Zacks Investment Research upgraded shares of Carolina Financial (NASDAQ:CARO) from a sell rating to a hold rating in a research note issued to investors on Wednesday.
According to Zacks, “Carolina Financial Corporation is the holding company of CresCom Bank. It operates through three reportable segments: Community Banking, Wholesale Mortgage Banking, and other. Its deposit products include checking accounts, commercial accounts, savings accounts, retirement accounts, and other time deposits. The company’s loan portfolio comprises loans to small and medium-sized businesses, residential and commercial construction and development loans, commercial real estate loans, residential mortgage loans, residential lot loans, home equity loans, and consumer loans. The company also offers mortgage banking services comprising correspondent lending and loan servicing; and cash management services. Carolina Financial Corporation is based in Charleston, South Carolina. “
A number of other brokerages have also weighed in on CARO. BidaskClub lowered shares of Carolina Financial from a hold rating to a sell rating in a report on Thursday, September 13th. Brean Capital restated a buy rating on shares of Carolina Financial in a report on Sunday, September 30th. ValuEngine lowered shares of Carolina Financial from a hold rating to a sell rating in a report on Wednesday, October 17th. Raymond James reduced their price objective on shares of Carolina Financial from $45.00 to $40.00 and set a buy rating on the stock in a report on Friday, October 26th. Finally, Stephens restated a hold rating and issued a $32.00 price objective on shares of Carolina Financial in a report on Wednesday, December 19th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Carolina Financial has an average rating of Hold and an average target price of $35.20.
Carolina Financial stock traded down $0.05 during mid-day trading on Wednesday, reaching $31.44. 819 shares of the company’s stock were exchanged, compared to its average volume of 84,480. The firm has a market cap of $697.65 million, a PE ratio of 15.42 and a beta of 0.92. Carolina Financial has a twelve month low of $27.62 and a twelve month high of $45.58. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.08.
Carolina Financial (NASDAQ:CARO) last announced its quarterly earnings data on Wednesday, October 24th. The financial services provider reported $0.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.01. Carolina Financial had a net margin of 21.18% and a return on equity of 11.03%. The business had revenue of $44.18 million for the quarter, compared to analyst estimates of $44.62 million. On average, equities research analysts anticipate that Carolina Financial will post 2.78 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, January 4th. Investors of record on Friday, December 14th were given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date was Thursday, December 13th. Carolina Financial’s dividend payout ratio (DPR) is 13.73%.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers grew its position in shares of Carolina Financial by 9.5% in the 2nd quarter. Rhumbline Advisers now owns 17,837 shares of the financial services provider’s stock valued at $766,000 after buying an additional 1,550 shares during the last quarter. Teachers Advisors LLC grew its position in shares of Carolina Financial by 5.4% in the 3rd quarter. Teachers Advisors LLC now owns 39,826 shares of the financial services provider’s stock valued at $1,502,000 after buying an additional 2,049 shares during the last quarter. BlueMountain Capital Management LLC grew its position in shares of Carolina Financial by 14.5% in the 3rd quarter. BlueMountain Capital Management LLC now owns 19,347 shares of the financial services provider’s stock valued at $730,000 after buying an additional 2,449 shares during the last quarter. Summit Global Investments grew its position in shares of Carolina Financial by 15.8% in the 3rd quarter. Summit Global Investments now owns 18,300 shares of the financial services provider’s stock valued at $690,000 after buying an additional 2,500 shares during the last quarter. Finally, Systematic Financial Management LP grew its position in shares of Carolina Financial by 10.7% in the 3rd quarter. Systematic Financial Management LP now owns 33,230 shares of the financial services provider’s stock valued at $1,253,000 after buying an additional 3,200 shares during the last quarter. 54.52% of the stock is currently owned by hedge funds and other institutional investors.
About Carolina Financial
Carolina Financial Corp. is a holding company, which engages in the provision of commercial banking services to individuals and small to medium-sized businesses. It operates through the following segments: Community Banking, Wholesale Mortgage Banking, and Other. The Community Banking segment offers traditional banking services.
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