Carolina Financial (NASDAQ:CARO) Rating Increased to Hold at Zacks Investment Research

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Carolina Financial (NASDAQ:CARO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday, Zacks.com reports.

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 research analysts have also recently issued reports about the company. Raymond James set a $39.00 price objective on Carolina Financial and gave the company a “buy” rating in a research note on Monday, July 15th. Sandler O’Neill cut Carolina Financial from a “buy” rating to a “hold” rating and set a $38.00 price objective on the stock. in a research note on Friday, April 26th. Stephens reaffirmed a “hold” rating and set a $37.00 price objective on shares of Carolina Financial in a research note on Monday, July 29th. BidaskClub raised Carolina Financial from a “sell” rating to a “hold” rating in a research note on Saturday, July 27th. Finally, ValuEngine lowered shares of Carolina Financial from a “hold” rating to a “sell” rating in a report on Saturday, June 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $38.20.

Shares of NASDAQ:CARO traded up $0.09 on Monday, reaching $34.32. 37,396 shares of the company traded hands, compared to its average volume of 53,699. The business’s 50-day simple moving average is $34.68 and its 200 day simple moving average is $35.45. Carolina Financial has a 52 week low of $27.62 and a 52 week high of $42.45. The stock has a market capitalization of $764.34 million, a P/E ratio of 12.00 and a beta of 1.00. The company has a current ratio of 0.86, a quick ratio of 0.84 and a debt-to-equity ratio of 0.11.

Carolina Financial (NASDAQ:CARO) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.01. Carolina Financial had a return on equity of 10.85% and a net margin of 28.60%. The firm had revenue of $45.51 million for the quarter, compared to analysts’ expectations of $45.64 million. Sell-side analysts expect that Carolina Financial will post 2.83 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of CARO. Aperio Group LLC purchased a new stake in Carolina Financial in the second quarter worth about $30,000. Bank of Montreal Can lifted its holdings in 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 buying an additional 1,748 shares during the period. BNP Paribas Arbitrage SA lifted its holdings in Carolina Financial by 62,642.9% in the first quarter. BNP Paribas Arbitrage SA now owns 4,392 shares of the financial services provider’s stock worth $152,000 after buying an additional 4,385 shares during the period. JPMorgan Chase & Co. lifted its holdings in 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 buying an additional 621 shares during the period. Finally, Susquehanna International Group LLP purchased a new stake in Carolina Financial in the second quarter worth about $282,000. Institutional investors own 56.41% of the company’s stock.

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.

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