Alps Advisors Inc. bought a new stake in Carolina Financial Corp (NASDAQ:CARO) during the first quarter, HoldingsChannel.com reports. The fund bought 11,171 shares of the financial services provider’s stock, valued at approximately $386,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in CARO. Mendon Capital Advisors Corp lifted its position in shares of Carolina Financial by 46.6% in the 4th quarter. Mendon Capital Advisors Corp now owns 637,438 shares of the financial services provider’s stock worth $18,862,000 after acquiring an additional 202,497 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Carolina Financial by 14.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 759,329 shares of the financial services provider’s stock worth $22,469,000 after acquiring an additional 94,043 shares during the period. Tributary Capital Management LLC lifted its position in shares of Carolina Financial by 24.9% in the 4th quarter. Tributary Capital Management LLC now owns 456,624 shares of the financial services provider’s stock worth $13,512,000 after acquiring an additional 91,054 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Carolina Financial by 15.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 277,298 shares of the financial services provider’s stock worth $10,458,000 after acquiring an additional 38,131 shares during the period. Finally, Penn Capital Management Co. Inc. lifted its position in shares of Carolina Financial by 23.7% in the 4th quarter. Penn Capital Management Co. Inc. now owns 161,907 shares of the financial services provider’s stock worth $4,791,000 after acquiring an additional 31,023 shares during the period. 54.81% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP David L. Morrow sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $38.12, for a total transaction of $76,240.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President M. J. Huggins III sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $35.87, for a total value of $179,350.00. Following the transaction, the president now owns 61,711 shares of the company’s stock, valued at approximately $2,213,573.57. The disclosure for this sale can be found here. Insiders have sold a total of 17,000 shares of company stock valued at $630,250 in the last 90 days. 6.89% of the stock is owned by corporate insiders.
Carolina Financial stock opened at $36.70 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. The company has a market cap of $833.92 million, a P/E ratio of 12.83 and a beta of 0.99. Carolina Financial Corp has a one year low of $27.62 and a one year high of $45.58.
Carolina Financial (NASDAQ:CARO) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $0.67 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by ($0.02). The company had revenue of $43.34 million for the quarter, compared to the consensus estimate of $44.74 million. Carolina Financial had a return on equity of 10.99% and a net margin of 29.22%. On average, equities research analysts forecast that Carolina Financial Corp will post 2.88 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Friday, June 14th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.98%. The ex-dividend date is Thursday, June 13th. This is an increase from Carolina Financial’s previous quarterly dividend of $0.08. Carolina Financial’s dividend payout ratio (DPR) is 11.19%.
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Carolina Financial Profile
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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