Squarepoint Ops LLC Buys New Holdings in Carolina Financial Corp (CARO)
Squarepoint Ops LLC bought a new position in shares of Carolina Financial Corp (NASDAQ:CARO) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 9,350 shares of the financial services provider’s stock, valued at approximately $277,000.
A number of other large investors have also modified their holdings of CARO. Wells Fargo & Company MN lifted its position in shares of Carolina Financial by 102.8% during the 3rd quarter. Wells Fargo & Company MN now owns 59,879 shares of the financial services provider’s stock valued at $2,258,000 after buying an additional 30,347 shares in the last quarter. SG Americas Securities LLC bought a new stake in Carolina Financial during the 3rd quarter valued at approximately $571,000. Bank of New York Mellon Corp raised its stake in Carolina Financial by 15.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 277,298 shares of the financial services provider’s stock valued at $10,458,000 after purchasing an additional 38,131 shares during the period. BlackRock Inc. raised its stake in Carolina Financial by 10.0% during the 3rd quarter. BlackRock Inc. now owns 1,682,139 shares of the financial services provider’s stock valued at $63,450,000 after purchasing an additional 153,603 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Carolina Financial by 7.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 665,286 shares of the financial services provider’s stock valued at $25,094,000 after purchasing an additional 45,777 shares during the period. Hedge funds and other institutional investors own 55.29% of the company’s stock.
Shares of CARO opened at $36.45 on Wednesday. The company has a market cap of $801.40 million, a P/E ratio of 12.74 and a beta of 1.00. Carolina Financial Corp 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 0.10, a quick ratio of 0.82 and a current ratio of 0.83.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were paid a $0.08 dividend. This is an increase from Carolina Financial’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.88%. Carolina Financial’s payout ratio is presently 11.19%.
In other Carolina Financial news, President M. J. Huggins III sold 5,000 shares of Carolina Financial stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $35.87, for a total value of $179,350.00. Following the sale, the president now owns 61,711 shares of the company’s stock, valued at approximately $2,213,573.57. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michael P. Leddy sold 20,000 shares of Carolina Financial stock in a transaction that occurred on Friday, February 8th. The stock was sold at an average price of $34.50, for a total value of $690,000.00. Following the completion of the sale, the director now directly owns 53,892 shares in the company, valued at approximately $1,859,274. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,500 shares of company stock worth $1,050,410. Corporate insiders own 6.89% of the company’s stock.
Several analysts recently issued reports on CARO shares. Stephens reissued a “hold” rating and set a $32.00 target price on shares of Carolina Financial in a research note on Wednesday, December 19th. Zacks Investment Research downgraded Carolina Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, December 25th. Brean Capital reissued a “buy” rating on shares of Carolina Financial in a research note on Monday, January 14th. ValuEngine raised Carolina Financial from a “sell” rating to a “hold” rating in a research note on Thursday, January 24th. Finally, BidaskClub raised Carolina Financial from a “sell” rating to a “hold” rating in a research note on Thursday, January 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. Carolina Financial currently has an average rating of “Hold” and an average price target of $33.60.
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Carolina Financial 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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