Zacks Investment Research cut shares of Carolina Financial (NASDAQ:CARO) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

According to Zacks, “Carolina Financial Corporation is the holding company of CresCom Bank. It operates through three reportable segments: Community Banking, Wholesale Mortgage Banking, and other. Its deposit products include checking accounts, commercial accounts, savings accounts, retirement accounts, and other time deposits. The company’s loan portfolio comprises loans to small and medium-sized businesses, residential and commercial construction and development loans, commercial real estate loans, residential mortgage loans, residential lot loans, home equity loans, and consumer loans. The company also offers mortgage banking services comprising correspondent lending and loan servicing; and cash management services. Carolina Financial Corporation is based in Charleston, South Carolina. “

Several other equities research analysts have also issued reports on CARO. Brean Capital set a $37.00 price target on Carolina Financial and gave the company a buy rating in a research report on Friday, October 20th. Raymond James Financial reissued an outperform rating and set a $42.00 price target (up from $40.00) on shares of Carolina Financial in a research report on Tuesday, October 31st. BidaskClub lowered Carolina Financial from a buy rating to a hold rating in a research report on Thursday, December 7th. ValuEngine lowered Carolina Financial from a buy rating to a hold rating in a research report on Friday, December 15th. Finally, Sandler O’Neill set a $44.00 price target on Carolina Financial and gave the company a buy rating in a research report on Thursday, January 4th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $40.17.

Shares of Carolina Financial (NASDAQ CARO) traded down $0.26 on Tuesday, hitting $38.50. The company’s stock had a trading volume of 69,622 shares, compared to its average volume of 85,956. Carolina Financial has a one year low of $22.34 and a one year high of $40.20. The firm has a market cap of $815.88, a price-to-earnings ratio of 21.15 and a beta of 0.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.80 and a current ratio of 0.81.

The company also recently declared a quarterly dividend, which was paid on Friday, January 5th. Investors of record on Thursday, December 14th were given a dividend of $0.05 per share. This is a positive change from Carolina Financial’s previous quarterly dividend of $0.04. This represents a $0.20 annualized dividend and a dividend yield of 0.52%. The ex-dividend date was Wednesday, December 13th. Carolina Financial’s dividend payout ratio is currently 10.99%.

In related news, Director Robert M. Moise sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $36.76, for a total transaction of $110,280.00. Following the sale, the director now directly owns 119,086 shares of the company’s stock, valued at approximately $4,377,601.36. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 12.23% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Advisor Group Inc. grew its stake in Carolina Financial by 826.4% during the 2nd 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 during the last quarter. Legal & General Group Plc grew its stake in Carolina Financial by 19.1% during the 2nd 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 during the last quarter. SG Americas Securities LLC bought a new position in Carolina Financial during the 3rd quarter worth $143,000. Capital Investment Advisory Services LLC bought a new position in Carolina Financial during the 3rd quarter worth $212,000. Finally, Chicago Equity Partners LLC bought a new position in Carolina Financial during the 2nd quarter worth $235,000. Hedge funds and other institutional investors own 35.49% of the company’s stock.

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Carolina Financial 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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Analyst Recommendations for Carolina Financial (NASDAQ:CARO)

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