Carolina Financial Corporation (CARO) Cut to “Hold” at BidaskClub

BidaskClub cut shares of Carolina Financial Corporation (NASDAQ:CARO) from a buy rating to a hold rating in a report published on Saturday morning.

Several other equities analysts have also recently issued reports on CARO. Zacks Investment Research upgraded Carolina Financial Corporation from a hold rating to a buy rating and set a $35.00 price objective for the company in a research note on Friday, April 28th. UBS AG upgraded Carolina Financial Corporation from an outperform rating to a strong-buy rating in a research note on Tuesday, June 13th. Raymond James Financial, Inc. upgraded Carolina Financial Corporation from an outperform rating to a strong-buy rating and lifted their price objective for the company from $33.00 to $38.00 in a research note on Tuesday, June 13th. Brean Capital upgraded Carolina Financial Corporation from a hold rating to a buy rating in a research note on Tuesday, June 13th. Finally, Keefe, Bruyette & Woods reiterated a buy rating and issued a $38.00 price objective on shares of Carolina Financial Corporation in a research note on Friday, July 7th. Two analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $36.00.

Shares of Carolina Financial Corporation (NASDAQ CARO) opened at 32.83 on Friday. Carolina Financial Corporation has a 52-week low of $20.06 and a 52-week high of $34.84. The firm’s 50 day moving average is $33.20 and its 200 day moving average is $31.12. The stock has a market capitalization of $527.09 million, a price-to-earnings ratio of 18.07 and a beta of 0.45.

Carolina Financial Corporation (NASDAQ:CARO) last announced its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.09. The business had revenue of $27.90 million during the quarter, compared to analysts’ expectations of $27.97 million. Carolina Financial Corporation had a return on equity of 12.13% and a net margin of 24.19%. Equities analysts expect that Carolina Financial Corporation will post $2.00 earnings per share for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 5th. Stockholders of record on Thursday, September 14th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.49%. The ex-dividend date is Wednesday, September 13th. Carolina Financial Corporation’s payout ratio is presently 8.84%.

In related news, Director Jeffery L. Deal sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $33.53, for a total transaction of $335,300.00. Following the completion of the sale, the director now owns 60,101 shares in the company, valued at $2,015,186.53. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director W. Scott Brandon sold 6,557 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $33.98, for a total value of $222,806.86. Following the sale, the director now owns 91,352 shares of the company’s stock, valued at approximately $3,104,140.96. The disclosure for this sale can be found here. Insiders sold a total of 36,557 shares of company stock valued at $1,218,107 in the last quarter. Company insiders own 12.23% of the company’s stock.

A number of large investors have recently bought and sold shares of CARO. Advisor Group Inc. boosted its stake in Carolina Financial Corporation by 826.4% in the second quarter. Advisor Group Inc. now owns 3,159 shares of the financial services provider’s stock valued at $102,000 after buying an additional 2,818 shares during the last quarter. Legal & General Group Plc boosted its stake in Carolina Financial Corporation by 19.1% in the second quarter. Legal & General Group Plc now owns 3,786 shares of the financial services provider’s stock valued at $122,000 after buying an additional 607 shares during the last quarter. American International Group Inc. boosted its stake in Carolina Financial Corporation by 8.7% in the first quarter. American International Group Inc. now owns 6,399 shares of the financial services provider’s stock valued at $192,000 after buying an additional 512 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in Carolina Financial Corporation during the fourth quarter valued at $197,000. Finally, Nationwide Fund Advisors boosted its stake in Carolina Financial Corporation by 4.4% in the first quarter. Nationwide Fund Advisors now owns 6,723 shares of the financial services provider’s stock valued at $202,000 after buying an additional 286 shares during the last quarter. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Carolina Financial Corporation Company Profile

Carolina Financial Corporation is a bank holding company. The Company operates through CresCom Bank (the Bank), a state-chartered commercial bank. The Company operates through three segments: community banking, wholesale mortgage banking (mortgage banking) and other. The Company’s community banking segment provides traditional banking services offered through CresCom Bank.

Analyst Recommendations for Carolina Financial Corporation (NASDAQ:CARO)

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