Sei Investments Co. Grows Stock Holdings in Carter Bankshares, Inc. $CARE

Sei Investments Co. raised its holdings in shares of Carter Bankshares, Inc. (NASDAQ:CARE) by 108.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 80,379 shares of the company’s stock after purchasing an additional 41,836 shares during the quarter. Sei Investments Co. owned 0.36% of Carter Bankshares worth $1,874,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in CARE. Richard Young Associates Ltd. purchased a new stake in shares of Carter Bankshares during the 4th quarter valued at about $525,000. Dimensional Fund Advisors LP grew its position in 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 acquiring an additional 52,195 shares in the last quarter. Maltese Capital Management LLC increased its stake in Carter Bankshares by 7.3% during the fourth quarter. Maltese Capital Management LLC now owns 395,800 shares of the company’s stock worth $7,781,000 after acquiring an additional 26,800 shares during the last quarter. Retirement Planning Group LLC bought a new stake in Carter Bankshares during the first quarter worth approximately $351,000. Finally, First Trust Advisors LP raised its position in Carter Bankshares by 6.7% during the second quarter. First Trust Advisors LP now owns 14,780 shares of the company’s stock valued at $256,000 after purchasing an additional 930 shares during the period. 41.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Raymond James Financial lowered Carter Bankshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Wall Street Zen downgraded Carter Bankshares from a “buy” rating to a “hold” rating in a research report on Saturday. Hovde Group reaffirmed a “market perform” rating and set a $34.50 price objective (up from $30.00) on shares of Carter Bankshares in a research note on Monday, July 27th. Finally, Freedom Capital cut shares of 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 assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Carter Bankshares presently has an average rating of “Hold” and a consensus target price of $30.75.

Insider Buying and Selling at Carter Bankshares

In other news, insider Bradford N. Langs sold 5,500 shares of Carter Bankshares stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $26.47, for a total transaction of $145,585.00. Following the completion of the sale, the insider directly owned 27,093 shares in the company, valued at approximately $717,151.71. This trade represents a 16.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert M. 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 sale, the director directly owned 55,000 shares of the company’s stock, valued at $1,903,000. This represents a 2.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 9,500 shares of company stock worth $283,835 in the last ninety days. 2.38% of the stock is currently owned by corporate insiders.

Carter Bankshares Price Performance

Shares of NASDAQ CARE opened at $33.00 on Monday. Carter Bankshares, Inc. has a 1 year low of $16.78 and a 1 year high of $36.06. The firm has a 50-day simple moving average of $32.10 and a two-hundred day simple moving average of $26.20. The company has a market cap of $733.26 million, a P/E ratio of 5.68 and a beta of 0.52.

Carter Bankshares (NASDAQ:CARE) last released its 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 net margin of 36.79% and a return on equity of 7.85%. The business had revenue of $32.73 million for the quarter, compared to the consensus estimate of $55.90 million. As a group, equities research analysts expect that Carter Bankshares, Inc. will post 2.02 EPS for the current year.

Carter Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 10th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Monday, August 10th. Carter Bankshares’s dividend payout ratio is 6.88%.

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.