Carter Bankshares, Inc. (NASDAQ:CARE) Declares Quarterly Dividend of $0.10

Key Points

• Dividend: Carter Bankshares declared a quarterly dividend of $0.10 per share; shareholders of record on May 11 will be paid on May 25, implying about a 1.7% annual yield.
• Earnings and stock reaction: The company reported $0.40 EPS, missing analysts' $0.49 estimate by $0.09, and the stock traded down ~2.1% to $23.86 on above-average volume.
• Institutional ownership: Around 41.48% of the shares are held by institutional investors, with several large funds (including Fourthstone, Dimensional and Goldman Sachs) increasing their stakes recently.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) announced a quarterly dividend on Wednesday, April 22nd. Stockholders of record on Monday, May 11th will be paid a dividend of 0.10 per share on Monday, May 25th. This represents a c) dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Monday, May 11th.

Carter Bankshares has decreased its dividend by an average of 1.0%annually over the last three years.

Carter Bankshares Trading Down 2.1%

Shares of Carter Bankshares stock traded down $0.51 during trading on Thursday, reaching $23.86. The company's stock had a trading volume of 398,011 shares, compared to its average volume of 207,934. Carter Bankshares has a 52-week low of $14.98 and a 52-week high of $24.91. The company has a market cap of $528.74 million, a price-to-earnings ratio of 17.29 and a beta of 0.44. The firm's 50-day moving average is $22.00 and its two-hundred day moving average is $20.23. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.43.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.49 by ($0.09). Carter Bankshares had a net margin of 12.32% and a return on equity of 7.64%. The business had revenue of $106.91 million during the quarter, compared to analysts' expectations of $42.47 million. On average, sell-side analysts anticipate that Carter Bankshares will post 1.88 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Fourthstone LLC boosted its stake in Carter Bankshares by 19.1% during 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. Dimensional Fund Advisors LP boosted its stake in Carter Bankshares by 2.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,130,055 shares of the company's stock valued at $21,934,000 after purchasing an additional 24,621 shares during the last quarter. Kennedy Capital Management LLC increased its holdings in Carter Bankshares by 12.9% in the 3rd quarter. Kennedy Capital Management LLC now owns 441,076 shares of the company's stock worth $8,561,000 after buying an additional 50,519 shares in the last quarter. Maltese Capital Management LLC increased its holdings in 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 in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in 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 in the last quarter. 41.48% of the stock is owned by hedge funds and other institutional investors.

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.

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