Zacks Investment Research Downgrades Carolina Financial Corporation (CARO) to Hold

Carolina Financial Corporation (NASDAQ:CARO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, November 2nd.

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. “

Other equities research analysts also recently issued research reports about the stock. Brean Capital set a $37.00 price target on shares of Carolina Financial Corporation and gave the stock a “buy” rating in a research note on Friday, October 20th. BidaskClub raised shares of Carolina Financial Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Raymond James Financial, Inc. reissued an “outperform” rating and issued a $42.00 target price (up previously from $40.00) on shares of Carolina Financial Corporation in a research report on Tuesday, October 31st. Stephens reaffirmed a “hold” rating and set a $34.00 price objective on shares of Carolina Financial Corporation in a research report on Monday, July 24th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $38.00 target price on shares of Carolina Financial Corporation in a research note on Friday, July 7th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $39.00.

Shares of Carolina Financial Corporation (NASDAQ CARO) traded up $0.90 on Thursday, hitting $37.11. 135,900 shares of the company’s stock were exchanged, compared to its average volume of 24,048. 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 firm has a market cap of $762.60, a price-to-earnings ratio of 18.76 and a beta of 0.45. Carolina Financial Corporation has a 52 week low of $19.24 and a 52 week high of $40.20.

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In other Carolina Financial Corporation news, Director Robert M. Moise sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $36.76, for a total value of $110,280.00. Following the completion of the sale, the director now directly owns 119,086 shares of the company’s stock, valued at $4,377,601.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 12.23% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Janus Henderson Group PLC acquired a new stake in shares of Carolina Financial Corporation during the 2nd quarter worth about $16,657,000. Northpointe Capital LLC increased its position in Carolina Financial Corporation by 62.1% in the 2nd quarter. Northpointe Capital LLC now owns 375,215 shares of the financial services provider’s stock valued at $12,127,000 after acquiring an additional 143,767 shares in the last quarter. Opus Capital Group LLC acquired a new stake in Carolina Financial Corporation in the 2nd quarter valued at about $4,019,000. John W. Rosenthal Capital Management Inc. acquired a new stake in Carolina Financial Corporation in the 3rd quarter valued at about $2,878,000. Finally, Vanguard Group Inc. increased its position in Carolina Financial Corporation by 17.4% in the 2nd quarter. Vanguard Group Inc. now owns 523,484 shares of the financial services provider’s stock valued at $16,919,000 after acquiring an additional 77,678 shares in the last quarter. Institutional investors own 33.23% of the company’s stock.

About Carolina Financial Corporation

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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