Penn Capital Management Co. Inc. Lowers Position in Carolina Financial Corp (CARO)

Penn Capital Management Co. Inc. trimmed its position in shares of Carolina Financial Corp (NASDAQ:CARO) by 2.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 157,715 shares of the financial services provider’s stock after selling 4,192 shares during the period. Penn Capital Management Co. Inc.’s holdings in Carolina Financial were worth $5,455,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Campbell Newman Asset Management Inc. boosted its holdings in Carolina Financial by 3.2% during the first quarter. Campbell Newman Asset Management Inc. now owns 12,836 shares of the financial services provider’s stock valued at $444,000 after purchasing an additional 395 shares in the last quarter. Teton Advisors Inc. boosted its holdings in Carolina Financial by 10.7% during the fourth quarter. Teton Advisors Inc. now owns 8,303 shares of the financial services provider’s stock valued at $246,000 after purchasing an additional 803 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Carolina Financial by 37.4% during the fourth 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 in the last quarter. Advisor Group Inc. boosted its holdings in Carolina Financial by 34.3% during the fourth 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 in the last quarter. Finally, Quantamental Technologies LLC acquired a new stake in Carolina Financial during the fourth quarter valued at approximately $47,000. Hedge funds and other institutional investors own 54.81% of the company’s stock.

NASDAQ:CARO opened at $36.70 on Monday. Carolina Financial Corp has a 52-week low of $27.62 and a 52-week high of $45.58. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.82 and a current ratio of 0.84. The firm has a market cap of $818.96 million, a price-to-earnings ratio of 12.83 and a beta of 0.99.

Carolina Financial (NASDAQ:CARO) last posted 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). Carolina Financial had a return on equity of 10.99% and a net margin of 29.22%. The firm had revenue of $43.34 million for the quarter, compared to analyst estimates of $44.74 million. On average, analysts expect that Carolina Financial Corp will post 2.88 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Friday, June 14th will be given a dividend of $0.09 per share. This is a boost from Carolina Financial’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.98%. Carolina Financial’s payout ratio is presently 11.19%.

In other Carolina Financial news, President M. J. Huggins III sold 5,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $35.87, for a total transaction of $179,350.00. Following the completion of the sale, the president now owns 61,711 shares in the company, valued at approximately $2,213,573.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider David L. Morrow sold 6,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $37.65, for a total transaction of $225,900.00. The disclosure for this sale can be found here. Insiders have sold a total of 17,000 shares of company stock valued at $630,250 in the last quarter. Corporate insiders own 6.89% of the company’s stock.

A number of equities research analysts have weighed in on CARO shares. Sandler O’Neill downgraded Carolina Financial from a “buy” rating to a “hold” rating and set a $38.00 price objective on the stock. in a report on Friday, April 26th. Zacks Investment Research downgraded Carolina Financial from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. BidaskClub raised Carolina Financial from a “sell” rating to a “hold” rating in a report on Tuesday, April 9th. Stephens reissued a “hold” rating on shares of Carolina Financial in a report on Thursday, April 25th. Finally, ValuEngine downgraded Carolina Financial from a “hold” rating to a “sell” rating in a report on Friday, March 22nd. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $34.33.

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About Carolina Financial

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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Institutional Ownership by Quarter for Carolina Financial (NASDAQ:CARO)

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