Carter Bankshares (NASDAQ:CARE) Insider Sells $86,350.00 in Stock

Carter Bankshares, Inc. (NASDAQ:CARE) insider Bradford Langs sold 2,500 shares of the business’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $34.54, for a total transaction of $86,350.00. Following the sale, the insider directly owned 33,242 shares of the company’s stock, valued at $1,148,178.68. This represents a 6.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Carter Bankshares Price Performance

NASDAQ CARE opened at $34.58 on Friday. The stock’s 50 day simple moving average is $31.36 and its 200-day simple moving average is $25.65. Carter Bankshares, Inc. has a 1-year low of $16.78 and a 1-year high of $35.14. The company has a market cap of $768.37 million, a PE ratio of 5.95 and a beta of 0.51.

Carter Bankshares (NASDAQ:CARE) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.91). The firm 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, equities research analysts anticipate that Carter Bankshares, Inc. will post 2.02 EPS for the current fiscal year.

Carter Bankshares Announces Dividend

The business also recently disclosed 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. The ex-dividend date is Monday, August 10th. This represents a $0.40 dividend on an annualized basis and a yield of 1.2%. Carter Bankshares’s dividend payout ratio (DPR) is presently 6.88%.

Analysts Set New Price Targets

A number of research firms recently commented on CARE. Freedom Capital cut Carter Bankshares from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Raymond James Financial cut shares of Carter Bankshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 1st. Wall Street Zen upgraded Carter Bankshares from a “hold” rating to a “buy” rating in a report on Monday, July 13th. Hovde Group reiterated a “market perform” rating and issued a $34.50 price target (up from $30.00) on shares of Carter Bankshares in a research note on Monday, July 27th. Finally, Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $30.75.

Institutional Trading of Carter Bankshares

Hedge funds have recently added to or reduced their stakes in the stock. Federated Hermes Inc. lifted its holdings in shares of Carter Bankshares by 98.3% during the fourth quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock worth $32,000 after purchasing an additional 806 shares during the period. Geneos Wealth Management Inc. boosted its position in Carter Bankshares by 140.6% during the second quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock worth $46,000 after purchasing an additional 1,534 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Carter Bankshares by 397.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock valued at $54,000 after acquiring an additional 1,846 shares during the last quarter. State of Alaska Department of Revenue grew its position in shares of Carter Bankshares by 243.2% in the fourth 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 last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in Carter Bankshares by 113.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock valued at $65,000 after buying an additional 2,008 shares during the last quarter. 41.48% of the stock is owned by institutional investors and hedge funds.

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.