Stephens Reaffirms Hold Rating for Carolina Financial (NASDAQ:CARO)

Stephens reissued their hold rating on shares of Carolina Financial (NASDAQ:CARO) in a research note issued to investors on Monday, AnalystRatings.com reports. The brokerage currently has a $37.00 price target on the financial services provider’s stock.

A number of other research firms also recently weighed in on CARO. Sandler O’Neill downgraded Heritage Financial from a buy rating to a hold rating and lowered their target price for the company from $34.00 to $32.00 in a report on Friday, April 26th. BidaskClub downgraded Zynerba Pharmaceuticals from a buy rating to a hold rating in a research note on Thursday, July 11th. Zacks Investment Research raised Flagstar Bancorp from a hold rating to a buy rating and set a $38.00 price objective on the stock in a research note on Monday, July 8th. Finally, ValuEngine downgraded Zuora from a buy rating to a hold rating in a research note on Saturday, June 1st. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. Carolina Financial has an average rating of Hold and an average target price of $38.20.

CARO stock opened at $34.45 on Monday. Carolina Financial has a fifty-two week low of $27.62 and a fifty-two week high of $43.70. The firm has a 50-day moving average price of $34.72. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. The company has a market capitalization of $768.31 million, a P/E ratio of 12.05 and a beta of 1.00.

Carolina Financial (NASDAQ:CARO) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.02). Carolina Financial had a net margin of 29.22% and a return on equity of 10.99%. The firm had revenue of $43.34 million during the quarter, compared to the consensus estimate of $44.74 million. On average, sell-side analysts anticipate that Carolina Financial will post 2.83 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 5th. Stockholders of record on Friday, June 14th were paid a $0.09 dividend. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.36 annualized dividend and a dividend yield of 1.04%. This is an increase from Carolina Financial’s previous quarterly dividend of $0.08. Carolina Financial’s dividend payout ratio (DPR) is 12.59%.

In related news, EVP David L. Morrow sold 2,000 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $37.12, for a total transaction of $74,240.00. Following the completion of the sale, the executive vice president now owns 122,792 shares in the company, valued at $4,558,039.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David L. Morrow sold 6,000 shares of the stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $37.65, for a total value of $225,900.00. The disclosure for this sale can be found here. Insiders sold 15,192 shares of company stock worth $568,477 in the last ninety days. Corporate insiders own 6.89% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. grew its position in shares of Carolina Financial by 37.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,009 shares of the financial services provider’s stock worth $89,000 after purchasing an additional 819 shares in the last quarter. Advisor Group Inc. grew its position in shares of Carolina Financial by 34.3% during the fourth quarter. Advisor Group Inc. now owns 3,765 shares of the financial services provider’s stock worth $111,000 after purchasing an additional 961 shares in the last quarter. BNP Paribas Arbitrage SA grew its holdings in Carolina Financial by 62,642.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 4,392 shares of the financial services provider’s stock valued at $152,000 after buying an additional 4,385 shares in the last quarter. Metropolitan Life Insurance Co. NY grew its holdings in Carolina Financial by 390.1% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 6,753 shares of the financial services provider’s stock valued at $200,000 after buying an additional 5,375 shares in the last quarter. Finally, Stifel Financial Corp purchased a new position in Carolina Financial during the 4th quarter valued at approximately $209,000. Hedge funds and other institutional investors own 55.94% of the company’s stock.

Carolina Financial Company Profile

Carolina Financial Corporation operates as a holding company for CresCom Bank that provides a range of commercial and retail banking financial services in South Carolina and North Carolina. The company operates through three segments: Community Banking, Wholesale Mortgage Banking, and Other. It offers noninterest-bearing demand accounts, interest-bearing demand and savings accounts, money market accounts, time deposits, and certificates of deposit.

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