Carolina Financial (NASDAQ:CARO) Posts Earnings Results, Misses Expectations By $0.02 EPS

Carolina Financial (NASDAQ:CARO) released its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.67 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.02), Bloomberg Earnings reports. The firm had revenue of $43.34 million for the quarter, compared to the consensus estimate of $44.74 million. Carolina Financial had a net margin of 29.22% and a return on equity of 10.99%.

Shares of Carolina Financial stock traded down $0.67 during trading on Friday, reaching $36.70. 37,057 shares of the stock traded hands, compared to its average volume of 51,851. The firm has a market cap of $818.96 million, a price-to-earnings ratio of 12.83 and a beta of 0.99. The company has a quick ratio of 0.82, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. Carolina Financial has a 52-week low of $27.62 and a 52-week high of $45.58.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Friday, June 14th will be given a dividend of $0.09 per share. This is a positive change from Carolina Financial’s previous quarterly dividend of $0.08. The ex-dividend date is Thursday, June 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.98%. Carolina Financial’s dividend payout ratio (DPR) is presently 11.19%.

A number of brokerages recently commented on CARO. BidaskClub raised Carolina Financial from a “hold” rating to a “buy” rating in a report on Wednesday. Zacks Investment Research cut Carolina Financial from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. ValuEngine raised Carolina Financial from a “sell” rating to a “hold” rating in a report on Friday, May 3rd. Sandler O’Neill cut Carolina Financial from a “buy” rating to a “hold” rating and set a $38.00 price target on the stock. in a report on Friday, April 26th. Finally, Stephens reissued a “hold” rating on shares of Carolina Financial in a report on Thursday, April 25th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Carolina Financial currently has a consensus rating of “Hold” and an average price target of $34.33.

In related news, President M. J. Huggins III sold 5,000 shares of Carolina Financial stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $35.87, for a total value of $179,350.00. Following the completion of the transaction, the president now owns 61,711 shares in the company, valued at $2,213,573.57. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David L. Morrow sold 2,000 shares of Carolina Financial stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $38.12, for a total value of $76,240.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,000 shares of company stock valued at $630,250. Company insiders own 6.89% of the company’s stock.

COPYRIGHT VIOLATION WARNING: “Carolina Financial (NASDAQ:CARO) Posts Earnings Results, Misses Expectations By $0.02 EPS” was first published by Rockland Register and is the sole property of of Rockland Register. If you are viewing this report on another website, it was stolen and reposted in violation of U.S. and international copyright law. The legal version of this report can be accessed at https://rocklandregister.com/2019/05/18/carolina-financial-caro-releases-earnings-results.html.

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.

See Also: Book Value Per Share in Stock Trading

Earnings History for Carolina Financial (NASDAQ:CARO)

Receive News & Ratings for Carolina Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Carolina Financial and related companies with MarketBeat.com's FREE daily email newsletter.