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 equities research analysts have also weighed in on the company. Sandler O’Neill initiated coverage on Carolina Financial Corp. in a research note on Wednesday, September 14th. They set a hold rating on the stock. Stephens initiated coverage on Carolina Financial Corp. in a research report on Friday, September 9th. They issued an equal weight rating and a $22.50 target price on the stock. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $21.83.
Shares of Carolina Financial Corp. (NASDAQ:CARO) opened at 22.71 on Monday. The company has a market cap of $279.92 million, a PE ratio of 17.90 and a beta of 0.37. The firm’s 50-day moving average is $21.81 and its 200-day moving average is $19.41. Carolina Financial Corp. has a 1-year low of $14.49 and a 1-year high of $22.75.
Carolina Financial Corp. (NASDAQ:CARO) last issued its quarterly earnings results 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 return on equity of 12.02% and a net margin of 17.32%. On average, equities analysts forecast that Carolina Financial Corp. will post $1.39 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Thursday, September 29th will be given a $0.03 dividend. The ex-dividend date is Tuesday, September 27th. This represents a $0.12 dividend on an annualized basis and a yield of 0.53%. Carolina Financial Corp.’s dividend payout ratio is currently 9.30%.
In related news, Director Michael P. Leddy sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $20.19, for a total value of $201,900.00. Following the sale, the director now owns 92,607 shares in the company, valued at $1,869,735.33. The sale was disclosed in a legal filing with the SEC, which is available through this link. 15.50% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the stock. BlackRock Fund Advisors raised 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 worth $395,000 after buying an additional 16,936 shares in the last quarter. Spark Investment Management LLC bought a new stake in Carolina Financial Corp. during the first quarter valued at approximately $744,000. UBS Group AG raised its stake in Carolina Financial Corp. by 4,537.7% in the first quarter. UBS Group AG now owns 28,754 shares of the financial services provider’s stock valued at $534,000 after buying an additional 28,134 shares in the last quarter. Geode Capital Management LLC raised its stake in 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, Northpointe Capital LLC raised its stake in Carolina Financial Corp. by 26.2% in the second quarter. Northpointe Capital LLC now owns 182,831 shares of the financial services provider’s stock valued at $3,415,000 after buying an additional 37,978 shares in the last quarter. Hedge funds and other 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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