Carolina Financial (NASDAQ:CARO) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Carolina Financial (NASDAQ:CARO) from a sell rating to a hold rating in a research note published on Monday, Zacks.com reports.

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. “

Several other equities analysts have also issued reports on the stock. Sandler O’Neill lowered shares of Heritage Financial from a buy rating to a hold rating and lowered their target price for the company from $34.00 to $32.00 in a report on Friday, April 26th. Stephens reiterated a hold rating on shares of Carolina Financial in a report on Thursday, April 25th. ValuEngine lowered shares of Zuora from a buy rating to a hold rating in a report on Saturday, June 1st. Finally, BidaskClub lowered shares of Zebra Technologies from a hold rating to a sell rating in a report on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Carolina Financial has a consensus rating of Hold and an average price target of $37.40.

Shares of CARO opened at $34.81 on Monday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. Carolina Financial has a one year low of $27.62 and a one year high of $43.70. The business has a 50-day moving average of $34.73. The stock has a market capitalization of $776.79 million, a price-to-earnings ratio of 12.17 and a beta of 1.01.

Carolina Financial (NASDAQ:CARO) last issued its quarterly earnings data 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). 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 analysts’ expectations of $44.74 million. Analysts anticipate that Carolina Financial will post 2.85 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 5th. Stockholders of record on Friday, June 14th were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.03%. This is a positive change from Carolina Financial’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Thursday, June 13th. Carolina Financial’s dividend payout ratio (DPR) is presently 12.59%.

In related news, Director Jeffery L. Deal sold 2,087 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $36.70, for a total transaction of $76,592.90. Following the completion of the sale, the director now owns 21,590 shares of the company’s stock, valued at $792,353. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David L. Morrow sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $38.12, for a total transaction of $76,240.00. The disclosure for this sale can be found here. Insiders have sold 15,192 shares of company stock valued at $568,477 over the last quarter. Company insiders own 6.89% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its position in shares of Carolina Financial by 37.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,009 shares of the financial services provider’s stock valued at $89,000 after acquiring an additional 819 shares in the last quarter. Advisor Group Inc. increased its position in shares of Carolina Financial by 34.3% during the fourth quarter. Advisor Group Inc. now owns 3,765 shares of the financial services provider’s stock valued at $111,000 after acquiring an additional 961 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Carolina Financial by 62,642.9% during the first quarter. BNP Paribas Arbitrage SA now owns 4,392 shares of the financial services provider’s stock valued at $152,000 after acquiring an additional 4,385 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its position in shares of Carolina Financial by 390.1% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 6,753 shares of the financial services provider’s stock valued at $200,000 after acquiring an additional 5,375 shares in the last quarter. Finally, Stifel Financial Corp bought a new stake in shares of Carolina Financial during the fourth quarter valued at approximately $209,000. 55.89% of the stock is owned by institutional investors.

Carolina Financial Company 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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