Key Points
- Insider sale: Carter Bankshares insider Bradford Langs sold 5,500 shares on May 12 at an average price of $26.47, totaling about $145,585 and reducing his stake by 16.87%.
- Stock and earnings context: The shares were trading around $26.17, near their 52-week high of $27.24. The company recently reported quarterly EPS of $0.40, missing estimates, though revenue came in well above expectations.
- Dividend and analyst view: Carter Bankshares declared a quarterly dividend of $0.10 per share, yielding about 1.5% annually. Analysts currently rate the stock a consensus Buy with an average price target of $27.50.
Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) insider Bradford Langs sold 5,500 shares of Carter Bankshares stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $26.47, for a total value of $145,585.00. Following the sale, the insider directly owned 27,093 shares in the company, valued at $717,151.71. The trade was a 16.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
Carter Bankshares Trading Down 1.5%
Shares of NASDAQ:CARE opened at $26.17 on Wednesday. Carter Bankshares, Inc. has a 1-year low of $15.40 and a 1-year high of $27.24. The firm has a market capitalization of $581.50 million, a PE ratio of 5.37 and a beta of 0.51. The business's 50 day moving average is $22.95 and its 200-day moving average is $20.78.
Carter Bankshares (NASDAQ:CARE - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.09). Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%.The firm had revenue of $106.91 million for the quarter, compared to analyst estimates of $42.47 million. On average, sell-side 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, May 25th. Investors of record on Monday, May 11th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, May 11th. This represents a $0.40 annualized dividend and a yield of 1.5%. Carter Bankshares's payout ratio is currently 8.21%.
Institutional Trading of Carter Bankshares
Several institutional investors have recently bought and sold shares of CARE. Fourthstone LLC raised its position in Carter Bankshares by 19.1% in the 4th quarter. Fourthstone LLC now owns 1,236,393 shares of the company's stock valued at $24,307,000 after purchasing an additional 197,850 shares during the last quarter. Squarepoint Ops LLC bought a new position in Carter Bankshares in the 4th quarter valued at $1,770,000. Curi Capital LLC raised its position in Carter Bankshares by 388.0% in the 2nd quarter. Curi Capital LLC now owns 93,295 shares of the company's stock valued at $1,618,000 after purchasing an additional 74,178 shares during the last quarter. Mendon Capital Advisors Corp raised its position in Carter Bankshares by 106.0% in the 2nd quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company's stock valued at $2,469,000 after purchasing an additional 73,275 shares during the last quarter. Finally, First Trust Advisors LP raised its position in Carter Bankshares by 457.6% in the 3rd quarter. First Trust Advisors LP now owns 82,410 shares of the company's stock valued at $1,600,000 after purchasing an additional 67,630 shares during the last quarter. Institutional investors and hedge funds own 41.48% of the company's stock.
Wall Street Analyst Weigh In
Several analysts recently commented on CARE shares. Zacks Research raised Carter Bankshares from a "strong sell" rating to a "hold" rating in a research note on Tuesday, January 20th. Weiss Ratings raised Carter Bankshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday. Wall Street Zen raised Carter Bankshares from a "sell" rating to a "hold" rating in a research note on Saturday, January 31st. Raymond James Financial reaffirmed an "outperform" rating and issued a $27.00 price target on shares of Carter Bankshares in a research note on Monday, April 27th. Finally, Hovde Group boosted their price target on Carter Bankshares from $27.00 to $28.00 and gave the company an "outperform" rating in a research note on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Carter Bankshares currently has an average rating of "Buy" and a consensus target price of $27.50.
Read Our Latest Stock Report on Carter Bankshares
About Carter Bankshares
(
Get Free Report)
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.
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