CCM Investment Advisers LLC Has $853,000 Stake in Carolina Financial Corporation (NASDAQ:CARO)
CCM Investment Advisers LLC continued to hold its position in shares of Carolina Financial Corporation (NASDAQ:CARO) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,400 shares of the financial services provider’s stock at the end of the second quarter. CCM Investment Advisers LLC’s holdings in Carolina Financial Corporation were worth $853,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Russell Investments Group Ltd. bought a new position in shares of Carolina Financial Corporation during the fourth quarter worth about $197,000. Highbridge Capital Management LLC bought a new position in shares of Carolina Financial Corporation during the fourth quarter worth about $227,000. Sheets Smith Wealth Management bought a new position in shares of Carolina Financial Corporation during the second quarter worth about $285,000. State Street Corp boosted its position in shares of Carolina Financial Corporation by 17.5% in the fourth quarter. State Street Corp now owns 143,020 shares of the financial services provider’s stock worth $4,403,000 after buying an additional 21,307 shares during the last quarter. Finally, Monarch Partners Asset Management LLC bought a new position in shares of Carolina Financial Corporation during the first quarter worth about $444,000. 37.76% of the stock is owned by institutional investors.
Shares of Carolina Financial Corporation (NASDAQ:CARO) opened at 31.75 on Friday. Carolina Financial Corporation has a 52 week low of $20.05 and a 52 week high of $34.84. The firm has a market capitalization of $509.75 million, a price-to-earnings ratio of 17.47 and a beta of 0.45. The stock has a 50 day moving average price of $33.13 and a 200-day moving average price of $31.07.
Carolina Financial Corporation (NASDAQ:CARO) last posted its earnings results on Thursday, July 20th. The financial services provider reported $0.56 EPS for the quarter, beating the consensus estimate of $0.47 by $0.09. The firm had revenue of $27.90 million during the quarter, compared to the consensus estimate of $27.97 million. Carolina Financial Corporation had a return on equity of 12.13% and a net margin of 24.19%. On average, equities research analysts forecast that Carolina Financial Corporation will post $2.00 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 5th. Shareholders of record on Thursday, September 14th will be given a $0.04 dividend. The ex-dividend date of this dividend is Wednesday, September 13th. This represents a $0.16 annualized dividend and a yield of 0.50%. Carolina Financial Corporation’s dividend payout ratio is presently 8.84%.
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A number of brokerages have recently weighed in on CARO. Zacks Investment Research lowered Carolina Financial Corporation from a “buy” rating to a “hold” rating in a research note on Monday, May 22nd. Raymond James Financial, Inc. upgraded Carolina Financial Corporation from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $33.00 to $38.00 in a research note on Tuesday, June 13th. BidaskClub upgraded Carolina Financial Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Stephens restated a “hold” rating and issued a $34.00 target price on shares of Carolina Financial Corporation in a research note on Monday, July 24th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $38.00 target price on shares of Carolina Financial Corporation in a research note on Friday, July 7th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Carolina Financial Corporation presently has an average rating of “Buy” and a consensus target price of $36.00.
In other Carolina Financial Corporation news, Director Michael P. Leddy sold 20,000 shares of the stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $33.00, for a total value of $660,000.00. Following the completion of the transaction, the director now directly owns 79,465 shares in the company, valued at $2,622,345. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director W. Scott Brandon sold 6,557 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $33.98, for a total value of $222,806.86. Following the completion of the transaction, the director now owns 91,352 shares of the company’s stock, valued at $3,104,140.96. The disclosure for this sale can be found here. Insiders sold 36,557 shares of company stock valued at $1,218,107 over the last quarter. Corporate insiders own 12.23% 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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