Carter Bankshares (NASDAQ:CARE) Director Sells $51,900.00 in Stock

Carter Bankshares, Inc. (NASDAQ:CARE) Director Robert Bolton sold 1,500 shares of the company’s stock in a transaction on Thursday, July 30th. The stock was 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 of the company’s stock, valued at approximately $1,903,000. The trade was a 2.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Carter Bankshares Stock Performance

CARE stock opened at $34.58 on Friday. The stock has a market capitalization of $768.37 million, a PE ratio of 5.95 and a beta of 0.51. The company has a fifty day moving average of $31.36 and a 200-day moving average of $25.65. Carter Bankshares, Inc. has a one year low of $16.78 and a one year high of $35.14.

Carter Bankshares (NASDAQ:CARE) last issued its quarterly earnings results 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). 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%. Equities analysts forecast that Carter Bankshares, Inc. will post 2.02 earnings per share for the current fiscal year.

Carter Bankshares Dividend Announcement

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CARE. Daytona Street Capital LLC acquired a new stake in shares of Carter Bankshares during the 4th quarter valued at approximately $1,033,000. Richard Young Associates Ltd. purchased a new stake in shares of Carter Bankshares during the 4th quarter worth approximately $525,000. Maltese Capital Management LLC grew 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 acquiring an additional 26,800 shares during the period. Huber Capital Management LLC grew its holdings in shares of Carter Bankshares by 0.3% in the 4th quarter. Huber Capital Management LLC now owns 191,053 shares of the company’s stock worth $3,756,000 after acquiring an additional 500 shares during the period. Finally, Quantinno Capital Management LP grew its holdings in shares of Carter Bankshares by 60.9% in the 1st quarter. Quantinno Capital Management LP now owns 35,489 shares of the company’s stock worth $828,000 after acquiring an additional 13,439 shares during the period. 41.48% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CARE. Wall Street Zen raised Carter Bankshares from a “hold” rating to a “buy” rating in a research note on Monday, July 13th. Freedom Capital downgraded Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Raymond James Financial lowered Carter Bankshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st. Hovde Group reiterated a “market perform” rating and issued a $34.50 price objective (up from $30.00) on shares of Carter Bankshares in a research report 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 research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Carter Bankshares has an average rating of “Hold” and an average price target of $30.75.

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.