Carolina Financial Corporation (CARO) Receives Consensus Rating of “Buy” from Analysts
Shares of Carolina Financial Corporation (NASDAQ:CARO) have been assigned an average rating of “Buy” from the nine ratings firms that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $36.75.
A number of research firms recently commented on CARO. Brean Capital set a $37.00 price objective on Carolina Financial Corporation and gave the stock a “buy” rating in a research note on Friday, October 20th. Zacks Investment Research lowered Carolina Financial Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. BidaskClub raised Carolina Financial Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Stephens reissued a “hold” rating and issued a $34.00 price target on shares of Carolina Financial Corporation in a research note on Monday, July 24th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $38.00 price target on shares of Carolina Financial Corporation in a research note on Friday, July 7th.
Carolina Financial Corporation (NASDAQ:CARO) opened at 37.20 on Wednesday. The firm has a market capitalization of $597.25 million, a P/E ratio of 20.47 and a beta of 0.46. Carolina Financial Corporation has a 52-week low of $22.17 and a 52-week high of $37.28. The firm’s 50-day moving average is $35.10 and its 200-day moving average is $32.75.
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 issued a dividend of $0.05 per share. This is an increase from Carolina Financial Corporation’s previous quarterly dividend of $0.04. The ex-dividend date is Wednesday, December 13th. This represents a $0.20 annualized dividend and a dividend yield of 0.54%. Carolina Financial Corporation’s payout ratio is currently 8.74%.
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In other news, Director Jeffery L. Deal sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $33.53, for a total transaction of $335,300.00. Following the completion of the sale, the director now owns 60,101 shares in the company, valued at $2,015,186.53. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 12.23% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CARO. Advisor Group Inc. grew its holdings in Carolina Financial Corporation by 826.4% during the second quarter. Advisor Group Inc. now owns 3,159 shares of the financial services provider’s stock worth $102,000 after buying an additional 2,818 shares in the last quarter. Legal & General Group Plc grew its holdings in Carolina Financial Corporation by 19.1% during the second quarter. Legal & General Group Plc now owns 3,786 shares of the financial services provider’s stock worth $122,000 after buying an additional 607 shares in the last quarter. American International Group Inc. grew its holdings in Carolina Financial Corporation by 8.7% during the first quarter. American International Group Inc. now owns 6,399 shares of the financial services provider’s stock worth $192,000 after buying an additional 512 shares in the last quarter. Nationwide Fund Advisors grew its holdings in Carolina Financial Corporation by 4.4% during the first quarter. Nationwide Fund Advisors now owns 6,723 shares of the financial services provider’s stock worth $202,000 after buying an additional 286 shares in the last quarter. Finally, Chicago Equity Partners LLC bought a new stake in Carolina Financial Corporation during the second quarter worth $235,000. Hedge funds and other institutional investors own 43.49% of the company’s stock.
About Carolina Financial Corporation
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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