Carter Bankshares (NASDAQ:CARE) Insider Bradford Langs Sells 2,500 Shares of Stock

Carter Bankshares, Inc. (NASDAQ:CARE) insider Bradford Langs sold 2,500 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $34.54, for a total value of $86,350.00. Following the completion of the sale, the insider owned 33,242 shares of the company’s stock, valued at $1,148,178.68. The trade was a 6.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Carter Bankshares Trading Down 1.1%

NASDAQ:CARE opened at $34.13 on Friday. The business’s fifty day moving average price is $31.22 and its 200 day moving average price is $25.59. The firm has a market capitalization of $758.44 million, a price-to-earnings ratio of 5.87 and a beta of 0.51. Carter Bankshares, Inc. has a 1-year low of $16.78 and a 1-year high of $35.14.

Carter Bankshares (NASDAQ:CARE) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.91). Carter Bankshares had a return on equity of 7.85% and a net margin of 36.79%.The business had revenue of $90.22 million for the quarter, compared to analyst estimates of $55.90 million. Equities analysts forecast that Carter Bankshares, Inc. will post 2.02 earnings per share for the current year.

Carter Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 10th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Monday, August 10th. Carter Bankshares’s dividend payout ratio (DPR) is currently 6.88%.

Hedge Funds Weigh In On Carter Bankshares

Institutional investors have recently bought and sold shares of the stock. Fourthstone LLC lifted its position in shares of Carter Bankshares by 19.1% in the fourth quarter. Fourthstone LLC now owns 1,236,393 shares of the company’s stock worth $24,307,000 after buying an additional 197,850 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of Carter Bankshares during the 4th quarter valued at about $1,770,000. Curi Capital LLC raised its stake in shares of Carter Bankshares by 388.0% in the 2nd quarter. Curi Capital LLC now owns 93,295 shares of the company’s stock valued at $1,618,000 after acquiring an additional 74,178 shares in the last quarter. Mendon Capital Advisors Corp raised its stake in shares of Carter Bankshares by 106.0% in the 2nd quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company’s stock valued at $2,469,000 after acquiring an additional 73,275 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in Carter Bankshares by 457.6% in the 3rd quarter. First Trust Advisors LP now owns 82,410 shares of the company’s stock worth $1,600,000 after purchasing an additional 67,630 shares during the last quarter. 41.48% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on CARE. Wall Street Zen upgraded shares of Carter Bankshares from a “hold” rating to a “buy” rating in a research report on Monday, July 13th. Freedom Capital downgraded shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Raymond James Financial lowered Carter Bankshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st. Hovde Group reissued a “market perform” rating and set a $34.50 price objective (up from $30.00) on shares of Carter Bankshares in a research report on Monday. Finally, Weiss Ratings upgraded Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Carter Bankshares presently has a consensus rating of “Hold” and a consensus price target of $30.75.

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.