Carter Bankshares, Inc. (NASDAQ:CARE) Plans $0.10 Quarterly Dividend

Carter Bankshares, Inc. (NASDAQ:CARE) announced a quarterly dividend on Wednesday, July 22nd. Shareholders of record on Monday, August 10th will be paid a dividend of 0.10 per share on Monday, August 24th. This represents a c) dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Monday, August 10th.

Carter Bankshares has decreased its dividend by an average of 1.0%annually over the last three years. Carter Bankshares has a dividend payout ratio of 20.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Carter Bankshares to earn $2.50 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 16.0%.

Carter Bankshares Stock Up 3.0%

CARE traded up $0.98 during trading on Thursday, hitting $33.90. The company’s stock had a trading volume of 424,606 shares, compared to its average volume of 282,203. Carter Bankshares has a one year low of $16.78 and a one year high of $35.03. The firm has a market cap of $753.26 million, a PE ratio of 6.96 and a beta of 0.51. The business’s 50 day simple moving average is $30.31 and its 200-day simple moving average is $24.98.

Carter Bankshares (NASDAQ:CARE) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.53 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.91). Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%.The company had revenue of $90.22 million during the quarter, compared to analysts’ expectations of $55.90 million. Equities research analysts expect that Carter Bankshares will post 1.91 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CARE has been the subject of several recent research reports. Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Raymond James Financial cut Carter Bankshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 1st. Hovde Group downgraded Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 price objective for the company. in a research note on Wednesday, June 3rd. Freedom Capital lowered shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Finally, Wall Street Zen upgraded shares of Carter Bankshares from a “hold” rating to a “buy” rating in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $28.50.

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.