Carolina Financial (NASDAQ:CARO) Upgraded 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 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. “

Other analysts have also issued reports about the company. Sandler O’Neill lowered Carolina Financial from a buy rating to a hold rating and set a $38.00 price target on the stock. in a report on Friday, April 26th. Stephens reiterated a hold rating and set a $37.00 price target on shares of Carolina Financial in a report on Monday, July 29th. Raymond James set a $39.00 price target on Carolina Financial and gave the stock a buy rating in a report on Monday, July 15th. ValuEngine lowered Carolina Financial from a hold rating to a sell rating in a report on Saturday, June 1st. Finally, BidaskClub upgraded Carolina Financial from a sell rating to a hold rating in a report on Saturday, July 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. Carolina Financial currently has a consensus rating of Hold and a consensus price target of $38.20.

Shares of Carolina Financial stock opened at $34.23 on Tuesday. The business’s fifty day simple moving average is $34.68 and its 200 day simple moving average is $35.45. The firm has a market capitalization of $761.88 million, a P/E ratio of 12.17 and a beta of 1.00. Carolina Financial has a 12 month low of $27.62 and a 12 month high of $42.45. The company has a current ratio of 0.86, a quick ratio of 0.84 and a debt-to-equity ratio of 0.11.

Carolina Financial (NASDAQ:CARO) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.73 EPS for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.01. The business had revenue of $45.51 million for the quarter, compared to analyst estimates of $45.64 million. Carolina Financial had a return on equity of 10.85% and a net margin of 28.60%. Analysts predict that Carolina Financial will post 2.82 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Friday, September 13th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.36 annualized dividend and a dividend yield of 1.05%. Carolina Financial’s payout ratio is presently 12.59%.

In other Carolina Financial news, Director Jeffery L. Deal sold 2,087 shares of the business’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $36.70, for a total value of $76,592.90. Following the sale, the director now directly owns 21,590 shares in the company, valued at $792,353. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 6.89% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of CARO. Stifel Financial Corp purchased a new stake in Carolina Financial during the fourth quarter valued at about $209,000. Geode Capital Management LLC lifted its stake in Carolina Financial by 10.1% during the fourth quarter. Geode Capital Management LLC now owns 231,619 shares of the financial services provider’s stock valued at $6,853,000 after buying an additional 21,279 shares in the last quarter. Bank of America Corp DE lifted its stake in Carolina Financial by 7.5% during the fourth quarter. Bank of America Corp DE now owns 114,554 shares of the financial services provider’s stock valued at $3,389,000 after buying an additional 8,004 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Carolina Financial during the fourth quarter valued at about $277,000. Finally, Metropolitan Life Insurance Co. NY lifted its stake in 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 buying an additional 5,375 shares in the last quarter. Hedge funds and other institutional investors own 56.60% of the company’s stock.

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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