the second quarter, Holdings Channel reports. The institutional investor owned 43,073 shares of the company’s stock after selling 49,966 shares during the period. PNC Financial Services Group Inc. owned 0.13% of Cardinal Financial Corp. worth $945,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. I.G. Investment Management LTD. boosted its stake in Cardinal Financial Corp. by 3.0% in the second quarter. I.G. Investment Management LTD. now owns 23,085 shares of the company’s stock worth $506,000 after buying an additional 665 shares in the last quarter. GSA Capital Partners LLP boosted its stake in shares of Cardinal Financial Corp. by 145.5% in the second quarter. GSA Capital Partners LLP now owns 46,087 shares of the company’s stock worth $1,011,000 after buying an additional 27,314 shares during the period. Emerald Acquisition Ltd. bought a new stake in shares of Cardinal Financial Corp. during the second quarter worth $2,498,000. Rothschild Asset Management Inc. bought a new stake in shares of Cardinal Financial Corp. during the second quarter worth $3,179,000. Finally, Kleinwort Benson Investors Dublin Ltd bought a new stake in shares of Cardinal Financial Corp. during the second quarter worth $1,226,000. Institutional investors and hedge funds own 80.98% of the company’s stock.
Cardinal Financial Corp. (NASDAQ:CFNL) traded down 0.85% during trading on Friday, reaching $25.67. The company’s stock had a trading volume of 275,866 shares. The stock has a market cap of $833.22 million, a P/E ratio of 18.06 and a beta of 1.19. Cardinal Financial Corp. has a 1-year low of $17.51 and a 1-year high of $28.16. The company’s 50 day moving average price is $26.02 and its 200-day moving average price is $22.52.
Cardinal Financial Corp. (NASDAQ:CFNL) last posted its earnings results on Wednesday, July 20th. The company reported $0.42 earnings per share (EPS) for the quarter, topping 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 in the prior year, the company earned $0.40 EPS. Equities analysts forecast that Cardinal Financial Corp. will post $1.55 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, August 19th. Shareholders of record on Thursday, August 4th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 2nd. This represents a $0.48 annualized dividend and a dividend yield of 1.87%. Cardinal Financial Corp.’s dividend payout ratio is currently 33.80%.
A number of brokerages have weighed in on CFNL. Raymond James Financial Inc. cut Cardinal Financial Corp. from an “outperform” rating to a “market perform” rating in a research report on Friday, August 19th. Keefe, Bruyette & Woods cut Cardinal Financial Corp. from an “outperform” rating to a “market perform” rating and upped their price target for the company from $24.00 to $27.00 in a research report on Monday, August 22nd. Finally, Zacks Investment Research cut Cardinal Financial Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, August 11th. Five research analysts have rated the stock with a hold rating, The stock currently has a consensus rating of “Hold” and a consensus target price of $23.40.
In related news, CFO Mark A. Wendel sold 15,000 shares of the stock in a transaction on Wednesday, June 29th. The stock was sold at an average price of $21.10, for a total value of $316,500.00. Following the sale, the chief financial officer now owns 32,534 shares in the company, valued at $686,467.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher W. Bergstrom sold 80,993 shares of the stock in a transaction on Monday, August 29th. The stock was sold at an average price of $26.50, for a total value 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 disclosure for this sale can be found here. Company 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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