Carolina Financial Corporation (CARO) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Carolina Financial Corporation (NASDAQ:CARO) from a hold rating to a buy rating in a report released on Wednesday morning. They currently have $41.00 price objective on the financial services provider’s stock.
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. “
CARO has been the subject of a number of other reports. Brean Capital set a $37.00 price objective on Carolina Financial Corporation and gave the company a buy rating in a research note on Friday, October 20th. BidaskClub raised Carolina Financial Corporation from a hold rating to a buy rating in a research note on Saturday, August 26th. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $38.00 price objective on shares of Carolina Financial Corporation in a research note on Friday, July 7th. Stephens reaffirmed a hold rating and issued a $34.00 price objective on shares of Carolina Financial Corporation in a research note on Monday, July 24th. Finally, Raymond James Financial, Inc. reaffirmed an outperform rating and issued a $42.00 price objective (up from $40.00) on shares of Carolina Financial Corporation in a research note on Tuesday, October 31st. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Carolina Financial Corporation currently has an average rating of Buy and an average price target of $38.40.
Shares of Carolina Financial Corporation (NASDAQ CARO) traded down $0.19 during midday trading on Wednesday, hitting $37.07. The stock had a trading volume of 126,710 shares, compared to its average volume of 171,692. Carolina Financial Corporation has a twelve month low of $22.17 and a twelve month high of $39.60. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.81. The firm has a market capitalization of $599.01, a PE ratio of 19.21 and a beta of 0.45.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Stockholders of record on Thursday, December 14th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Wednesday, December 13th. This is a boost from Carolina Financial Corporation’s previous quarterly dividend of $0.04. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.54%. Carolina Financial Corporation’s payout ratio is presently 8.74%.
In related news, Director Jeffery L. Deal sold 10,000 shares of Carolina Financial Corporation stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $33.53, for a total value of $335,300.00. Following the completion of the transaction, the director now directly owns 60,101 shares in the company, valued at $2,015,186.53. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 12.23% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Advisor Group Inc. boosted its holdings in Carolina Financial Corporation by 826.4% in the second quarter. Advisor Group Inc. now owns 3,159 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 2,818 shares during the period. Legal & General Group Plc boosted its holdings in Carolina Financial Corporation by 19.1% in the second quarter. Legal & General Group Plc now owns 3,786 shares of the financial services provider’s stock valued at $122,000 after purchasing an additional 607 shares during the period. American International Group Inc. boosted its holdings 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 purchasing an additional 512 shares during the period. Nationwide Fund Advisors boosted its holdings 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 purchasing an additional 286 shares during the period. Finally, Capital Investment Advisory Services LLC purchased a new position in Carolina Financial Corporation in the third quarter valued at $212,000. Hedge funds and other institutional investors own 43.32% of the company’s stock.
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.
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