Robert Bolton Sells 1,500 Shares of Carter Bankshares (NASDAQ:CARE) Stock

Carter Bankshares, Inc. (NASDAQ:CARE) Director Robert Bolton sold 1,500 shares of the stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $34.60, for a total transaction of $51,900.00. Following the completion of the sale, the director owned 55,000 shares of the company’s stock, valued at approximately $1,903,000. The trade was a 2.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Carter Bankshares Stock Up 1.3%

CARE stock opened at $34.58 on Friday. Carter Bankshares, Inc. has a twelve month low of $16.78 and a twelve month high of $35.14. The company has a market cap of $768.37 million, a PE ratio of 5.95 and a beta of 0.51. The business’s 50-day simple moving average is $31.36 and its 200 day simple moving average is $25.65.

Carter Bankshares (NASDAQ:CARE) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.91). The firm 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 36.79% and a return on equity of 7.85%. On average, equities research analysts anticipate that Carter Bankshares, Inc. will post 2.02 EPS for the current year.

Carter Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 10th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, August 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.2%. Carter Bankshares’s payout ratio is currently 6.88%.

Analyst Ratings Changes

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

Institutional Investors Weigh In On Carter Bankshares

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

About Carter Bankshares

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.