Shares of Carolina Financial Corp. (NASDAQ:CARO) reached a new 52-week high on Monday . The company traded as high as $22.59 and last traded at $22.22, with a volume of 12,848 shares. The stock had previously closed at $22.28.
CARO has been the topic of a number of analyst reports. Zacks Investment Research raised shares of Carolina Financial Corp. from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Tuesday, August 2nd. Stephens initiated coverage on shares of Carolina Financial Corp. in a report on Friday, September 9th. They set an “equal weight” rating and a $22.50 target price on the stock. Finally, Sandler O’Neill initiated coverage on shares of Carolina Financial Corp. in a report on Wednesday, September 14th. They set a “hold” rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Carolina Financial Corp. presently has a consensus rating of “Hold” and an average price target of $21.83.
The company has a 50-day moving average price of $21.16 and a 200 day moving average price of $18.97. The company has a market cap of $273.88 million, a PE ratio of 17.51 and a beta of 0.38.
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Carolina Financial Corp. (NASDAQ:CARO) last announced its quarterly earnings results on Friday, July 29th. The financial services provider reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by $0.12. Carolina Financial Corp. had a return on equity of 12.02% and a net margin of 17.32%. On average, equities research analysts expect that Carolina Financial Corp. will post $1.34 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Thursday, September 29th will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date is Tuesday, September 27th. Carolina Financial Corp.’s payout ratio is 9.30%.
In related news, Director Michael P. Leddy sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $20.19, for a total value of $201,900.00. Following the transaction, the director now owns 92,607 shares of the company’s stock, valued at $1,869,735.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 15.50% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Carolina Financial Corp. by 14.1% in the second quarter. Vanguard Group Inc. now owns 360,115 shares of the financial services provider’s stock worth $6,727,000 after buying an additional 44,553 shares during the last quarter. BlackRock Fund Advisors increased its position in Carolina Financial Corp. by 1,189.0% in the second quarter. BlackRock Fund Advisors now owns 274,166 shares of the financial services provider’s stock worth $5,121,000 after buying an additional 252,896 shares during the last quarter. Northpointe Capital LLC increased its position in Carolina Financial Corp. by 26.2% in the second quarter. Northpointe Capital LLC now owns 182,831 shares of the financial services provider’s stock worth $3,415,000 after buying an additional 37,978 shares during the last quarter. RMB Capital Management LLC increased its position in Carolina Financial Corp. by 15.9% in the second quarter. RMB Capital Management LLC now owns 135,865 shares of the financial services provider’s stock worth $2,538,000 after buying an additional 18,600 shares during the last quarter. Finally, State Street Corp acquired a new position in Carolina Financial Corp. during the second quarter worth about $1,898,000. 25.77% of the stock is currently owned by institutional investors.
About Carolina Financial Corp.
Carolina Financial Corporation is a bank holding company. The Company operates through CresCom Bank, a South Carolina state-chartered bank (the 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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