Arrowstreet Capital Limited Partnership Decreases Stock Holdings in Carter Bankshares, Inc. $CARE

Key Points

• Arrowstreet Capital cut its Carter Bankshares stake by 75.2% in the first quarter, leaving it with 11,601 shares worth approximately $271,000. Institutional investors collectively own 41.48% of the company.
• Carter Bankshares reported quarterly EPS of $0.53, significantly below the $1.44 consensus estimate, while revenue of $32.73 million also missed expectations of $55.90 million.
• The stock opened at $33.00, near its 52-week high, and the company declared a quarterly dividend of $0.10 per share. Analysts maintain a consensus “Hold” rating with a $30.75 target price.

Arrowstreet Capital Limited Partnership reduced its position in shares of Carter Bankshares, Inc. (NASDAQ:CARE - Free Report) by 75.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,601 shares of the company's stock after selling 35,194 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.05% of Carter Bankshares worth $271,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Federated Hermes Inc. grew its stake in shares of Carter Bankshares by 98.3% in the fourth quarter. Federated Hermes Inc. now owns 1,626 shares of the company's stock worth $32,000 after purchasing an additional 806 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in Carter Bankshares by 140.6% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company's stock worth $46,000 after buying an additional 1,534 shares during the period. PNC Financial Services Group Inc. lifted 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 worth $54,000 after buying an additional 1,846 shares during the period. State of Alaska Department of Revenue grew its position in shares of 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 worth $63,000 after buying an additional 2,291 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew 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 buying an additional 2,008 shares during the last quarter. Hedge funds and other institutional investors own 41.48% of the company's stock.

Carter Bankshares Price Performance

Shares of Carter Bankshares stock opened at $33.00 on Friday. Carter Bankshares, Inc. has a 1 year low of $16.78 and a 1 year high of $36.06. The firm has a market cap of $733.33 million, a price-to-earnings ratio of 5.68 and a beta of 0.52. The company has a 50-day moving average of $32.10 and a 200 day moving average of $26.16.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.91). Carter Bankshares had a net margin of 36.79% and a return on equity of 7.85%. The business had revenue of $32.73 million for the quarter, compared to analysts' expectations of $55.90 million. On average, equities analysts anticipate that Carter Bankshares, Inc. will post 2.02 EPS for the current year.

Carter Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 10th will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, August 10th. This represents a $0.40 annualized dividend and a dividend yield of 1.2%. Carter Bankshares's dividend payout ratio (DPR) is presently 6.88%.

Insider Buying and Selling at Carter Bankshares

In other news, Director Robert M. Bolton sold 1,500 shares of the company's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $34.60, for a total value of $51,900.00. Following the transaction, the director owned 55,000 shares in the company, valued at approximately $1,903,000. This represents a 2.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Bradford N. Langs sold 5,500 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $26.47, for a total transaction of $145,585.00. Following the sale, the insider directly owned 27,093 shares of the company's stock, valued at $717,151.71. This trade represents a 16.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 9,500 shares of company stock valued at $283,835 over the last 90 days. Corporate insiders own 2.38% of the company's stock.

Analyst Upgrades and Downgrades

CARE has been the topic of several research analyst reports. Hovde Group reissued a "market perform" rating and set a $34.50 target price (up from $30.00) on shares of Carter Bankshares in a research note on Monday, July 27th. Freedom Capital cut shares of Carter Bankshares from a "strong-buy" rating to a "hold" rating in a report on Friday, May 15th. Raymond James Financial cut shares of Carter Bankshares from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 1st. Wall Street Zen downgraded shares of Carter Bankshares from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, Weiss Ratings upgraded shares of Carter Bankshares from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Carter Bankshares currently has a consensus rating of "Hold" and a consensus target price of $30.75.

Carter Bankshares Company Profile

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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