Key Points
- Insider Bradford Langs sold 2,500 Carter Bankshares shares at an average price of $34.54, generating $86,350; he retained 33,242 shares after the transaction.
- Carter Bankshares reported quarterly EPS of $0.53, missing the $1.44 analyst consensus, though revenue of $90.22 million exceeded the $55.90 million estimate.
- The company declared a quarterly dividend of $0.10 per share, equivalent to a $0.40 annualized payout and a 1.2% yield. Analysts maintain a consensus “Hold” rating with a $30.75 price target.
Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) 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 sale, the director directly owned 55,000 shares of the company's stock, valued at approximately $1,903,000. This represents a 2.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.
Carter Bankshares Trading Down 1.1%
NASDAQ:CARE opened at $34.13 on Friday. The firm has a market capitalization of $758.44 million, a PE ratio of 5.87 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. The firm's fifty day simple moving average is $31.22 and its 200 day simple moving average is $25.59.
Carter Bankshares (NASDAQ:CARE - Get Free Report) last released its earnings results 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 firm had revenue of $90.22 million for the quarter, compared to analyst estimates of $55.90 million. As a group, analysts anticipate that Carter Bankshares, Inc. will post 2.02 EPS for the current fiscal year.
Carter Bankshares Announces Dividend
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 payout ratio is presently 6.88%.
Institutional Investors Weigh In On Carter Bankshares
Hedge funds have recently made changes to their positions in the stock. Federated Hermes Inc. grew its position in Carter Bankshares by 98.3% during the fourth quarter. Federated Hermes Inc. now owns 1,626 shares of the company's stock worth $32,000 after buying an additional 806 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in Carter Bankshares by 140.6% during the second quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company's stock valued at $46,000 after acquiring an additional 1,534 shares during the period. PNC Financial Services Group Inc. raised its holdings in Carter Bankshares by 397.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company's stock valued at $54,000 after acquiring an additional 1,846 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in Carter Bankshares by 243.2% in the 4th quarter. State of Alaska Department of Revenue now owns 3,233 shares of the company's stock valued at $63,000 after acquiring an additional 2,291 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in shares of Carter Bankshares by 113.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company's stock worth $65,000 after acquiring an additional 2,008 shares during the period. Institutional investors own 41.48% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on CARE. Wall Street Zen upgraded Carter Bankshares from a "hold" rating to a "buy" rating in a research note on Monday, July 13th. Freedom Capital lowered Carter Bankshares from a "strong-buy" rating to a "hold" rating in a report on Friday, May 15th. Weiss Ratings raised Carter Bankshares from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 11th. Raymond James Financial downgraded shares of Carter Bankshares from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 1st. Finally, 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 research report on Monday. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Carter Bankshares has an average rating of "Hold" and a consensus price target of $30.75.
Get Our Latest Analysis on CARE
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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