Richard Young Associates Ltd. Purchases Shares of 26,681 Carter Bankshares, Inc. $CARE

Richard Young Associates Ltd. purchased a new stake in Carter Bankshares, Inc. (NASDAQ:CARE) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 26,681 shares of the company’s stock, valued at approximately $525,000. Carter Bankshares accounts for about 0.4% of Richard Young Associates Ltd.’s holdings, making the stock its 13th biggest holding. Richard Young Associates Ltd. owned 0.12% of Carter Bankshares as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in CARE. AQR Capital Management LLC lifted its stake in Carter Bankshares by 88.1% in the first quarter. AQR Capital Management LLC now owns 25,175 shares of the company’s stock valued at $407,000 after buying an additional 11,794 shares during the period. Empowered Funds LLC increased its holdings in shares of Carter Bankshares by 7.3% during the first quarter. Empowered Funds LLC now owns 90,725 shares of the company’s stock valued at $1,468,000 after acquiring an additional 6,157 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Carter Bankshares during the first quarter valued at approximately $585,000. Creative Planning bought a new stake in shares of Carter Bankshares during the second quarter valued at approximately $330,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Carter Bankshares by 7.0% during the second quarter. Arrowstreet Capital Limited Partnership now owns 46,795 shares of the company’s stock valued at $811,000 after acquiring an additional 3,066 shares in the last quarter. 41.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Wall Street Zen upgraded Carter Bankshares from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Freedom Capital downgraded Carter Bankshares from a “strong-buy” rating to a “hold” rating in a report on Friday. Weiss Ratings upgraded Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday. Raymond James Financial restated an “outperform” rating and set a $27.00 price objective on shares of Carter Bankshares in a report on Monday, April 27th. Finally, Hovde Group boosted their price objective on Carter Bankshares from $27.00 to $28.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $27.50.

Carter Bankshares Trading Down 3.2%

NASDAQ CARE opened at $26.21 on Friday. The firm has a market capitalization of $582.39 million, a P/E ratio of 5.38 and a beta of 0.51. The business has a fifty day simple moving average of $23.29 and a 200 day simple moving average of $20.94. Carter Bankshares, Inc. has a 12 month low of $15.40 and a 12 month high of $27.24.

Carter Bankshares (NASDAQ:CARE) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.09). The company had revenue of $106.91 million during the quarter, compared to analysts’ expectations of $42.47 million. Carter Bankshares had a net margin of 33.60% and a return on equity of 7.51%. As a group, sell-side analysts predict that Carter Bankshares, Inc. will post 1.96 EPS for the current fiscal year.

Carter Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, May 25th. Investors of record on Monday, May 11th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Monday, May 11th. Carter Bankshares’s dividend payout ratio is presently 8.21%.

Insiders Place Their Bets

In related news, insider Bradford N. Langs sold 5,500 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $26.47, for a total value of $145,585.00. Following the completion of the sale, the insider directly owned 27,093 shares of the company’s stock, valued at approximately $717,151.71. This represents a 16.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Elizabeth L. Walsh purchased 4,575 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average cost of $26.20 per share, with a total value of $119,865.00. Following the completion of the transaction, the director directly owned 58,753 shares in the company, valued at $1,539,328.60. The trade was a 8.44% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 2.38% of the company’s stock.

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.