Carolina Financial (NASDAQ:CARO) Sees Unusually-High Trading Volume

Shares of Carolina Financial Corp (NASDAQ:CARO) saw an uptick in trading volume on Tuesday . 17,075 shares changed hands during trading, a decline of 77% from the previous session’s volume of 74,535 shares.The stock last traded at $42.25 and had previously closed at $42.02.

A number of brokerages recently commented on CARO. Stephens restated a “hold” rating and set a $38.00 target price on shares of Carolina Financial in a report on Monday, October 28th. DA Davidson downgraded Carolina Financial from a “buy” rating to a “hold” rating and set a $44.65 target price for the company. in a report on Monday. BidaskClub downgraded Carolina Financial from a “buy” rating to a “hold” rating in a report on Saturday. Raymond James upgraded Carolina Financial from an “outperform” rating to a “strong-buy” rating and set a $39.00 target price for the company in a report on Thursday, August 29th. Finally, ValuEngine downgraded Carolina Financial from a “hold” rating to a “sell” rating in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $40.44.

The company has a market capitalization of $858.42 million, a PE ratio of 14.81 and a beta of 1.01. The company has a 50 day moving average of $36.84 and a two-hundred day moving average of $35.52. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.86 and a quick ratio of 0.85.

Carolina Financial (NASDAQ:CARO) last issued its quarterly earnings results on Friday, October 25th. The financial services provider reported $0.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.05. The company had revenue of $48.90 million for the quarter, compared to analysts’ expectations of $46.60 million. Carolina Financial had a return on equity of 11.13% and a net margin of 28.30%. On average, equities analysts anticipate that Carolina Financial Corp will post 2.96 EPS for the current year.

In related news, Director W. Scott Brandon sold 2,507 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $36.39, for a total value of $91,229.73. Following the sale, the director now directly owns 86,466 shares of the company’s stock, valued at $3,146,497.74. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP David L. Morrow sold 2,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $36.35, for a total value of $72,700.00. Following the completion of the sale, the executive vice president now directly owns 117,292 shares in the company, valued at $4,263,564.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,420 shares of company stock worth $879,709. 6.89% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC grew its stake in Carolina Financial by 10.8% in the second quarter. Janus Henderson Group PLC now owns 1,330,273 shares of the financial services provider’s stock worth $46,679,000 after purchasing an additional 129,967 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Carolina Financial by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 370,695 shares of the financial services provider’s stock worth $13,008,000 after acquiring an additional 2,928 shares during the last quarter. Campbell Newman Asset Management Inc. grew its stake in shares of Carolina Financial by 8.0% in the second quarter. Campbell Newman Asset Management Inc. now owns 13,865 shares of the financial services provider’s stock worth $487,000 after acquiring an additional 1,029 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Carolina Financial by 10.0% in the third quarter. Rhumbline Advisers now owns 32,705 shares of the financial services provider’s stock worth $1,162,000 after acquiring an additional 2,960 shares during the last quarter. Finally, Nuveen Asset Management LLC purchased a new stake in shares of Carolina Financial in the second quarter worth $2,702,000. 57.99% of the stock is currently owned by institutional investors.

About Carolina Financial (NASDAQ:CARO)

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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