The Carolina Financial Corp. (CARO) Releases Earnings Results, Misses Expectations By $0.01 EPS

The Carolina Financial Corp. (CARO) Releases  Earnings Results, Misses Expectations By $0.01 EPS

Carolina Financial Corp. (NASDAQ:CARO) announced its earnings results on Wednesday. The financial services provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by $0.01. Carolina Financial Corp. had a net margin of 18.66% and a return on equity of 12.27%.

Carolina Financial Corp. (NASDAQ:CARO) opened at 28.97 on Thursday. The company’s 50-day moving average is $29.41 and its 200 day moving average is $23.70. The stock has a market capitalization of $357.17 million, a PE ratio of 21.16 and a beta of 0.55. Carolina Financial Corp. has a 12-month low of $15.26 and a 12-month high of $31.44.

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 11th. Investors of record on Wednesday, December 28th were issued a dividend of $0.04 per share. This is a boost from Carolina Financial Corp.’s previous quarterly dividend of $0.03. This represents a $0.16 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend was Friday, December 23rd. Carolina Financial Corp.’s dividend payout ratio is currently 11.76%.

In related news, Director Daniel H. Isaac, Jr. acquired 9,000 shares of the firm’s stock in a transaction on Monday, November 14th. The stock was bought at an average cost of $25.00 per share, with a total value of $225,000.00. Following the acquisition, the director now directly owns 63,551 shares in the company, valued at $1,588,775. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 15.50% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Investment Management LLC raised its position in shares of Carolina Financial Corp. by 6.5% in the third quarter. BlackRock Investment Management LLC now owns 44,380 shares of the financial services provider’s stock valued at $991,000 after buying an additional 2,697 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Carolina Financial Corp. by 18.2% in the third quarter. Bank of New York Mellon Corp now owns 22,924 shares of the financial services provider’s stock valued at $512,000 after buying an additional 3,526 shares in the last quarter. Paloma Partners Management Co raised its position in shares of Carolina Financial Corp. by 24.8% in the second quarter. Paloma Partners Management Co now owns 19,522 shares of the financial services provider’s stock valued at $365,000 after buying an additional 3,879 shares in the last quarter. State Street Corp bought a new position in shares of Carolina Financial Corp. during the second quarter valued at $1,898,000. Finally, Teachers Advisors Inc. bought a new position in shares of Carolina Financial Corp. during the second quarter valued at $306,000. 27.33% of the stock is owned by institutional investors.

A number of equities research analysts have recently commented on CARO shares. TheStreet raised shares of Carolina Financial Corp. from a “hold” rating to a “buy” rating in a report on Monday, October 10th. Zacks Investment Research raised shares of Carolina Financial Corp. from a “hold” rating to a “strong-buy” rating and set a $27.00 target price for the company in a report on Monday, October 24th. Brean Capital started coverage on shares of Carolina Financial Corp. in a report on Wednesday, November 30th. They issued a “hold” rating for the company. Finally, Sandler O’Neill raised shares of Carolina Financial Corp. from a “hold” rating to a “buy” rating in a report on Wednesday, November 9th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $24.75.

About Carolina Financial Corp.

Carolina Financial Corporation is a bank holding company. The Company operates through CresCom Bank, a South Carolina state-chartered bank (the 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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