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

In a report published on Friday, Catherine Mealor of Keefe, Bruyette & Woods downgraded Cardinal Financial Corporation (NASDAQ: 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.