Insider Selling: Carter Bankshares (NASDAQ:CARE) Insider Sells 2,500 Shares

Key Points

• Insider sale: Carter Bankshares insider Bradford Langs sold 2,500 shares at an average price of $34.54, worth $86,350, reducing his ownership by 6.99% to 33,242 shares.
• Stock performance and earnings: CARE shares traded near $34.63, close to their 52-week high of $35.14, while quarterly EPS of $0.53 missed the $1.44 consensus estimate despite revenue of $90.22 million exceeding expectations.
• Dividend and analyst view: The company declared a quarterly dividend of $0.10 per share, representing a 1.2% yield. Analysts’ consensus rating remains “Hold,” with a $30.75 average price target.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) insider Bradford Langs sold 2,500 shares of the stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $34.54, for a total transaction of $86,350.00. Following the transaction, the insider owned 33,242 shares in the company, valued at approximately $1,148,178.68. The trade was a 6.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Carter Bankshares Price Performance

Shares of NASDAQ:CARE traded up $0.12 during trading hours on Thursday, hitting $34.63. The company's stock had a trading volume of 127,666 shares, compared to its average volume of 285,257. The firm's fifty day moving average price is $31.07 and its 200 day moving average price is $25.49. Carter Bankshares, Inc. has a 52 week low of $16.78 and a 52 week high of $35.14. The company has a market capitalization of $769.59 million, a price-to-earnings ratio of 5.96 and a beta of 0.51.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $90.22 million for the quarter, compared to analysts' expectations of $55.90 million. Carter Bankshares had a net margin of 36.79% and a return on equity of 7.85%. On average, equities research analysts predict that Carter Bankshares, Inc. will post 1.96 earnings per share for the current fiscal year.

Carter Bankshares Dividend Announcement

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

Analyst Ratings Changes

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

Hedge Funds Weigh In On Carter Bankshares

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fourthstone LLC grew its position in Carter Bankshares by 19.1% during the 4th quarter. Fourthstone LLC now owns 1,236,393 shares of the company's stock worth $24,307,000 after purchasing an additional 197,850 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Carter Bankshares by 4.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,175,925 shares of the company's stock worth $27,422,000 after buying an additional 52,195 shares during the last quarter. Kennedy Capital Management LLC raised its holdings in shares of Carter Bankshares by 12.9% in the third quarter. Kennedy Capital Management LLC now owns 441,076 shares of the company's stock worth $8,561,000 after buying an additional 50,519 shares during the last quarter. Maltese Capital Management LLC raised its holdings in shares of Carter Bankshares by 7.3% in the fourth quarter. Maltese Capital Management LLC now owns 395,800 shares of the company's stock worth $7,781,000 after buying an additional 26,800 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Carter Bankshares by 11.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 300,553 shares of the company's stock worth $5,909,000 after buying an additional 29,924 shares during the period. 41.48% of the stock is owned by hedge funds and other institutional investors.

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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