Geode Capital Management LLC boosted its position in shares of Carolina Financial Corp (NASDAQ:CARO) by 10.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 231,619 shares of the financial services provider’s stock after buying an additional 21,279 shares during the quarter. Geode Capital Management LLC owned 1.03% of Carolina Financial worth $6,853,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Quantamental Technologies LLC bought a new position in Carolina Financial during the fourth quarter valued at about $47,000. PNC Financial Services Group Inc. boosted its position in shares of Carolina Financial by 37.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,009 shares of the financial services provider’s stock valued at $89,000 after purchasing an additional 819 shares during the period. Advisor Group Inc. boosted its position in shares of Carolina Financial by 34.3% in the 4th quarter. Advisor Group Inc. now owns 3,765 shares of the financial services provider’s stock valued at $111,000 after purchasing an additional 961 shares during the period. Capital Investment Advisory Services LLC acquired a new position in shares of Carolina Financial in the 4th quarter valued at $126,000. Finally, Stifel Financial Corp acquired a new position in shares of Carolina Financial in the 4th quarter valued at $209,000. 55.22% of the stock is owned by institutional investors and hedge funds.
In related news, EVP David L. Morrow sold 2,000 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $38.12, for a total value of $76,240.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President M. J. Huggins III sold 5,000 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $35.87, for a total value of $179,350.00. Following the completion of the sale, the president now directly owns 61,711 shares of the company’s stock, valued at $2,213,573.57. The disclosure for this sale can be found here. Over the last three months, insiders sold 15,000 shares of company stock valued at $556,010. Company insiders own 6.89% of the company’s stock.
Carolina Financial (NASDAQ:CARO) last announced its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.02). The business had revenue of $43.34 million during the quarter, compared to analysts’ expectations of $44.74 million. Carolina Financial had a return on equity of 11.12% and a net margin of 29.22%. On average, equities analysts forecast that Carolina Financial Corp will post 2.88 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Friday, June 14th will be paid a $0.09 dividend. This is an increase from Carolina Financial’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend is Thursday, June 13th. Carolina Financial’s dividend payout ratio is currently 11.19%.
A number of research firms recently weighed in on CARO. BidaskClub upgraded Carolina Financial from a “sell” rating to a “hold” rating in a research report on Tuesday. ValuEngine upgraded Carolina Financial from a “sell” rating to a “hold” rating in a research report on Friday, May 3rd. Stephens reiterated a “hold” rating on shares of Carolina Financial in a research report on Thursday, April 25th. Sandler O’Neill lowered Carolina Financial from a “buy” rating to a “hold” rating and set a $38.00 price target for the company. in a research report on Friday, April 26th. Finally, Zacks Investment Research lowered Carolina Financial from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. Carolina Financial presently has an average rating of “Hold” and a consensus target price of $34.33.
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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.
Featured Story: Certificate of Deposit (CD)
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