Carolina Financial (CARO) Upgraded to “Hold” by Zacks Investment Research

Carolina Financial (NASDAQ:CARO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday, 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 research analysts have also recently issued reports on the stock. BidaskClub raised shares of Carolina Financial from a “sell” rating to a “hold” rating in a report on Tuesday, May 7th. ValuEngine raised shares of Carolina Financial from a “sell” rating to a “hold” rating in a report on Friday, May 3rd. Sandler O’Neill cut shares of Carolina Financial from a “buy” rating to a “hold” rating and set a $38.00 target price for the company. in a report on Friday, April 26th. Stephens reissued a “hold” rating on shares of Carolina Financial in a report on Thursday, April 25th. Finally, Brean Capital reissued a “buy” rating and set a $41.00 target price on shares of Carolina Financial in a report on Friday, January 25th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Carolina Financial currently has an average rating of “Hold” and a consensus target price of $34.33.

NASDAQ CARO opened at $37.03 on Tuesday. The firm has a market capitalization of $811.82 million, a price-to-earnings ratio of 12.95 and a beta of 0.99. Carolina Financial has a 12-month low of $27.62 and a 12-month high of $45.58. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.82.

Carolina Financial (NASDAQ:CARO) last posted its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.02). The company had revenue of $43.34 million during the quarter, compared to analysts’ expectations 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 2.88 earnings per share for the current year.

In related news, EVP David L. Morrow sold 2,000 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were 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 is accessible through the SEC website. Also, President M. J. Huggins III sold 5,000 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $35.87, for a total transaction of $179,350.00. Following the transaction, the president now directly 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. In the last three months, insiders have sold 15,000 shares of company stock valued at $556,010. 6.89% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of CARO. Vanguard Group Inc grew its position in Carolina Financial by 1.3% during the third quarter. Vanguard Group Inc now owns 994,107 shares of the financial services provider’s stock valued at $37,498,000 after buying an additional 12,960 shares during the period. Vanguard Group Inc. grew its position in Carolina Financial by 1.3% during the third quarter. Vanguard Group Inc. now owns 994,107 shares of the financial services provider’s stock valued at $37,498,000 after buying an additional 12,960 shares during the period. Dimensional Fund Advisors LP grew its position in Carolina Financial by 7.3% during the first quarter. Dimensional Fund Advisors LP now owns 814,460 shares of the financial services provider’s stock valued at $28,172,000 after buying an additional 55,131 shares during the period. Mendon Capital Advisors Corp grew its position in Carolina Financial by 46.6% during the fourth quarter. Mendon Capital Advisors Corp now owns 637,438 shares of the financial services provider’s stock valued at $18,862,000 after buying an additional 202,497 shares during the period. Finally, Tributary Capital Management LLC grew its position in Carolina Financial by 14.5% during the first quarter. Tributary Capital Management LLC now owns 522,860 shares of the financial services provider’s stock valued at $18,086,000 after buying an additional 66,236 shares during the period. 54.81% of the stock is owned by hedge funds and other institutional investors.

About Carolina Financial

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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Analyst Recommendations for Carolina Financial (NASDAQ:CARO)

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