Carter Bankshares, Inc. (NASDAQ:CARE) Declares $0.10 Quarterly Dividend

Carter Bankshares, Inc. (NASDAQ:CARE) announced a quarterly dividend on Wednesday, July 22nd. Shareholders of record on Monday, August 10th will be given a dividend of 0.10 per share on Monday, August 24th. This represents a c) annualized dividend and a yield of 1.2%. The ex-dividend date is Monday, August 10th.

Carter Bankshares has decreased its dividend payment by an average of 1.0%per year over the last three years. Carter Bankshares has a payout ratio of 20.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Carter Bankshares to earn $2.50 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 16.0%.

Carter Bankshares Price Performance

CARE stock traded up $0.98 during mid-day trading on Thursday, reaching $33.90. The company had a trading volume of 424,606 shares, compared to its average volume of 282,203. The company has a market capitalization of $753.26 million, a PE ratio of 6.96 and a beta of 0.51. The firm has a 50 day moving average of $30.31 and a 200 day moving average of $24.98. Carter Bankshares has a 12 month low of $16.78 and a 12 month high of $35.03.

Carter Bankshares (NASDAQ:CARE) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $1.44 by ($0.91). The company had revenue of $90.22 million for the quarter, compared to the consensus estimate of $55.90 million. Carter Bankshares had a net margin of 33.60% and a return on equity of 7.51%. Analysts anticipate that Carter Bankshares will post 1.91 EPS for the current year.

Insider Activity at Carter Bankshares

In other Carter Bankshares news, Director Elizabeth L. Walsh acquired 4,575 shares of Carter Bankshares stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average price of $26.20 per share, with a total value of $119,865.00. Following the completion of the purchase, the director directly owned 58,753 shares of the company’s stock, valued at approximately $1,539,328.60. This represents a 8.44% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bradford N. Langs sold 5,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $26.47, for a total transaction of $145,585.00. Following the completion of the transaction, the insider directly owned 27,093 shares of the company’s stock, valued at $717,151.71. This trade represents a 16.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.38% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Federated Hermes Inc. raised its position in shares of Carter Bankshares by 98.3% in the 4th quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock worth $32,000 after acquiring an additional 806 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in Carter Bankshares by 140.6% in the second quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock valued at $46,000 after purchasing an additional 1,534 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Carter Bankshares by 397.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock valued at $54,000 after purchasing an additional 1,846 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in Carter Bankshares by 243.2% in the fourth quarter. State of Alaska Department of Revenue now owns 3,233 shares of the company’s stock worth $63,000 after purchasing an additional 2,291 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in Carter Bankshares by 113.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock worth $65,000 after purchasing an additional 2,008 shares in the last quarter. 41.48% of the stock is owned by institutional investors.

Carter Bankshares Company Profile

Carter Bankshares, Inc is a bank holding company headquartered in Suffolk, Virginia, operating primarily through its subsidiary, Carter Bank & Trust. The company offers a full range of commercial and retail banking services, serving individuals, small and mid-sized businesses, and nonprofit organizations. Its financial products are designed to meet the needs of local customers across southeastern Virginia and northeastern North Carolina.

Carter Bank & Trust provides deposit accounts, including checking, savings and money market products, as well as certificates of deposit.