Sei Investments Co. Raises Stock Position in Carter Bankshares, Inc. $CARE

Sei Investments Co. grew its stake in shares of Carter Bankshares, Inc. (NASDAQ:CARE) by 108.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 80,379 shares of the company’s stock after acquiring an additional 41,836 shares during the period. Sei Investments Co.’s holdings in Carter Bankshares were worth $1,874,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Fourthstone LLC grew its stake in Carter Bankshares by 19.1% in the fourth quarter. Fourthstone LLC now owns 1,236,393 shares of the company’s stock worth $24,307,000 after purchasing an additional 197,850 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Carter Bankshares by 4.6% during the 1st 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 in the last quarter. Kennedy Capital Management LLC raised its position in Carter Bankshares by 12.9% during the 3rd quarter. Kennedy Capital Management LLC now owns 441,076 shares of the company’s stock valued at $8,561,000 after purchasing an additional 50,519 shares in the last quarter. Maltese Capital Management LLC lifted its holdings in shares of Carter Bankshares by 7.3% in the 4th quarter. Maltese Capital Management LLC now owns 395,800 shares of the company’s stock worth $7,781,000 after buying an additional 26,800 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Carter Bankshares by 11.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 300,553 shares of the company’s stock worth $5,909,000 after buying an additional 29,924 shares during the period. Hedge funds and other institutional investors own 41.48% of the company’s stock.

Analyst Ratings Changes

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

Carter Bankshares Stock Performance

Shares of NASDAQ:CARE opened at $33.00 on Monday. Carter Bankshares, Inc. has a 12-month low of $16.78 and a 12-month high of $36.06. The business’s fifty day simple moving average is $32.10 and its 200-day simple moving average is $26.20. The company has a market capitalization of $733.26 million, a PE ratio of 5.68 and a beta of 0.52.

Carter Bankshares (NASDAQ:CARE) last issued 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). Carter Bankshares had a return on equity of 7.85% and a net margin of 36.79%.The company had revenue of $32.73 million for the quarter, compared to analysts’ expectations of $55.90 million. Research analysts predict that Carter Bankshares, Inc. will post 2.02 EPS for the current year.

Carter Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 10th will be issued a $0.10 dividend. 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 payout ratio is currently 6.88%.

Insider Activity

In related news, insider Bradford N. Langs sold 2,500 shares of the stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $34.54, for a total transaction of $86,350.00. Following the completion of the sale, the insider owned 33,242 shares of the company’s stock, valued at $1,148,178.68. This represents a 6.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert M. Bolton sold 1,500 shares of the stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $34.60, for a total transaction of $51,900.00. Following the sale, the director directly owned 55,000 shares of the company’s stock, valued at $1,903,000. The trade was a 2.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 9,500 shares of company stock valued at $283,835. Insiders own 2.38% of the company’s stock.

Carter Bankshares 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.