Insider Selling: Carter Bankshares (NASDAQ:CARE) Director Sells 1,500 Shares of Stock

Key Points

• Director Robert Bolton sold 1,500 Carter Bankshares shares at an average price of $34.60, totaling $51,900 and reducing his stake by 2.65% to 55,000 shares.
• Carter Bankshares stock rose 0.3% to $34.62, near its 52-week high of $35.14. The company reported quarterly EPS of $0.53, below the $1.44 consensus estimate, despite revenue exceeding expectations.
• The bank declared a quarterly dividend of $0.10 per share, equivalent to a $0.40 annualized payout and a 1.2% yield. Analysts maintain a consensus “Hold” rating with an average price target of $30.75.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) Director Robert 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 completion of the sale, the director owned 55,000 shares in the company, valued at $1,903,000. This represents a 2.65% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Carter Bankshares Trading Up 0.3%

Shares of Carter Bankshares stock traded up $0.11 during mid-day trading on Thursday, reaching $34.62. 208,522 shares of the stock were exchanged, compared to its average volume of 285,878. The company has a market cap of $769.21 million, a price-to-earnings ratio of 5.96 and a beta of 0.51. The firm has a 50-day simple moving average of $31.07 and a 200 day simple moving average of $25.49. Carter Bankshares, Inc. has a fifty-two week low of $16.78 and a fifty-two week high of $35.14.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last announced its quarterly 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). The firm had revenue of $90.22 million for the quarter, compared to the consensus estimate of $55.90 million. Carter Bankshares had a net margin of 36.79% and a return on equity of 7.85%. On average, research analysts predict that Carter Bankshares, Inc. will post 1.96 EPS for the current fiscal year.

Carter Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 10th will be paid a $0.10 dividend. The ex-dividend date is Monday, August 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.2%. Carter Bankshares's payout ratio is 6.88%.

Institutional Trading of Carter Bankshares

Hedge funds have recently modified their holdings of the stock. Federated Hermes Inc. raised its position in Carter Bankshares by 98.3% in the 4th 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. increased its stake in shares of Carter Bankshares by 140.6% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company's stock valued at $46,000 after buying an additional 1,534 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Carter Bankshares by 397.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company's stock valued at $54,000 after buying an additional 1,846 shares during the period. State of Alaska Department of Revenue raised its position in shares of Carter Bankshares by 243.2% during the fourth quarter. State of Alaska Department of Revenue now owns 3,233 shares of the company's stock worth $63,000 after acquiring an additional 2,291 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of Carter Bankshares by 113.6% during the second quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company's stock worth $65,000 after acquiring an additional 2,008 shares during the last quarter. 41.48% of the stock is owned by institutional investors.

Analyst Ratings Changes

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