Carolina Financial (NASDAQ:CARO) Cut to “Sell” at ValuEngine

Carolina Financial (NASDAQ:CARO) was downgraded by equities researchers at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday, ValuEngine reports.

Several other equities analysts have also commented on CARO. Stephens reiterated a “hold” rating and issued a $37.00 price target on shares of Carolina Financial in a research note on Monday, July 29th. Zacks Investment Research lowered shares of Carolina Financial from a “hold” rating to a “sell” rating in a research note on Monday, October 7th. Raymond James upgraded shares of Carolina Financial from an “outperform” rating to a “strong-buy” rating and set a $39.00 price target on the stock in a research note on Thursday, August 29th. BidaskClub upgraded shares of Carolina Financial from a “sell” rating to a “hold” rating in a research note on Saturday, July 27th. Finally, DA Davidson began coverage on shares of Carolina Financial in a research note on Wednesday, October 9th. They issued a “buy” rating and a $40.00 price target on the stock. Two analysts have rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $38.50.

Shares of CARO stock traded up $0.10 during trading hours on Monday, reaching $35.77. 84,948 shares of the stock were exchanged, compared to its average volume of 53,058. The business’s fifty day moving average is $35.42 and its two-hundred day moving average is $35.23. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.85. Carolina Financial has a 12-month low of $27.62 and a 12-month high of $38.40. The firm has a market capitalization of $794.37 million, a P/E ratio of 12.51 and a beta of 1.00.

Carolina Financial (NASDAQ:CARO) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.01. The company had revenue of $45.51 million for the quarter, compared to analyst estimates of $45.64 million. Carolina Financial had a net margin of 28.60% and a return on equity of 10.85%. As a group, equities research analysts predict that Carolina Financial will post 2.83 earnings per share for the current fiscal year.

In other news, EVP David L. Morrow sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $35.00, for a total transaction of $70,000.00. Following the transaction, the executive vice president now directly owns 113,292 shares in the company, valued at $3,965,220. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director W. Scott Brandon sold 2,507 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $36.39, for a total transaction of $91,229.73. Following the transaction, the director now owns 86,466 shares in the company, valued at $3,146,497.74. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,192 shares of company stock worth $577,116. Insiders own 6.89% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in CARO. Mesirow Financial Investment Management Inc. grew its position in shares of Carolina Financial by 12.0% during the second quarter. Mesirow Financial Investment Management Inc. now owns 10,749 shares of the financial services provider’s stock worth $377,000 after acquiring an additional 1,150 shares during the last quarter. Campbell Newman Asset Management Inc. lifted its holdings in shares of Carolina Financial by 8.0% during the second quarter. Campbell Newman Asset Management Inc. now owns 13,865 shares of the financial services provider’s stock worth $487,000 after purchasing an additional 1,029 shares during the period. Aperio Group LLC acquired a new stake in shares of Carolina Financial during the second quarter worth $30,000. Janus Henderson Group PLC lifted its holdings in shares of Carolina Financial by 10.8% during the second 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 period. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Carolina Financial by 1.4% during the second quarter. Envestnet Asset Management Inc. now owns 38,296 shares of the financial services provider’s stock worth $1,344,000 after purchasing an additional 516 shares during the period. Institutional investors and hedge funds own 56.36% of the company’s stock.

About Carolina Financial

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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