Bank of New York Mellon Corp Makes New $2.43 Million Investment in Carter Bankshares, Inc. $CARE

Key Points

• Bank of New York Mellon acquired 71,536 Carter Bankshares shares worth approximately $2.43 million, representing a 0.32% stake. Institutional investors collectively own 41.48% of CARE.
• Carter Bankshares reported quarterly revenue of $68.68 million, exceeding estimates, but earnings of $0.53 per share fell well short of the $1.44 consensus forecast.
• The company maintains a quarterly dividend of $0.10 per share, equivalent to a 1.3% yield, while analysts largely rate the stock “Hold” with a consensus price target of $30.75.

Bank of New York Mellon Corp bought a new stake in Carter Bankshares, Inc. (NASDAQ:CARE - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 71,536 shares of the company's stock, valued at approximately $2,433,000. Bank of New York Mellon Corp owned 0.32% of Carter Bankshares as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in CARE. Federated Hermes Inc. increased its position in 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 buying an additional 806 shares during the period. PNC Financial Services Group Inc. boosted its stake in Carter Bankshares by 397.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company's stock valued at $54,000 after purchasing an additional 1,846 shares during the period. Geneos Wealth Management Inc. grew its position 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 purchasing an additional 1,534 shares during the last quarter. Tower Research Capital LLC TRC grew its position in 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 purchasing an additional 2,008 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Carter Bankshares in the second quarter valued at approximately $108,000. 41.48% of the stock is owned by institutional investors.

Carter Bankshares Price Performance

CARE opened at $31.98 on Tuesday. The firm has a market cap of $708.68 million, a PE ratio of 5.50 and a beta of 0.50. The business has a fifty day simple moving average of $32.73 and a 200-day simple moving average of $27.74. Carter Bankshares, Inc. has a fifty-two week low of $16.78 and a fifty-two week high of $36.06.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.44 by ($0.91). Carter Bankshares had a return on equity of 7.46% and a net margin of 36.79%.The company had revenue of $68.68 million for the quarter, compared to analyst estimates of $55.90 million. On average, equities research analysts anticipate that Carter Bankshares, Inc. will post 2.02 EPS for the current fiscal year.

Carter Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 10th were issued a dividend of $0.10 per share. The ex-dividend date was Monday, August 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.3%. Carter Bankshares's payout ratio is currently 6.88%.

Insider Buying and Selling

In other Carter Bankshares news, insider Bradford N. Langs sold 2,500 shares of Carter Bankshares stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $34.54, for a total transaction of $86,350.00. Following the transaction, the insider directly owned 33,242 shares in the company, valued at approximately $1,148,178.68. The trade was a 6.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert M. Bolton sold 1,500 shares of the business's stock in a transaction on Thursday, July 30th. The shares were 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 in the company, valued at approximately $1,903,000. This trade represents a 2.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.38% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Freedom Capital cut Carter Bankshares from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Weiss Ratings restated a "buy (b)" rating on shares of Carter Bankshares in a research note on Friday, August 7th. Hovde Group reaffirmed a "market perform" rating and issued a $34.50 price objective (up from $30.00) on shares of Carter Bankshares in a report on Monday, July 27th. Wall Street Zen lowered shares of Carter Bankshares from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, Raymond James Financial cut shares of Carter Bankshares from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 1st. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $30.75.

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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