Is Cardinal Financial Corporation (NASDAQ:CFNL) undervalued? The smart money is becoming less hopeful. The number of bullish hedge fund bets dropped by 2 in recent months.
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Now, it’s important to take a gander at the recent action regarding Cardinal Financial Corporation (NASDAQ:CFNL).
What have hedge funds been doing with Cardinal Financial Corporation (NASDAQ:CFNL)?
At Q1’s end, a total of 6 of the hedge funds we track held long positions in this stock, a change of -25% from one quarter earlier. With hedge funds’ positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were boosting their stakes substantially.
Seeing as Cardinal Financial Corporation (NASDAQ:CFNL) has witnessed bearish sentiment from the smart money, it’s safe to say that there is a sect of fund managers that decided to sell off their positions entirely last quarter. Intriguingly, Ken Gray and Steve Walsh’s Bryn Mawr Capital dumped the largest stake of the 450+ funds we monitor, comprising about $2.7 million in stock., and Charles Davidson of Wexford Capital was right behind this move, as the fund sold off about $2.4 million worth. These bearish behaviors are important to note, as total hedge fund interest dropped by 2 funds last quarter.
What have insiders been doing with Cardinal Financial Corporation (NASDAQ:CFNL)?
Insider trading activity, especially when it’s bullish, is most useful when the primary stock in question has seen transactions within the past half-year. Over the latest 180-day time frame, Cardinal Financial Corporation (NASDAQ:CFNL) has seen 4 unique insiders purchasing, and 4 insider sales (see the details of insider trades here).
Let’s also examine hedge fund and insider activity in other stocks similar to Cardinal Financial Corporation (NASDAQ:CFNL). These stocks are Pinnacle Financial Partners (NASDAQ:PNFP), Simmons First National Corporation (NASDAQ:SFNC), Republic Bancorp, Inc. KY (NASDAQ:RBCAA), Community Trust Bancorp, Inc. (NASDAQ:CTBI), and Renasant Corp. (NASDAQ:RNST). All of these stocks are in the regional – southeast banks industry and their market caps are closest to CFNL’s market cap.
