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

Carter Bankshares, Inc. (NASDAQ:CARE) insider Bradford Langs sold 5,500 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $26.47, for a total transaction of $145,585.00. Following the completion of the transaction, the insider directly owned 27,093 shares of the company’s stock, valued at approximately $717,151.71. The trade was a 16.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Carter Bankshares Stock Performance

Shares of NASDAQ CARE opened at $26.60 on Thursday. Carter Bankshares, Inc. has a 52-week low of $15.40 and a 52-week high of $27.24. The firm has a 50 day moving average price of $23.06 and a two-hundred day moving average price of $20.84. The stock has a market cap of $591.05 million, a P/E ratio of 5.46 and a beta of 0.51.

Carter Bankshares (NASDAQ:CARE) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.09). Carter Bankshares had a net margin of 33.60% and a return on equity of 7.51%. The business had revenue of $106.91 million during the quarter, compared to analyst estimates of $42.47 million. 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 announced a quarterly dividend, which will be paid on Monday, May 25th. Investors of record on Monday, May 11th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, May 11th. This represents a $0.40 annualized dividend and a yield of 1.5%. Carter Bankshares’s dividend payout ratio is currently 8.21%.

Institutional Trading of Carter Bankshares

A number of large investors have recently added to or reduced their stakes in the stock. Daytona Street Capital LLC purchased a new position in shares of Carter Bankshares in the fourth quarter worth about $1,033,000. EJF Capital LLC increased its stake in shares of Carter Bankshares by 23.9% in the third quarter. EJF Capital LLC now owns 160,505 shares of the company’s stock worth $3,115,000 after purchasing an additional 30,963 shares in the last quarter. New York State Common Retirement Fund increased its stake in shares of Carter Bankshares by 44.7% in the third quarter. New York State Common Retirement Fund now owns 4,531 shares of the company’s stock worth $88,000 after purchasing an additional 1,400 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Carter Bankshares by 397.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock worth $54,000 after purchasing an additional 1,846 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake 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 purchasing an additional 52,195 shares in the last quarter. Hedge funds and other institutional investors own 41.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CARE shares. Wall Street Zen raised shares of Carter Bankshares from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Weiss Ratings raised shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. Hovde Group raised their price target on shares of Carter Bankshares from $27.00 to $28.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Zacks Research upgraded Carter Bankshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 20th. Finally, Raymond James Financial reiterated an “outperform” rating and set a $27.00 price target on shares of Carter Bankshares in a research note on Monday, April 27th. One equities research 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $27.50.

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.