Carter Bankshares (NASDAQ:CARE) Insider Bradford Langs Sells 2,500 Shares

Carter Bankshares, Inc. (NASDAQ:CARE) insider Bradford Langs sold 2,500 shares of Carter Bankshares stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $34.54, for a total value of $86,350.00. Following the sale, the insider directly owned 33,242 shares of the company’s stock, valued at approximately $1,148,178.68. This represents a 6.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Carter Bankshares Trading Up 0.4%

Shares of CARE stock traded up $0.12 during mid-day trading on Thursday, reaching $34.63. The stock had a trading volume of 127,666 shares, compared to its average volume of 285,257. The business’s fifty day moving average is $31.07 and its 200-day moving average is $25.49. The firm has a market cap of $769.59 million, a price-to-earnings ratio of 5.96 and a beta of 0.51. Carter Bankshares, Inc. has a 1-year low of $16.78 and a 1-year high of $35.14.

Carter Bankshares (NASDAQ:CARE) last released its earnings results on Thursday, July 23rd. The company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.91). The firm had revenue of $90.22 million for the quarter, compared to analyst estimates of $55.90 million. Carter Bankshares had a return on equity of 7.85% and a net margin of 36.79%. On average, analysts forecast that Carter Bankshares, Inc. will post 1.96 earnings per share for the current year.

Carter Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 10th will be paid a $0.10 dividend. The ex-dividend date is Monday, August 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.2%. Carter Bankshares’s dividend payout ratio is presently 6.88%.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Carter Bankshares

A number of institutional investors have recently modified their holdings of the business. Federated Hermes Inc. raised its holdings in Carter Bankshares by 98.3% in the 4th 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. PNC Financial Services Group Inc. grew its holdings in 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 during the period. Geneos Wealth Management Inc. grew its holdings in Carter Bankshares by 140.6% in the second quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock valued at $46,000 after purchasing an additional 1,534 shares during the period. State of Alaska Department of Revenue increased 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 buying an additional 2,291 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of Carter Bankshares by 113.6% in the second 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 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.