Cardinal Financial Co. (CFNL) Stake Reduced by Spark Investment Management LLC
Spark Investment Management LLC decreased its stake in Cardinal Financial Co. (NASDAQ:CFNL) by 64.7% during the first quarter, Holdings Channel reports. The fund owned 7,800 shares of the bank’s stock after selling 14,300 shares during the period. Spark Investment Management LLC’s holdings in Cardinal Financial were worth $233,000 as of its most recent filing with the SEC.
Other large investors have also bought and sold shares of the company. Acrospire Investment Management LLC acquired a new stake in Cardinal Financial during the first quarter valued at $108,000. State of Alaska Department of Revenue boosted its stake in Cardinal Financial by 2.5% in the first quarter. State of Alaska Department of Revenue now owns 3,650 shares of the bank’s stock valued at $109,000 after buying an additional 90 shares during the last quarter. Ancora Advisors LLC acquired a new stake in Cardinal Financial during the fourth quarter valued at $125,000. Creative Planning boosted its stake in Cardinal Financial by 50.2% in the first quarter. Creative Planning now owns 3,887 shares of the bank’s stock valued at $116,000 after buying an additional 1,299 shares during the last quarter. Finally, Pitcairn Co. acquired a new stake in Cardinal Financial during the fourth quarter valued at $218,000. Hedge funds and other institutional investors own 75.24% of the company’s stock.
Cardinal Financial Co. (CFNL) traded down 0.24% during midday trading on Friday, reaching $29.04. The stock’s 50-day moving average price is $29.54 and its 200-day moving average price is $30.10. Cardinal Financial Co. has a 52 week low of $20.37 and a 52 week high of $34.75.
Cardinal Financial (NASDAQ:CFNL) last issued its quarterly earnings results on Tuesday, April 11th. The bank reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by $0.06. The business had revenue of $45.68 million during the quarter, compared to analysts’ expectations of $48.46 million. Cardinal Financial had a net margin of 27.09% and a return on equity of 10.86%. During the same period in the prior year, the company posted $0.39 EPS. Equities research analysts anticipate that Cardinal Financial Co. will post $1.65 earnings per share for the current fiscal year.
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Separately, Keefe, Bruyette & Woods restated a “hold” rating and set a $31.00 target price on shares of Cardinal Financial in a research note on Monday, April 10th.
In related news, insider Bernard H. Clineburg sold 20,004 shares of the stock in a transaction dated Wednesday, April 19th. The stock was sold at an average price of $28.53, for a total value of $570,714.12. Following the completion of the transaction, the insider now owns 347,760 shares of the company’s stock, valued at $9,921,592.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher W. Bergstrom sold 27,296 shares of the stock in a transaction dated Monday, April 17th. The shares were sold at an average price of $27.58, for a total value of $752,823.68. Following the completion of the transaction, the insider now directly owns 10,305 shares of the company’s stock, valued at approximately $284,211.90. The disclosure for this sale can be found here. Insiders sold 152,483 shares of company stock valued at $4,262,438 in the last three months. 6.23% of the stock is currently owned by company insiders.
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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