Carolina Financial Corporation (CARO) Given Buy Rating at Brean Capital
Brean Capital reissued their buy rating on shares of Carolina Financial Corporation (NASDAQ:CARO) in a research note published on Friday. Brean Capital currently has a $40.00 price target on the financial services provider’s stock.
“Following our recent meeting with management, we continue to believe CARO is optimally positioned to leverage its legacy bank momentum with the recently closed First South acquisition and the M&A dislocation in select markets. We view the recent pullback in the shares as an attractive opportunity to invest in the 2nd-largest community bank in the Carolinas (scarcity value) with an invested management team (9% ownership) that is projected to grow organically at an accelerated rate while building capital for likely additional external growth. As such, we believe a fuller valuation is justified supporting our $40.00 target, which equates to 15.6x our 2019E EPS and 2.4x YE18 TBV vs. less-profitable peers at 14.6x/1.8x.”,” Brean Capital’s analyst wrote.
A number of other analysts also recently weighed in on CARO. Zacks Investment Research downgraded shares of Carolina Financial Corporation from a strong-buy rating to a hold rating in a research report on Tuesday, October 3rd. Stephens reissued a hold rating and set a $34.00 price target on shares of Carolina Financial Corporation in a research report on Monday, July 24th. Raymond James Financial, Inc. reissued an outperform rating and set a $42.00 price target (up previously from $40.00) on shares of Carolina Financial Corporation in a research report on Tuesday, October 31st. Finally, BidaskClub downgraded shares of Carolina Financial Corporation from a buy rating to a hold rating in a research report on Saturday, August 12th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $39.00.
Shares of Carolina Financial Corporation (NASDAQ:CARO) opened at $36.21 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.81 and a quick ratio of 0.80. Carolina Financial Corporation has a 1 year low of $19.01 and a 1 year high of $40.20. The stock has a market cap of $751.65, a P/E ratio of 18.49 and a beta of 0.45.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Thursday, December 14th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Wednesday, December 13th. This is an increase from Carolina Financial Corporation’s previous quarterly dividend of $0.04. Carolina Financial Corporation’s payout ratio is currently 8.74%.
In other Carolina Financial Corporation news, Director Robert M. Moise sold 3,000 shares of Carolina Financial Corporation stock in a transaction 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 transaction, the director now owns 119,086 shares of the company’s stock, valued at $4,377,601.36. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 12.23% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Allianz Asset Management GmbH lifted its stake in Carolina Financial Corporation by 122.7% in the third quarter. Allianz Asset Management GmbH now owns 65,744 shares of the financial services provider’s stock valued at $2,359,000 after buying an additional 36,228 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Carolina Financial Corporation by 46.1% in the third quarter. Dimensional Fund Advisors LP now owns 212,321 shares of the financial services provider’s stock valued at $7,617,000 after buying an additional 66,955 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in Carolina Financial Corporation by 123.9% in the third quarter. Schwab Charles Investment Management Inc. now owns 47,466 shares of the financial services provider’s stock valued at $1,704,000 after buying an additional 26,266 shares during the last quarter. Citadel Advisors LLC bought a new stake in Carolina Financial Corporation in the third quarter valued at $296,000. Finally, ClariVest Asset Management LLC bought a new stake in Carolina Financial Corporation in the third quarter valued at $593,000. 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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