Carolina Financial Corporation (CARO) Raises Dividend to $0.05 Per Share
Carolina Financial Corporation (NASDAQ:CARO) declared a quarterly dividend on Monday, October 23rd, Wall Street Journal reports. Investors of record on Thursday, December 14th will be paid a dividend of 0.05 per share by the financial services provider on Friday, January 5th. This represents a $0.20 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date of this dividend is Wednesday, December 13th. This is an increase from Carolina Financial Corporation’s previous quarterly dividend of $0.04.
Shares of Carolina Financial Corporation (NASDAQ:CARO) traded up 1.74% during trading on Monday, reaching $36.80. The company had a trading volume of 185,836 shares. The company has a market capitalization of $590.82 million, a PE ratio of 20.25 and a beta of 0.46. Carolina Financial Corporation has a 52 week low of $22.17 and a 52 week high of $36.90. The stock’s 50-day moving average price is $34.96 and its 200-day moving average price is $32.58.
Carolina Financial Corporation (NASDAQ:CARO) last posted its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.56 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.09. Carolina Financial Corporation had a return on equity of 12.07% and a net margin of 24.80%. The company had revenue of $27.90 million during the quarter, compared to analyst estimates of $27.97 million. On average, equities analysts expect that Carolina Financial Corporation will post $2.00 EPS for the current fiscal year.
In other news, Director W. Scott Brandon sold 6,557 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $33.98, for a total transaction of $222,806.86. Following the sale, the director now owns 91,352 shares of the company’s stock, valued at $3,104,140.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffery L. Deal sold 10,000 shares of the company’s 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 sale, the director now directly owns 60,101 shares in the company, valued at approximately $2,015,186.53. The disclosure for this sale can be found here. 12.23% of the stock is owned by corporate insiders.
A number of research firms recently commented on CARO. BidaskClub cut Carolina Financial Corporation from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. Brean Capital set a $37.00 price objective on Carolina Financial Corporation and gave the company a “buy” rating in a report on Friday. Zacks Investment Research cut Carolina Financial Corporation from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Stephens reiterated a “hold” rating and issued a $34.00 price objective on shares of Carolina Financial Corporation in a report on Monday, July 24th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $38.00 price target 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 given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $36.75.
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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