Zacks Investment Research Lowers Carolina Financial (NASDAQ:CARO) to Sell

Zacks Investment Research downgraded shares of Carolina Financial (NASDAQ:CARO) from a hold rating to a sell rating in a report released on Monday morning, 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. “

A number of other equities analysts have also commented on CARO. BidaskClub lowered shares of Zynerba Pharmaceuticals from a buy rating to a hold rating in a research note on Thursday, July 11th. ValuEngine lowered shares of Zuora from a buy rating to a hold rating in a research note on Saturday, June 1st. Sandler O’Neill lowered shares of Heritage Financial from a buy rating to a hold rating and decreased their price objective for the stock from $34.00 to $32.00 in a research note on Friday, April 26th. Finally, Stephens set a $98.00 price objective on shares of Everbridge and gave the stock a buy rating in a research note on Monday. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $38.20.

Carolina Financial stock opened at $34.45 on Monday. The business has a 50 day moving average price of $34.72. Carolina Financial has a 52 week low of $27.62 and a 52 week high of $43.70. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. The firm has a market cap of $768.31 million, a price-to-earnings ratio of 12.05 and a beta of 1.00.

Carolina Financial (NASDAQ:CARO) last posted its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.67 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.02). Carolina Financial had a return on equity of 10.99% and a net margin of 29.22%. The firm had revenue of $43.34 million during the quarter, compared to analyst estimates of $44.74 million. Equities analysts expect that Carolina Financial will post 2.83 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Friday, June 14th were paid a dividend of $0.09 per share. The ex-dividend date was Thursday, June 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.04%. This is a positive change from Carolina Financial’s previous quarterly dividend of $0.08. Carolina Financial’s dividend payout ratio (DPR) is 12.59%.

In other Carolina Financial news, insider David L. Morrow sold 6,000 shares of Carolina Financial stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $37.65, for a total transaction of $225,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffery L. Deal sold 1,105 shares of Carolina Financial stock in a transaction on Friday, May 17th. The shares were sold at an average price of $37.09, for a total transaction of $40,984.45. Following the sale, the director now directly owns 22,296 shares of the company’s stock, valued at approximately $826,958.64. The disclosure for this sale can be found here. Insiders have sold a total of 15,192 shares of company stock valued at $568,477 in the last three months. Company insiders own 6.89% of the company’s stock.

Several large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its stake in shares of Carolina Financial by 14.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 759,329 shares of the financial services provider’s stock valued at $22,469,000 after buying an additional 94,043 shares during the period. Tributary Capital Management LLC lifted its stake in shares of Carolina Financial by 14.5% in the 1st quarter. Tributary Capital Management LLC now owns 522,860 shares of the financial services provider’s stock valued at $18,086,000 after purchasing an additional 66,236 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Carolina Financial by 2.3% in the 4th quarter. Bank of New York Mellon Corp now owns 283,739 shares of the financial services provider’s stock valued at $8,395,000 after purchasing an additional 6,441 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Carolina Financial by 10.1% in the 4th quarter. Geode Capital Management LLC now owns 231,619 shares of the financial services provider’s stock valued at $6,853,000 after purchasing an additional 21,279 shares during the last quarter. Finally, Banc Funds Co. LLC lifted its stake in shares of Carolina Financial by 11.5% in the 1st quarter. Banc Funds Co. LLC now owns 186,580 shares of the financial services provider’s stock valued at $6,454,000 after purchasing an additional 19,264 shares during the last quarter. 55.94% 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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