Carter Bankshares, Inc. (CARE) to Distribute Quarterly Dividend of $0.10 on August 24th

Carter Bankshares, Inc. (NASDAQ:CARE) announced a quarterly dividend on Wednesday, July 22nd. Investors of record on Monday, August 10th will be given a dividend of 0.10 per share on Monday, August 24th. This represents a c) annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Monday, August 10th.

Carter Bankshares has decreased its dividend by an average of 1.0%annually over the last three years. Carter Bankshares has a payout ratio of 20.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Carter Bankshares to earn $2.50 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 16.0%.

Carter Bankshares Stock Performance

Shares of NASDAQ CARE opened at $33.00 on Friday. The stock has a 50 day moving average price of $32.10 and a 200 day moving average price of $26.16. Carter Bankshares has a 52 week low of $16.78 and a 52 week high of $36.06. The stock has a market capitalization of $733.26 million, a PE ratio of 5.68 and a beta of 0.52.

Carter Bankshares (NASDAQ:CARE) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $1.44 by ($0.91). Carter Bankshares had a return on equity of 7.85% and a net margin of 36.79%.The company had revenue of $32.73 million for the quarter, compared to analyst estimates of $55.90 million. As a group, research analysts forecast that Carter Bankshares will post 2.02 EPS for the current year.

Insider Buying and Selling

In related news, insider Bradford N. Langs sold 2,500 shares of the business’s stock in a transaction that occurred on 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 directly owned 33,242 shares of the company’s stock, valued at approximately $1,148,178.68. The trade was a 6.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert M. Bolton sold 1,500 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $34.60, for a total value of $51,900.00. Following the completion of the sale, the director owned 55,000 shares in the company, valued at approximately $1,903,000. This trade represents a 2.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 9,500 shares of company stock valued at $283,835. Insiders own 2.38% of the company’s stock.

Hedge Funds Weigh In On Carter Bankshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CARE. AQR Capital Management LLC raised its position in shares of Carter Bankshares by 88.1% in the first quarter. AQR Capital Management LLC now owns 25,175 shares of the company’s stock valued at $407,000 after purchasing an additional 11,794 shares during the period. Empowered Funds LLC lifted its stake in shares of Carter Bankshares by 7.3% during the 1st quarter. Empowered Funds LLC now owns 90,725 shares of the company’s stock worth $1,468,000 after buying an additional 6,157 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Carter Bankshares during the 1st quarter worth about $585,000. Creative Planning bought a new stake in shares of Carter Bankshares during the 2nd quarter worth about $330,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in Carter Bankshares by 7.0% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 46,795 shares of the company’s stock valued at $811,000 after buying an additional 3,066 shares during the last quarter. 41.48% of the stock is owned by institutional investors.

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.