Carolina Financial Corp (NASDAQ:CARO) Receives Average Rating of “Buy” from Brokerages

Carolina Financial Corp (NASDAQ:CARO) has been given an average recommendation of “Buy” by the eight research firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $39.20.

CARO has been the topic of several recent analyst reports. Zacks Investment Research lowered Carolina Financial from a “buy” rating to a “hold” rating in a research report on Monday. ValuEngine lowered Carolina Financial from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. Stephens reissued a “hold” rating and set a $38.00 price target on shares of Carolina Financial in a research report on Monday, October 28th. Raymond James raised Carolina Financial from an “outperform” rating to a “strong-buy” rating and set a $39.00 price target on the stock in a research report on Thursday, August 29th. Finally, BidaskClub raised Carolina Financial from a “hold” rating to a “buy” rating in a research report on Saturday, November 2nd.

NASDAQ:CARO opened at $38.78 on Thursday. The firm has a market capitalization of $855.86 million, a price-to-earnings ratio of 13.56 and a beta of 1.01. Carolina Financial has a 1-year low of $27.62 and a 1-year high of $39.22. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.11. The business’s fifty day moving average price is $36.34 and its 200 day moving average price is $35.41.

Carolina Financial (NASDAQ:CARO) last posted its quarterly earnings results on Friday, October 25th. The financial services provider reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.05. The firm had revenue of $48.90 million for the quarter, compared to analyst estimates of $46.60 million. Carolina Financial had a return on equity of 11.27% and a net margin of 28.30%. Equities analysts forecast that Carolina Financial will post 2.96 earnings per share for the current year.

In other Carolina Financial news, Director W. Scott Brandon sold 2,507 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $36.39, for a total value of $91,229.73. Following the transaction, the director now directly owns 86,466 shares of the company’s stock, valued at approximately $3,146,497.74. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP David L. Morrow sold 2,000 shares of the company’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $35.00, for a total value of $70,000.00. Following the completion of the transaction, the executive vice president now directly owns 113,292 shares in the company, valued at $3,965,220. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,420 shares of company stock worth $879,709. Insiders own 6.89% of the company’s stock.

A number of hedge funds have recently modified their holdings of CARO. Janus Henderson Group PLC increased its position in Carolina Financial by 10.8% in the 2nd quarter. Janus Henderson Group PLC now owns 1,330,273 shares of the financial services provider’s stock worth $46,679,000 after purchasing an additional 129,967 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in Carolina Financial in the 2nd quarter worth about $2,702,000. RMB Capital Management LLC increased its position in Carolina Financial by 5.6% in the 2nd quarter. RMB Capital Management LLC now owns 511,363 shares of the financial services provider’s stock worth $17,944,000 after purchasing an additional 27,175 shares during the last quarter. Chicago Equity Partners LLC acquired a new position in Carolina Financial in the 2nd quarter worth about $804,000. Finally, California Public Employees Retirement System increased its position in Carolina Financial by 84.6% in the 3rd quarter. California Public Employees Retirement System now owns 45,295 shares of the financial services provider’s stock worth $1,610,000 after purchasing an additional 20,755 shares during the last quarter. 56.43% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Carolina Financial (NASDAQ:CARO)

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