Insider Selling: Carolina Financial Corp (CARO) EVP Sells 2,000 Shares of Stock

Carolina Financial Corp (NASDAQ:CARO) EVP David L. Morrow sold 2,000 shares of Carolina Financial stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $37.12, for a total transaction of $74,240.00. Following the transaction, the executive vice president now directly owns 122,792 shares of the company’s stock, valued at $4,558,039.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

David L. Morrow also recently made the following trade(s):

  • On Wednesday, May 8th, David L. Morrow sold 2,000 shares of Carolina Financial stock. The shares were sold at an average price of $37.26, for a total transaction of $74,520.00.
  • On Monday, May 6th, David L. Morrow sold 2,000 shares of Carolina Financial stock. The shares were sold at an average price of $38.12, for a total transaction of $76,240.00.
  • On Wednesday, May 8th, David L. Morrow sold 6,000 shares of Carolina Financial stock. The shares were sold at an average price of $37.65, for a total transaction of $225,900.00.

Shares of NASDAQ CARO traded down $0.67 during trading on Friday, reaching $36.70. The company had a trading volume of 40,902 shares, compared to its average volume of 45,101. Carolina Financial Corp has a 52 week low of $27.62 and a 52 week high of $45.58. The company has a market cap of $833.92 million, a PE ratio of 12.83 and a beta of 0.99. The company has a current ratio of 0.84, a quick ratio of 0.82 and a debt-to-equity ratio of 0.13.

Carolina Financial (NASDAQ:CARO) last announced its earnings results on Wednesday, April 24th. The financial services provider reported $0.67 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.02). Carolina Financial had a return on equity of 10.99% and a net margin of 29.22%. The company had revenue of $43.34 million during the quarter, compared to the consensus estimate of $44.74 million. As a group, equities research analysts forecast that Carolina Financial Corp will post 2.88 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Friday, June 14th will be paid a $0.09 dividend. The ex-dividend date is Thursday, June 13th. This is an increase from Carolina Financial’s previous quarterly dividend of $0.08. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.98%. Carolina Financial’s payout ratio is currently 11.19%.

Several equities analysts recently issued reports on CARO shares. ValuEngine raised shares of Carolina Financial from a “sell” rating to a “hold” rating in a report on Thursday, January 24th. BidaskClub raised shares of Carolina Financial from a “sell” rating to a “hold” rating in a report on Thursday, January 24th. Brean Capital reissued a “buy” rating and set a $41.00 price target on shares of Carolina Financial in a report on Friday, January 25th. Zacks Investment Research downgraded shares of Carolina Financial from a “buy” rating to a “hold” rating in a report on Tuesday, April 9th. Finally, Stephens reissued a “hold” rating on shares of Carolina Financial in a report on Thursday, April 25th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $34.33.

Several hedge funds and other institutional investors have recently made changes to their positions in CARO. Hotchkis & Wiley Capital Management LLC lifted its stake in Carolina Financial by 407.5% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 163,288 shares of the financial services provider’s stock valued at $5,648,000 after buying an additional 131,110 shares in the last quarter. SEI Investments Co bought a new position in Carolina Financial in the first quarter valued at approximately $453,000. Geode Capital Management LLC lifted its stake in Carolina Financial by 7.6% in the first quarter. Geode Capital Management LLC now owns 249,296 shares of the financial services provider’s stock valued at $8,623,000 after buying an additional 17,677 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Carolina Financial by 5.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 119,299 shares of the financial services provider’s stock valued at $4,127,000 after buying an additional 6,323 shares in the last quarter. Finally, Banc Funds Co. LLC lifted its stake in Carolina Financial by 11.5% in the first quarter. Banc Funds Co. LLC now owns 186,580 shares of the financial services provider’s stock valued at $6,454,000 after buying an additional 19,264 shares in the last quarter. 54.81% of the stock is owned by institutional investors.

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About Carolina Financial

Carolina Financial Corporation operates as a holding company for CresCom Bank that provides a range of commercial and retail banking financial services in South Carolina and North Carolina. The company operates through three segments: Community Banking, Wholesale Mortgage Banking, and Other. It offers noninterest-bearing demand accounts, interest-bearing demand and savings accounts, money market accounts, time deposits, and certificates of deposit.

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