California Public Employees Retirement System cut its stake in Carolina Financial Corp (NASDAQ:CARO) by 34.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 29,843 shares of the financial services provider’s stock after selling 15,597 shares during the period. California Public Employees Retirement System’s holdings in Carolina Financial were worth $1,281,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently made changes to their positions in CARO. UBS Group AG boosted its stake in Carolina Financial by 171.6% in the 1st quarter. UBS Group AG now owns 2,996 shares of the financial services provider’s stock worth $117,000 after purchasing an additional 1,893 shares during the period. JPMorgan Chase & Co. boosted its stake in Carolina Financial by 99.0% in the 1st quarter. JPMorgan Chase & Co. now owns 8,131 shares of the financial services provider’s stock worth $320,000 after purchasing an additional 4,046 shares during the period. Campbell Newman Asset Management Inc. acquired a new position in Carolina Financial in the 2nd quarter worth $443,000. Alps Advisors Inc. boosted its stake in Carolina Financial by 18.6% in the 2nd quarter. Alps Advisors Inc. now owns 13,855 shares of the financial services provider’s stock worth $515,000 after purchasing an additional 2,177 shares during the period. Finally, Summit Global Investments boosted its stake in Carolina Financial by 10.5% in the 2nd quarter. Summit Global Investments now owns 15,800 shares of the financial services provider’s stock worth $678,000 after purchasing an additional 1,500 shares during the period. 53.01% of the stock is owned by hedge funds and other institutional investors.
Carolina Financial stock opened at $33.92 on Tuesday. Carolina Financial Corp has a one year low of $28.49 and a one year high of $45.58. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.83 and a quick ratio of 0.81. The stock has a market cap of $773.31 million, a PE ratio of 16.63 and a beta of 0.76.
Carolina Financial (NASDAQ:CARO) last posted its quarterly earnings data on Wednesday, October 24th. The financial services provider reported $0.67 EPS for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.01. Carolina Financial had a net margin of 21.18% and a return on equity of 11.38%. The company had revenue of $44.18 million during the quarter, compared to the consensus estimate of $44.62 million. On average, sell-side analysts expect that Carolina Financial Corp will post 2.79 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 4th. Stockholders of record on Friday, December 14th will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, December 13th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.83%. Carolina Financial’s dividend payout ratio is 13.73%.
A number of equities analysts recently weighed in on the stock. BidaskClub raised shares of Carolina Financial from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 31st. Brean Capital reaffirmed a “buy” rating and issued a $41.00 target price on shares of Carolina Financial in a research note on Sunday, October 28th. Raymond James reduced their target price on shares of Carolina Financial from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, October 26th. ValuEngine lowered shares of Carolina Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, October 17th. Finally, Zacks Investment Research downgraded shares of Carolina Financial from a “hold” rating to a “sell” rating in a research note on Friday, October 5th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Carolina Financial has a consensus rating of “Hold” and a consensus price target of $38.50.
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Carolina Financial 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 checking accounts, commercial accounts, savings accounts, money market accounts, retirement accounts, longer-term certificates of deposit, noninterest-bearing demand accounts, and interest-bearing demand accounts to individuals, businesses, associations, organizations, and governmental authorities.
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