Carolina Financial (NASDAQ:CARO) Downgraded by BidaskClub

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BidaskClub lowered shares of Carolina Financial (NASDAQ:CARO) from a hold rating to a sell rating in a report published on Thursday, BidAskClub reports.

Other equities research analysts also recently issued reports about the stock. Zacks Investment Research raised shares of Flagstar Bancorp from a hold rating to a buy rating and set a $38.00 price target for the company in a research note on Monday, July 8th. ValuEngine downgraded shares of Zuora from a buy rating to a hold rating in a research note on Saturday, June 1st. Stephens reaffirmed a hold rating on shares of Carolina Financial in a research note on Thursday, April 25th. Finally, Sandler O’Neill downgraded 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 research note on Friday, April 26th. 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 currently has an average rating of Hold and an average target price of $37.40.

CARO opened at $35.62 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. The company has a market capitalization of $794.86 million, a P/E ratio of 12.68 and a beta of 1.00. The business’s 50 day simple moving average is $34.74. Carolina Financial has a fifty-two week low of $27.62 and a fifty-two week high of $43.70.

Carolina Financial (NASDAQ:CARO) last posted its quarterly 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). The business 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%. As a group, equities analysts anticipate that Carolina Financial will post 2.83 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Friday, June 14th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.01%. The ex-dividend date was Thursday, June 13th. This is an increase from Carolina Financial’s previous quarterly dividend of $0.08. Carolina Financial’s dividend payout ratio is presently 12.59%.

In other news, Director Jeffery L. Deal sold 2,087 shares of the stock in a transaction 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 can be accessed through this hyperlink. Also, insider David L. Morrow sold 6,000 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $37.65, for a total transaction of $225,900.00. The disclosure for this sale can be found here. Insiders sold 15,192 shares of company stock valued at $568,477 in the last ninety days. Insiders own 6.89% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Campbell Newman Asset Management Inc. increased its position in shares of Carolina Financial by 3.2% during the first quarter. Campbell Newman Asset Management Inc. now owns 12,836 shares of the financial services provider’s stock worth $444,000 after acquiring an additional 395 shares in the last quarter. 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 worth $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 worth $111,000 after acquiring an additional 961 shares in the last quarter. Mesirow Financial Investment Management Inc. increased its position in shares of Carolina Financial by 12.0% during the second quarter. Mesirow Financial Investment Management Inc. now owns 10,749 shares of the financial services provider’s stock worth $377,000 after acquiring an additional 1,150 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its position in shares of Carolina Financial by 18.7% during the fourth quarter. Commonwealth Equity Services LLC now owns 11,961 shares of the financial services provider’s stock worth $353,000 after acquiring an additional 1,885 shares in the last quarter. 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.

Further Reading: Buy Rating

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