Bank of America Corp DE Acquires 61,453 Shares of Carolina Financial Corporation (NASDAQ:CARO)

Bank of America Corp DE raised its stake in shares of Carolina Financial Corporation (NASDAQ:CARO) by 253.2% during the first quarter, Holdings Channel reports. The fund owned 85,722 shares of the financial services provider’s stock after buying an additional 61,453 shares during the period. Bank of America Corp DE’s holdings in Carolina Financial Corporation were worth $2,572,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the stock. American International Group Inc. raised its stake in Carolina Financial Corporation by 8.7% in the first quarter. American International Group Inc. now owns 6,399 shares of the financial services provider’s stock valued at $192,000 after buying an additional 512 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in Carolina Financial Corporation during the fourth quarter valued at approximately $197,000. Nationwide Fund Advisors raised its stake in Carolina Financial Corporation by 4.4% in the first quarter. Nationwide Fund Advisors now owns 6,723 shares of the financial services provider’s stock valued at $202,000 after buying an additional 286 shares during the last quarter. Highbridge Capital Management LLC acquired a new stake in Carolina Financial Corporation during the fourth quarter valued at approximately $227,000. Finally, Monarch Partners Asset Management LLC acquired a new stake in Carolina Financial Corporation during the first quarter valued at approximately $444,000. 37.76% of the stock is currently owned by institutional investors.

Carolina Financial Corporation (NASDAQ:CARO) traded down 1.8219% during mid-day trading on Thursday, hitting $32.3006. 10,269 shares of the stock traded hands. Carolina Financial Corporation has a 12-month low of $20.05 and a 12-month high of $34.84. The company has a market cap of $518.59 million, a price-to-earnings ratio of 17.7769 and a beta of 0.45. The firm’s 50-day moving average is $33.10 and its 200-day moving average is $31.05.

Carolina Financial Corporation (NASDAQ:CARO) last issued its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.56 EPS for the quarter, topping the consensus estimate of $0.47 by $0.09. Carolina Financial Corporation had a net margin of 24.19% and a return on equity of 13.40%. The firm had revenue of $27.90 million during the quarter, compared to analyst estimates of $27.97 million. Equities research analysts expect that Carolina Financial Corporation will post $2.00 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 5th. Investors of record on Thursday, September 14th will be given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend is Wednesday, September 13th. Carolina Financial Corporation’s dividend payout ratio (DPR) is 8.84%.

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Several equities research analysts have commented on CARO shares. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $38.00 price target on shares of Carolina Financial Corporation in a report on Friday, July 7th. BidaskClub raised shares of Carolina Financial Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Brean Capital raised shares of Carolina Financial Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Zacks Investment Research raised shares of Carolina Financial Corporation from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research note on Tuesday, May 16th. Finally, Stephens reissued a “hold” rating and set a $34.00 target price on shares of Carolina Financial Corporation in a research note on Monday, July 24th. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $36.00.

In related news, Director Jeffery L. Deal sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $33.53, for a total transaction of $335,300.00. Following the completion of the transaction, the director now owns 60,101 shares of the company’s stock, valued at $2,015,186.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael P. Leddy sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $33.00, for a total transaction of $660,000.00. Following the transaction, the director now directly owns 79,465 shares of the company’s stock, valued at approximately $2,622,345. The disclosure for this sale can be found here. Insiders have sold 36,557 shares of company stock valued at $1,218,107 in the last ninety days. 12.23% of the stock is currently owned by company insiders.

Carolina Financial Corporation Company Profile

Carolina Financial Corporation is a bank holding company. The Company operates through CresCom Bank (the Bank), a state-chartered commercial 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.

Want to see what other hedge funds are holding CARO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carolina Financial Corporation (NASDAQ:CARO).

Institutional Ownership by Quarter for Carolina Financial Corporation (NASDAQ:CARO)

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