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 stock. Brean Capital reissued a buy rating on shares of Carolina Financial in a research note on Monday, January 14th. Sandler O’Neill lowered shares of Carolina Financial from a buy rating to a hold rating and set a $38.00 target price for the company. in a research note on Friday, April 26th. Stephens reissued a hold rating on shares of Carolina Financial in a research note on Thursday, April 25th. BidaskClub raised shares of Carolina Financial from a sell rating to a hold rating in a research note on Tuesday, April 9th. Finally, ValuEngine raised shares of Carolina Financial from a sell rating to a hold rating in a research note on Thursday, January 24th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $34.33.
Carolina Financial (NASDAQ:CARO) last issued its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.02). Carolina Financial had a return on equity of 10.99% and a net margin of 29.22%. The company had revenue of $43.34 million during the quarter, compared to analyst estimates of $44.74 million. Equities analysts forecast that Carolina Financial will post 2.88 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Friday, June 14th will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.97%. The ex-dividend date of this dividend is Thursday, June 13th. This is an increase from Carolina Financial’s previous quarterly dividend of $0.08. Carolina Financial’s dividend payout ratio is 11.19%.
In related news, President M. J. Huggins III sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $35.87, for a total value of $179,350.00. Following the completion of the sale, the president now owns 61,711 shares in the company, valued at approximately $2,213,573.57. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider David L. Morrow sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were 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. In the last 90 days, insiders sold 15,000 shares of company stock valued at $556,010. 6.89% of the stock is owned by insiders.
Several large investors have recently modified their holdings of CARO. Quantamental Technologies LLC purchased a new stake in shares of Carolina Financial in the 4th quarter valued at approximately $47,000. PNC Financial Services Group Inc. increased its stake in Carolina Financial by 37.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,009 shares of the financial services provider’s stock valued at $89,000 after buying an additional 819 shares during the period. Advisor Group Inc. increased its stake in Carolina Financial by 34.3% in the 4th quarter. Advisor Group Inc. now owns 3,765 shares of the financial services provider’s stock valued at $111,000 after buying an additional 961 shares during the period. Capital Investment Advisory Services LLC acquired a new position in Carolina Financial in the 4th quarter valued at approximately $126,000. Finally, BNP Paribas Arbitrage SA increased its stake in Carolina Financial by 62,642.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 4,392 shares of the financial services provider’s stock valued at $152,000 after buying an additional 4,385 shares during the period. Institutional investors and hedge funds own 54.81% 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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