Carter Bankshares, Inc. (NASDAQ:CARE) Shareholders Set to Receive $0.10 Quarterly Dividend

Key Points

• Carter Bankshares declared a quarterly dividend of $0.10 per share, payable November 23 to shareholders of record on November 9. The annualized dividend is $0.40, representing a 1.3% yield.
• The dividend appears well covered, with a current payout ratio of 20.6% and an expected future payout ratio of 15.8%; however, the company has reduced its dividend by an average of 1.0% annually over the past three years.
• Carter Bankshares reported quarterly EPS of $0.35, missing analyst expectations of $0.54, while revenue of $46.22 million also fell short of estimates. Shares opened at $29.89, down 1.1%.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) declared a quarterly dividend on Thursday, October 29th. Investors of record on Monday, November 9th will be given a dividend of $0.10 per share on Monday, November 23rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Monday, November 9th.

Carter Bankshares has decreased its dividend payment by an average of 1.0% per year over the last three years. Carter Bankshares has a dividend payout ratio of 20.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Carter Bankshares to earn $2.53 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 15.8%.

Carter Bankshares Stock Down 1.1%

Shares of NASDAQ CARE opened at $29.89 on Friday. Carter Bankshares has a 12 month low of $16.78 and a 12 month high of $36.06. The company has a market cap of $662.36 million, a price-to-earnings ratio of 18.89 and a beta of 0.59. The business has a fifty day simple moving average of $30.70 and a 200-day simple moving average of $27.37.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.19). The firm had revenue of $46.22 million for the quarter, compared to analysts' expectations of $47.19 million. Carter Bankshares had a return on equity of 7.46% and a net margin of 36.79%. As a group, sell-side analysts expect that Carter Bankshares will post 2.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Carter Bankshares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Engineers Gate Manager LP acquired a new position in Carter Bankshares in the second quarter valued at about $707,000. Integrated Wealth Concepts LLC acquired a new stake in Carter Bankshares during the second quarter worth about $270,000. Allworth Financial LP increased its holdings in Carter Bankshares by 159.1% in the 2nd quarter. Allworth Financial LP now owns 1,140 shares of the company's stock valued at $39,000 after buying an additional 700 shares during the period. Bank of New York Mellon Corp bought a new position in Carter Bankshares in the 2nd quarter valued at about $2,433,000. Finally, Bank of America Corp DE raised its position in shares of Carter Bankshares by 82.5% in the 1st quarter. Bank of America Corp DE now owns 57,437 shares of the company's stock valued at $1,339,000 after buying an additional 25,967 shares in the last quarter. 41.48% of the stock is owned by institutional investors and hedge funds.

Carter Bankshares Company Profile

Carter Bankshares, Inc is the bank holding company for Carter Bank & Trust, a community-focused financial institution headquartered in Martinsville, Virginia. The bank provides banking and financial services to individuals, businesses and organizations through its branch network and digital banking channels.

Carter Bank & Trust offers deposit products, residential and commercial real estate lending, consumer loans, business loans, treasury management and other financial services.

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