Zacks Investment Research Downgrades Carolina Financial Corp. (CARO) to Hold
Carolina Financial Corp. (NASDAQ:CARO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
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 equities research analysts have also issued reports about the stock. Stephens initiated coverage on shares of Carolina Financial Corp. in a research note on Friday, September 9th. They set an “equal weight” rating and a $22.50 price target on the stock. Sandler O’Neill initiated coverage on shares of Carolina Financial Corp. in a research note on Wednesday, September 14th. They set a “hold” rating on the stock. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $21.83.
Carolina Financial Corp. (NASDAQ:CARO) traded up 0.09% during midday trading on Monday, hitting $22.36. 15,294 shares of the stock traded hands. Carolina Financial Corp. has a one year low of $14.49 and a one year high of $22.59. The company has a market cap of $275.61 million, a P/E ratio of 17.62 and a beta of 0.37. The company’s 50 day moving average is $21.67 and its 200-day moving average is $19.27.
Carolina Financial Corp. (NASDAQ:CARO) last announced its quarterly earnings data on Friday, July 29th. The financial services provider reported $0.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by $0.12. Carolina Financial Corp. had a net margin of 17.32% and a return on equity of 12.02%. On average, equities research analysts forecast that Carolina Financial Corp. will post $1.39 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Thursday, September 29th will be paid a $0.03 dividend. The ex-dividend date of this dividend is Tuesday, September 27th. This represents a $0.12 dividend on an annualized basis and a yield of 0.54%. Carolina Financial Corp.’s dividend payout ratio is presently 9.30%.
In other Carolina Financial Corp. news, Director Michael P. Leddy sold 10,000 shares of Carolina Financial Corp. stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $20.19, for a total value of $201,900.00. Following the transaction, the director now directly owns 92,607 shares in the company, valued at $1,869,735.33. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 15.50% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of CARO. Schwab Charles Investment Management Inc. acquired a new position in Carolina Financial Corp. during the second quarter worth approximately $292,000. Paloma Partners Management Co raised its position in Carolina Financial Corp. by 24.8% in the second quarter. Paloma Partners Management Co now owns 19,522 shares of the financial services provider’s stock worth $365,000 after buying an additional 3,879 shares in the last quarter. State Street Corp acquired a new position in Carolina Financial Corp. during the second quarter worth approximately $1,898,000. Teachers Advisors Inc. acquired a new position in Carolina Financial Corp. during the second quarter worth approximately $306,000. Finally, Martingale Asset Management L P acquired a new position in Carolina Financial Corp. during the second quarter worth approximately $229,000. Institutional investors own 25.77% of the company’s stock.
Carolina Financial Corp. Company Profile
Carolina Financial Corporation is a bank holding company. The Company operates through CresCom Bank, a South Carolina state-chartered bank (the Bank). The Company operates through three segments: community banking, wholesale mortgage banking (mortgage banking) and other. The Company’s community banking segment provides traditional banking services offered through CresCom Bank.
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