Dimensional Fund Advisors LP Raises Stake in Carter Bankshares, Inc. $CARE

Key Points

• Dimensional Fund Advisors increased its Carter Bankshares stake by 4.6% in the first quarter, bringing its holdings to 1.18 million shares worth approximately $27.4 million. Institutional investors collectively own 41.48% of the company.
• Carter Bankshares reported quarterly revenue of $90.2 million, exceeding estimates, but earnings of $0.53 per share fell well short of the $1.44 consensus forecast. The stock opened at $35.11, near its 52-week high of $36.06.
• The company declared a quarterly dividend of $0.10 per share, representing a $0.40 annualized payout and a 1.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $30.75, below the current share price.

Dimensional Fund Advisors LP increased its holdings in shares of Carter Bankshares, Inc. (NASDAQ:CARE - Free Report) by 4.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,175,925 shares of the company's stock after acquiring an additional 52,195 shares during the period. Dimensional Fund Advisors LP owned approximately 5.31% of Carter Bankshares worth $27,422,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Fourthstone LLC grew its stake in shares of Carter Bankshares by 19.1% in the 4th quarter. Fourthstone LLC now owns 1,236,393 shares of the company's stock worth $24,307,000 after buying an additional 197,850 shares during the last quarter. Squarepoint Ops LLC bought a new stake in Carter Bankshares in the fourth quarter worth $1,770,000. Curi Capital LLC boosted its holdings in Carter Bankshares by 388.0% in the second quarter. Curi Capital LLC now owns 93,295 shares of the company's stock worth $1,618,000 after acquiring an additional 74,178 shares in the last quarter. Mendon Capital Advisors Corp grew its stake in shares of Carter Bankshares by 106.0% in the second quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company's stock worth $2,469,000 after acquiring an additional 73,275 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Carter Bankshares by 457.6% during the third quarter. First Trust Advisors LP now owns 82,410 shares of the company's stock valued at $1,600,000 after acquiring an additional 67,630 shares in the last quarter. Institutional investors own 41.48% of the company's stock.

Carter Bankshares Stock Performance

CARE opened at $35.11 on Thursday. The company's 50-day simple moving average is $31.85 and its two-hundred day simple moving average is $26.01. The stock has a market capitalization of $780.21 million, a P/E ratio of 6.04 and a beta of 0.52. Carter Bankshares, Inc. has a 52-week low of $16.78 and a 52-week high of $36.06.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.53 EPS 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 company had revenue of $90.22 million during the quarter, compared to the consensus estimate of $55.90 million. Research analysts forecast that Carter Bankshares, Inc. will post 2.02 EPS for the current fiscal year.

Carter Bankshares Dividend Announcement

The company 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. This represents a $0.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, August 10th. Carter Bankshares's dividend payout ratio is presently 6.88%.

Insider Buying and Selling at Carter Bankshares

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

Analysts Set New Price Targets

CARE has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of Carter Bankshares from a "hold" rating to a "buy" rating in a research note on Monday, July 13th. Weiss Ratings raised shares of Carter Bankshares from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 11th. Hovde Group reiterated a "market perform" rating and issued a $34.50 target price (up from $30.00) on shares of Carter Bankshares in a research note on Monday, July 27th. Raymond James Financial downgraded shares of Carter Bankshares from an "outperform" rating to a "market perform" rating in a research report on Wednesday, July 1st. Finally, Freedom Capital cut Carter Bankshares from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $30.75.

Carter Bankshares 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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