Carter Bankshares (NASDAQ:CARE) Insider Bradford Langs Sells 5,500 Shares of Stock

Carter Bankshares, Inc. (NASDAQ:CARE) insider Bradford 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 value of $145,585.00. Following the completion of the transaction, the insider directly owned 27,093 shares in the company, valued at $717,151.71. The trade was a 16.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Carter Bankshares Stock Performance

Shares of CARE stock opened at $26.17 on Wednesday. The stock’s 50 day simple moving average is $22.95 and its 200 day simple moving average is $20.78. Carter Bankshares, Inc. has a twelve month low of $15.40 and a twelve month high of $27.24. The company has a market capitalization of $581.50 million, a price-to-earnings ratio of 5.37 and a beta of 0.51.

Carter Bankshares (NASDAQ:CARE) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.09). Carter Bankshares had a net margin of 33.60% and a return on equity of 7.51%. The company had revenue of $106.91 million during the quarter, compared to the consensus estimate of $42.47 million. On average, analysts forecast that Carter Bankshares, Inc. will post 1.96 EPS for the current fiscal year.

Carter Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 25th. Shareholders of record on Monday, May 11th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Monday, May 11th. Carter Bankshares’s payout ratio is currently 8.21%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CARE. Fourthstone LLC grew its holdings in shares of 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 in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Carter Bankshares during the 4th quarter worth approximately $1,770,000. Curi Capital LLC grew its holdings in shares of Carter Bankshares by 388.0% during the 2nd quarter. Curi Capital LLC now owns 93,295 shares of the company’s stock worth $1,618,000 after purchasing an additional 74,178 shares in the last quarter. Mendon Capital Advisors Corp grew its holdings in shares of Carter Bankshares by 106.0% during the 2nd quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company’s stock worth $2,469,000 after purchasing an additional 73,275 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Carter Bankshares by 457.6% during the 3rd quarter. First Trust Advisors LP now owns 82,410 shares of the company’s stock worth $1,600,000 after purchasing an additional 67,630 shares in the last quarter. 41.48% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on CARE shares. Hovde Group lifted their price target on Carter Bankshares from $27.00 to $28.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Zacks Research raised Carter Bankshares from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 20th. Raymond James Financial reaffirmed an “outperform” rating and issued a $27.00 price target on shares of Carter Bankshares in a research report on Monday, April 27th. Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Finally, Wall Street Zen raised Carter Bankshares from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $27.50.

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.