Brean Capital Reaffirms Buy Rating for Carolina Financial Corporation (CARO)

Carolina Financial Corporation (NASDAQ:CARO)‘s stock had its “buy” rating reaffirmed by analysts at Brean Capital in a research report issued on Friday, November 10th. They currently have a $40.00 price objective on the financial services provider’s stock. Brean Capital’s price objective points to a potential upside of 5.49% from the company’s previous close.

The analysts wrote, “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.””

Several other brokerages have also recently commented on CARO. Raymond James Financial, Inc. reissued an “outperform” rating and issued a $42.00 price target (up previously from $40.00) on shares of Carolina Financial Corporation in a research report on Tuesday, October 31st. Zacks Investment Research cut shares of Carolina Financial Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, November 2nd. Stephens reaffirmed a “hold” rating and set a $34.00 price objective on shares of Carolina Financial Corporation in a research report on Monday, July 24th. Finally, BidaskClub raised shares of Carolina Financial Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $39.00.

Carolina Financial Corporation (CARO) opened at $37.92 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.81 and a quick ratio of 0.80. Carolina Financial Corporation has a 1 year low of $20.17 and a 1 year high of $40.20. The company has a market cap of $787.66, a P/E ratio of 19.38 and a beta of 0.45.

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In related news, Director Robert M. Moise sold 3,000 shares of the business’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $36.76, for a total value of $110,280.00. Following the completion of the sale, the director now directly owns 119,086 shares of the company’s stock, valued at $4,377,601.36. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 12.23% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Susquehanna International Group LLP acquired a new position in Carolina Financial Corporation in the third quarter valued at $1,061,000. Sterling Capital Management LLC acquired a new position in Carolina Financial Corporation in the third quarter valued at $806,000. California Public Employees Retirement System increased its stake in Carolina Financial Corporation by 9.5% in the third quarter. California Public Employees Retirement System now owns 31,635 shares of the financial services provider’s stock valued at $1,135,000 after purchasing an additional 2,735 shares during the period. Janus Henderson Group PLC increased its stake in shares of Carolina Financial Corporation by 4.7% during the third quarter. Janus Henderson Group PLC now owns 539,386 shares of the financial services provider’s stock worth $19,353,000 after acquiring an additional 24,010 shares during the period. Finally, Allianz Asset Management GmbH increased its stake in shares of Carolina Financial Corporation by 122.7% during the third quarter. Allianz Asset Management GmbH now owns 65,744 shares of the financial services provider’s stock worth $2,359,000 after acquiring an additional 36,228 shares during the period. Institutional investors own 33.06% 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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