Insider Selling: Carter Bankshares (NASDAQ:CARE) Director Sells 1,500 Shares of Stock

Carter Bankshares, Inc. (NASDAQ:CARE) Director Robert Bolton sold 1,500 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $34.60, for a total transaction of $51,900.00. Following the transaction, the director owned 55,000 shares in the company, valued at approximately $1,903,000. The trade was a 2.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Carter Bankshares Trading Up 0.3%

Shares of CARE traded up $0.11 on Thursday, reaching $34.62. 208,522 shares of the company’s stock were exchanged, compared to its average volume of 285,878. The business has a 50 day moving average price of $31.07 and a two-hundred day moving average price of $25.49. Carter Bankshares, Inc. has a 12 month low of $16.78 and a 12 month high of $35.14. The stock has a market capitalization of $769.21 million, a P/E ratio of 5.96 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 (EPS) for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.91). Carter Bankshares had a net margin of 36.79% and a return on equity of 7.85%. The business had revenue of $90.22 million during the quarter, compared to the consensus estimate of $55.90 million. Equities research analysts predict that Carter Bankshares, Inc. will post 1.96 EPS for the current year.

Carter Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 10th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Monday, August 10th. Carter Bankshares’s dividend payout ratio (DPR) is currently 6.88%.

Analyst Upgrades and Downgrades

CARE has been the topic of several analyst reports. Raymond James Financial lowered Carter Bankshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. Hovde Group reissued a “market perform” rating and set a $34.50 price objective (up from $30.00) on shares of Carter Bankshares in a research note on Monday. Wall Street Zen upgraded shares of Carter Bankshares from a “hold” rating to a “buy” rating in a report on Monday, July 13th. Weiss Ratings raised shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Finally, Freedom Capital lowered shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $30.75.

Institutional Investors Weigh In On Carter Bankshares

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE boosted its stake 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 worth $1,339,000 after purchasing an additional 25,967 shares during the period. Empowered Funds LLC raised its stake in shares of Carter Bankshares by 10.0% in the 1st quarter. Empowered Funds LLC now owns 90,470 shares of the company’s stock valued at $2,110,000 after purchasing an additional 8,192 shares during the period. Quantinno Capital Management LP lifted its holdings in shares of Carter Bankshares by 60.9% in the first quarter. Quantinno Capital Management LP now owns 35,489 shares of the company’s stock valued at $828,000 after purchasing an additional 13,439 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Carter Bankshares by 108.5% in the first quarter. Sei Investments Co. now owns 80,379 shares of the company’s stock valued at $1,874,000 after purchasing an additional 41,836 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Carter Bankshares by 397.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock valued at $54,000 after purchasing an additional 1,846 shares in the last quarter. 41.48% of the stock is currently owned by institutional investors and hedge funds.

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.