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 commented on CARO. Sandler O’Neill assumed coverage on Carolina Financial Corp. in a report on Wednesday, September 14th. They issued a hold rating on the stock. Stephens assumed coverage on Carolina Financial Corp. in a report on Friday, September 9th. They set an equal weight rating and a $22.50 target price on the stock. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Carolina Financial Corp. has an average rating of Hold and a consensus target price of $21.83.
Carolina Financial Corp. (NASDAQ:CARO) opened at 22.26 on Monday. The company has a 50-day moving average price of $21.71 and a 200-day moving average price of $19.35. The firm has a market cap of $274.38 million, a P/E ratio of 17.54 and a beta of 0.37. Carolina Financial Corp. has a 12-month low of $14.49 and a 12-month high of $22.59.
Carolina Financial Corp. (NASDAQ:CARO) last issued its quarterly earnings data on Friday, July 29th. The financial services provider reported $0.24 EPS for the quarter, missing analysts’ consensus estimates 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, analysts predict that Carolina Financial Corp. will post $1.39 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Thursday, September 29th will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend is Tuesday, September 27th. Carolina Financial Corp.’s dividend payout ratio (DPR) is currently 9.30%.
In other news, Director Michael P. Leddy sold 10,000 shares of the stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $20.19, for a total transaction of $201,900.00. Following the sale, the director now directly owns 92,607 shares of the company’s stock, valued at approximately $1,869,735.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 15.50% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. BlackRock Fund Advisors increased its stake in shares of Carolina Financial Corp. by 390.8% in the first quarter. BlackRock Fund Advisors now owns 21,270 shares of the financial services provider’s stock valued at $395,000 after buying an additional 16,936 shares in the last quarter. Spark Investment Management LLC acquired a new stake in shares of Carolina Financial Corp. during the first quarter valued at $744,000. RMB Capital Management LLC increased its stake in shares of Carolina Financial Corp. by 15.9% in the second quarter. RMB Capital Management LLC now owns 135,865 shares of the financial services provider’s stock valued at $2,538,000 after buying an additional 18,600 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Carolina Financial Corp. by 5.5% in the first quarter. Geode Capital Management LLC now owns 46,251 shares of the financial services provider’s stock valued at $858,000 after buying an additional 2,410 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Carolina Financial Corp. by 14.1% in the second quarter. Vanguard Group Inc. now owns 360,115 shares of the financial services provider’s stock valued at $6,727,000 after buying an additional 44,553 shares in the last quarter. Institutional investors and hedge funds own 25.77% of the company’s stock.
About Carolina Financial Corp.
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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