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

Richard Young Associates Ltd. acquired a new stake in Carter Bankshares, Inc. (NASDAQ:CARE) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 26,681 shares of the company’s stock, valued at approximately $525,000. Carter Bankshares accounts for approximately 0.4% of Richard Young Associates Ltd.’s investment portfolio, making the stock its 13th biggest position.

A number of other institutional investors have also recently bought and sold shares of the business. State of Alaska Department of Revenue grew its stake in 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 valued at $63,000 after purchasing an additional 2,291 shares during the period. Daytona Street Capital LLC bought a new position in Carter Bankshares in the 4th quarter valued at $1,033,000. SG Americas Securities LLC bought a new position in Carter Bankshares in the 4th quarter valued at $180,000. JPMorgan Chase & Co. grew its stake in Carter Bankshares by 9.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 59,118 shares of the company’s stock valued at $1,147,000 after purchasing an additional 5,266 shares during the period. Finally, Polymer Capital Management US LLC bought a new position in Carter Bankshares in the 3rd quarter valued at $247,000. Institutional investors own 41.48% of the company’s stock.

Wall Street Analyst Weigh In

CARE has been the subject of a number of recent analyst reports. Raymond James Financial restated an “outperform” rating and issued a $27.00 price objective on shares of Carter Bankshares in a research note on Monday, April 27th. Hovde Group upped their price objective on Carter Bankshares from $27.00 to $28.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Freedom Capital downgraded Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday. Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Finally, Wall Street Zen raised Carter Bankshares from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.50.

Carter Bankshares Price Performance

Shares of NASDAQ CARE opened at $26.21 on Friday. Carter Bankshares, Inc. has a one year low of $15.40 and a one year high of $27.24. The business’s fifty day moving average price is $23.29 and its 200-day moving average price is $20.94. The stock has a market capitalization of $582.39 million, a PE ratio of 5.38 and a beta of 0.51.

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

Carter Bankshares Announces Dividend

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

Insider Transactions at Carter Bankshares

In related news, insider Bradford N. Langs sold 5,500 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $26.47, for a total transaction of $145,585.00. Following the sale, the insider 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Elizabeth L. 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. Additional details regarding this purchase are available in the official SEC disclosure. 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.