BidaskClub Upgrades Carolina Financial (CARO) to Buy
Several other equities research analysts also recently issued reports on CARO. Zacks Investment Research downgraded Carolina Financial from a hold rating to a sell rating in a report on Thursday, April 25th. ValuEngine upgraded Carolina Financial from a sell rating to a hold rating in a report on Friday, May 3rd. Sandler O’Neill downgraded Carolina Financial from a buy rating to a hold rating and set a $38.00 price target for the company. in a report on Friday, April 26th. Stephens restated a hold rating on shares of Carolina Financial in a report on Thursday, April 25th. Finally, Brean Capital restated a buy rating and issued a $41.00 price target on shares of Carolina Financial in a report on Friday, January 25th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $34.33.
Shares of Carolina Financial stock traded up $0.45 during trading hours on Wednesday, hitting $37.48. The company’s stock had a trading volume of 694 shares, compared to its average volume of 52,128. Carolina Financial has a 12 month low of $27.62 and a 12 month high of $45.58. The company has a market capitalization of $811.82 million, a P/E ratio of 13.10 and a beta of 0.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.82.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Friday, June 14th will be given a dividend of $0.09 per share. This is a boost from Carolina Financial’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Thursday, June 13th. Carolina Financial’s dividend payout ratio is currently 11.19%.
In related news, EVP David L. Morrow sold 2,000 shares of the 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President M. J. Huggins III sold 5,000 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $35.87, for a total value of $179,350.00. Following the transaction, the president now directly owns 61,711 shares of the company’s stock, valued at $2,213,573.57. The disclosure for this sale can be found here. Insiders have sold 15,000 shares of company stock valued at $556,010 over the last ninety days. 6.89% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Quantamental Technologies LLC acquired a new position in Carolina Financial during the fourth quarter valued at approximately $47,000. PNC Financial Services Group Inc. boosted its position in 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 purchasing an additional 819 shares during the last quarter. Advisor Group Inc. boosted its position in 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 purchasing an additional 961 shares during the last quarter. Capital Investment Advisory Services LLC acquired a new position in Carolina Financial during the fourth quarter valued at approximately $126,000. Finally, BNP Paribas Arbitrage SA boosted its position in 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 purchasing an additional 4,385 shares during the last quarter. 54.81% of the stock is owned by hedge funds and other 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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