Carter Bankshares (NASDAQ:CARE) Director Buys $119,865.00 in Stock

Carter Bankshares, Inc. (NASDAQ:CARE) Director Elizabeth Walsh acquired 4,575 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average cost of $26.20 per share, for a total transaction of $119,865.00. Following the acquisition, the director directly owned 58,753 shares in the company, valued at $1,539,328.60. This represents a 8.44% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Carter Bankshares Stock Performance

Shares of CARE opened at $26.32 on Friday. The stock’s 50-day simple moving average is $22.64 and its 200 day simple moving average is $20.63. Carter Bankshares, Inc. has a 52-week low of $15.40 and a 52-week high of $26.58. The stock has a market capitalization of $583.25 million, a price-to-earnings ratio of 5.40 and a beta of 0.51. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.93.

Carter Bankshares (NASDAQ:CARE) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.09). Carter Bankshares had a net margin of 33.60% and a return on equity of 7.93%. The business had revenue of $106.91 million during the quarter, compared to analysts’ expectations of $42.47 million. Research analysts forecast that Carter Bankshares, Inc. will post 1.96 EPS for the current fiscal year.

Carter Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 25th. Shareholders of record on Monday, May 11th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, May 11th. This represents a $0.40 annualized dividend and a dividend yield of 1.5%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Zacks Research raised Carter Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. Weiss Ratings raised Carter Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 9th. Wall Street Zen raised Carter Bankshares from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Hovde Group raised their price target on Carter Bankshares from $27.00 to $28.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $27.00 price target on shares of Carter Bankshares in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $27.50.

Hedge Funds Weigh In On Carter Bankshares

Several institutional investors have recently modified their holdings of CARE. Fourthstone LLC increased its position in shares of Carter Bankshares by 19.1% during the 4th quarter. Fourthstone LLC now owns 1,236,393 shares of the company’s stock valued at $24,307,000 after purchasing an additional 197,850 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Carter Bankshares during the 4th quarter valued at about $1,770,000. Curi Capital LLC increased its position in shares of Carter Bankshares by 388.0% during the 2nd quarter. Curi Capital LLC now owns 93,295 shares of the company’s stock valued at $1,618,000 after purchasing an additional 74,178 shares during the last quarter. Mendon Capital Advisors Corp increased its position in shares of Carter Bankshares by 106.0% during the 2nd quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company’s stock valued at $2,469,000 after purchasing an additional 73,275 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of Carter Bankshares by 457.6% during the 3rd quarter. First Trust Advisors LP now owns 82,410 shares of the company’s stock valued at $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.

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.