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

Carter Bankshares, Inc. (NASDAQ:CARE) Director Robert Bolton sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $34.60, for a total transaction of $51,900.00. Following the completion of the transaction, the director directly owned 55,000 shares of the company’s stock, valued at $1,903,000. This represents a 2.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Carter Bankshares Stock Performance

NASDAQ CARE opened at $34.13 on Friday. The firm’s 50 day moving average price is $31.22 and its two-hundred day moving average price is $25.59. Carter Bankshares, Inc. has a twelve month low of $16.78 and a twelve month high of $35.14. The stock has a market cap of $758.44 million, a price-to-earnings ratio of 5.87 and a beta of 0.51.

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

Carter Bankshares Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Huber Capital Management LLC lifted its position in shares of Carter Bankshares by 0.3% in the fourth quarter. Huber Capital Management LLC now owns 191,053 shares of the company’s stock worth $3,756,000 after buying an additional 500 shares during the last quarter. Federated Hermes Inc. boosted its stake in shares of Carter Bankshares by 98.3% during 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. First Trust Advisors LP increased its holdings in shares of Carter Bankshares by 6.7% during the 2nd quarter. First Trust Advisors LP now owns 14,780 shares of the company’s stock valued at $256,000 after acquiring an additional 930 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of Carter Bankshares by 140.6% during the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock valued at $46,000 after acquiring an additional 1,534 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Carter Bankshares by 14.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,791 shares of the company’s stock worth $272,000 after purchasing an additional 1,695 shares during the last quarter. Hedge funds and other institutional investors own 41.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CARE shares. Hovde Group restated 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. Raymond James Financial downgraded Carter Bankshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st. Wall Street Zen raised shares of Carter Bankshares from a “hold” rating to a “buy” rating in a research report on Monday, July 13th. Weiss Ratings upgraded shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Finally, Freedom Capital downgraded shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $30.75.

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.