Carter Bankshares, Inc. (CARE) to Issue Quarterly Dividend of $0.10 on November 23rd

Carter Bankshares, Inc. (NASDAQ:CARE) announced a quarterly dividend on Thursday, October 29th. Investors of record on Monday, November 9th will be given a dividend of $0.10 per share on Monday, November 23rd. This represents a $0.40 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Monday, November 9th.

Carter Bankshares has decreased its dividend payment by an average of 1.0% per year over the last three years. Carter Bankshares has a dividend payout ratio of 20.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Carter Bankshares to earn $2.53 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 15.8%.

Carter Bankshares Trading Down 3.0%

Shares of NASDAQ:CARE opened at $29.00 on Friday. The company’s 50 day moving average is $30.65 and its 200 day moving average is $27.42. The company has a market cap of $642.64 million, a PE ratio of 17.69 and a beta of 0.59. Carter Bankshares has a twelve month low of $16.78 and a twelve month high of $36.06.

Carter Bankshares (NASDAQ:CARE) last posted its quarterly earnings data on Thursday, October 29th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.19). The business had revenue of $46.22 million during the quarter, compared to analysts’ expectations of $46.96 million. Carter Bankshares had a net margin of 37.19% and a return on equity of 7.55%. Equities research analysts predict that Carter Bankshares will post 2.02 earnings per share for the current fiscal year.

Institutional Trading of Carter Bankshares

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp acquired a new position in Carter Bankshares during the 2nd quarter worth approximately $2,433,000. Dimensional Fund Advisors LP increased its stake in Carter Bankshares by 4.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,175,925 shares of the company’s stock valued at $27,422,000 after purchasing an additional 52,195 shares during the period. Sei Investments Co. lifted its position in Carter Bankshares by 108.5% during the 1st quarter. Sei Investments Co. now owns 80,379 shares of the company’s stock worth $1,874,000 after acquiring an additional 41,836 shares during the period. Bank of America Corp DE grew its position in Carter Bankshares by 82.5% in the 1st quarter. Bank of America Corp DE now owns 57,437 shares of the company’s stock valued at $1,339,000 after buying an additional 25,967 shares during the last quarter. Finally, Engineers Gate Manager LP purchased a new position in Carter Bankshares in the 2nd quarter valued at $707,000. 41.48% of the stock is currently owned by hedge funds and other institutional investors.

About Carter Bankshares

Carter Bankshares, Inc is the bank holding company for Carter Bank & Trust, a community-focused financial institution headquartered in Martinsville, Virginia. The bank provides banking and financial services to individuals, businesses and organizations through its branch network and digital banking channels.

Carter Bank & Trust offers deposit products, residential and commercial real estate lending, consumer loans, business loans, treasury management and other financial services.