Carolina Financial (NASDAQ:CARO) Hits New 12-Month High at $42.46

Carolina Financial Corp (NASDAQ:CARO) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $42.46 and last traded at $41.96, with a volume of 10096 shares changing hands. The stock had previously closed at $38.59.

CARO has been the subject of a number of recent analyst reports. Stephens reiterated a “hold” rating and issued a $38.00 target price on shares of Carolina Financial in a research report on Monday, October 28th. BidaskClub lowered shares of Carolina Financial from a “buy” rating to a “hold” rating in a research report on Saturday. DA Davidson assumed coverage on shares of Carolina Financial in a research report on Wednesday, October 9th. They set a “buy” rating and a $40.00 price objective for the company. Zacks Investment Research lowered shares of Carolina Financial from a “buy” rating to a “hold” rating in a research report on Monday, November 11th. Finally, ValuEngine lowered shares of Carolina Financial from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Carolina Financial presently has a consensus rating of “Hold” and an average price target of $39.67.

The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $856.86 million, a PE ratio of 14.67 and a beta of 1.01. The business’s 50 day simple moving average is $36.46 and its 200 day simple moving average is $35.43.

Carolina Financial (NASDAQ:CARO) last posted its quarterly earnings data on Friday, October 25th. The financial services provider reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.05. Carolina Financial had a net margin of 28.30% and a return on equity of 11.13%. The company had revenue of $48.90 million during the quarter, compared to analyst estimates of $46.60 million. On average, analysts anticipate that Carolina Financial Corp will post 2.96 earnings per share for the current fiscal year.

In other news, Director Ian T. Clark sold 3,228 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $71.20, for a total value of $229,833.60. Also, Director W. Scott Brandon sold 3,685 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $35.60, for a total transaction of $131,186.00. Following the completion of the sale, the director now directly owns 88,973 shares of the company’s stock, valued at $3,167,438.80. The disclosure for this sale can be found here. Insiders have sold 21,420 shares of company stock valued at $879,709 over the last ninety days. Insiders own 6.89% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Aperio Group LLC purchased a new stake in shares of Carolina Financial in the second quarter worth approximately $30,000. Bank of Montreal Can lifted its position in shares of Carolina Financial by 584.6% in the second quarter. Bank of Montreal Can now owns 2,047 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 1,748 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Carolina Financial in the third quarter worth approximately $135,000. JPMorgan Chase & Co. lifted its position in shares of Carolina Financial by 12.1% in the second quarter. JPMorgan Chase & Co. now owns 5,749 shares of the financial services provider’s stock worth $201,000 after purchasing an additional 621 shares in the last quarter. Finally, BB&T Securities LLC purchased a new stake in shares of Carolina Financial in the third quarter worth approximately $253,000. 57.99% of the stock is owned by institutional investors and hedge funds.

Carolina Financial Company Profile (NASDAQ:CARO)

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.

Further Reading: LIBOR

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