Carolina Financial Corporation (CARO) Earns Buy Rating from Brean Capital

Brean Capital reiterated their buy rating on shares of Carolina Financial Corporation (NASDAQ:CARO) in a report published on Friday morning. Brean Capital currently has a $40.00 target price on the financial services provider’s stock.

“Following our recent meeting with management, we continue to believe CARO is optimally positioned to leverage its legacy bank momentum with the recently closed First South acquisition and the M&A dislocation in select markets. We view the recent pullback in the shares as an attractive opportunity to invest in the 2nd-largest community bank in the Carolinas (scarcity value) with an invested management team (9% ownership) that is projected to grow organically at an accelerated rate while building capital for likely additional external growth. As such, we believe a fuller valuation is justified supporting our $40.00 target, which equates to 15.6x our 2019E EPS and 2.4x YE18 TBV vs. less-profitable peers at 14.6x/1.8x.”,” the firm’s analyst wrote.

Other equities analysts have also issued research reports about the company. Zacks Investment Research upgraded Carolina Financial Corporation from a hold rating to a buy rating and set a $41.00 price target on the stock in a research note on Wednesday, November 1st. BidaskClub upgraded Carolina Financial Corporation from a hold rating to a buy rating in a research note on Saturday, August 26th. Stephens restated a hold rating and set a $34.00 price target on shares of Carolina Financial Corporation in a research note on Monday, July 24th. Finally, Raymond James Financial, Inc. reiterated an outperform rating and issued a $42.00 target price (up previously from $40.00) on shares of Carolina Financial Corporation in a research note on Tuesday, October 31st. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $39.00.

Carolina Financial Corporation (NASDAQ:CARO) opened at $35.69 on Friday. The company has a market capitalization of $751.65, a price-to-earnings ratio of 18.49 and a beta of 0.45. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.80 and a current ratio of 0.81. Carolina Financial Corporation has a 52 week low of $18.69 and a 52 week high of $60.43.

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The business also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Thursday, December 14th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.56%. The ex-dividend date is Wednesday, December 13th. This is a positive change from Carolina Financial Corporation’s previous quarterly dividend of $0.04. Carolina Financial Corporation’s payout ratio is 8.74%.

In other Carolina Financial Corporation news, Director Robert M. Moise sold 3,000 shares of Carolina Financial Corporation stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $36.76, for a total value of $110,280.00. Following the transaction, the director now owns 119,086 shares in the company, valued at $4,377,601.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.23% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the company. Citadel Advisors LLC purchased a new stake in shares of Carolina Financial Corporation during the third quarter worth about $296,000. ClariVest Asset Management LLC purchased a new stake in shares of Carolina Financial Corporation during the third quarter worth about $593,000. SG Americas Securities LLC purchased a new stake in shares of Carolina Financial Corporation during the third quarter worth about $143,000. John W. Rosenthal Capital Management Inc. purchased a new stake in shares of Carolina Financial Corporation during the third quarter worth about $2,878,000. Finally, Alps Advisors Inc. purchased a new stake in shares of Carolina Financial Corporation during the third quarter worth about $497,000. Institutional investors and hedge funds own 33.23% of the company’s stock.

Carolina Financial Corporation Company Profile

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