UPDATE: Keefe, Bruyette & Woods Downgrades Cardinal Financial On Low Net Interest Margin

Loading...
Loading...

In a report published on Friday, Catherine Mealor of Keefe, Bruyette & Woods downgraded Cardinal Financial Corporation CFNL from Outperform to Market Perform, and lowered the price target from $20 to $19.

In the report, Keefe, Bruyette & Woods wrote, “CFNL had a good 4Q in terms of growth, mortgage profitability, credit and expenses; however, a surprisingly lower NIM caused us to lower estimates by 6% in 2015 and 7% in 2016. We are lowering our PT to $19 (from $20) on the lower estimates, and as a result are lowering our rating to MP given the limited upside to our revised price target."

Cardinal Financial traded at $18.21, down 0.6 percent.

Posted In: Analyst ColorDowngradesPrice TargetAnalyst RatingsCatherine MealorKeefe Bruyette & Woods
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...