UPDATE: KBW Lowers PT on Cardinal Financial to $12.25 (CFNL)

KBW is out with its report today on Cardinal Financial CFNL, lowering its PT from $12.75 to $12.25. In a note to clients, KBW writes, "CFNL reported in-line 1Q11 bottom-line results in a quarter marked by muted loan growth, which led to greater-than-expected NIM compression. We are reducing our '11, '12 & '13 EPS ests by $0.05, $0.07 & $0.04, respectively, largely due to the repositioning of the wealth mgmt segment. We are also lowering our PT by $0.50, to $12.25." KBW maintains Market Perform on CFNL. Shares of CFNL closed Wednesday at $10.89.