Positive Report for Carolina Financial Corporation from Sandler O’Neill

By Austin Angelo

Carolina Financial Corporation (NASDAQ: CARO) received a Buy rating from Sandler O’Neill analyst Matthew Forgotson today. The company’s shares opened today at $22.17.

According to TipRanks.com, Forgotson is a 3-star analyst with an average return of 9.7% and a 83.3% success rate. Forgotson covers the Financial sector, focusing on stocks such as First Interstate Bancsystem, First Business Financial, and M B T Financial Corp.

Carolina Financial Corporation has an analyst consensus of Moderate Buy.

Based on Carolina Financial Corporation’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $25.1 million and quarterly net profit of $5.94 million. In comparison, last year the company earned revenue of $21.08 million and had a net profit of $3.88 million.

Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is neutral on the stock. Most recently, in August 2016, Michael Leddy, a Director at CARO sold 10,000 shares for a total of $201,800.

Carolina Financial Corp. operates as a holding company for CresCom Bank, a South Carolina state chartered community bank. It provides commercial banking services to individuals and small-to medium-sized businesses. The company operates in three reportable segments: Community Banking, Wholesale Mortgage Banking and Other. The Community Banking segment provides traditional banking services offered through CresCom Bank. The Mortgage Banking segment provides mortgage loan origination and servicing offered through Crescent Mortgage. The Other segment provides managerial and operational support to the other business segments through Carolina Services and Carolina Financial. It offers various deposit products including checking accounts, savings accounts, money market accounts, time deposits, certificates of deposit and commercial lending. Carolina Financial was founded by John D. Russ in February 1997 and is headquartered in Wilmington, DE.