Carter Bankshares, Inc. $CARE Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC reduced its stake in Carter Bankshares, Inc. (NASDAQ:CARE) by 70.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,000 shares of the company’s stock after selling 25,700 shares during the period. Renaissance Technologies LLC’s holdings in Carter Bankshares were worth $257,000 as of its most recent SEC filing.

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

Insider Activity

In other Carter Bankshares news, Director Robert M. Bolton sold 1,500 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $34.60, for a total value of $51,900.00. Following the sale, the director 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bradford N. Langs sold 2,500 shares of the firm’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. This trade represents a 6.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Raymond James Financial cut Carter Bankshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 1st. Wall Street Zen cut Carter Bankshares from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Freedom Capital downgraded Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carter Bankshares in a research report on Friday, August 7th. Finally, Hovde Group reiterated a “market perform” rating and issued a $34.50 price objective (up from $30.00) on shares of Carter Bankshares in a research note on Monday, July 27th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $30.75.

Carter Bankshares Price Performance

Shares of NASDAQ CARE opened at $30.86 on Thursday. The stock has a fifty day moving average price of $32.70 and a 200 day moving average price of $26.85. Carter Bankshares, Inc. has a 1-year low of $16.78 and a 1-year high of $36.06. The company has a market cap of $683.86 million, a PE ratio of 5.31 and a beta of 0.52.

Carter Bankshares (NASDAQ:CARE) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.53 earnings per share 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 7.46%. The business had revenue of $68.68 million during the quarter, compared to analysts’ expectations of $55.90 million. Analysts anticipate that Carter Bankshares, Inc. will post 2.02 earnings per share for the current fiscal year.

Carter Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 10th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.3%. The ex-dividend date is Monday, August 10th. Carter Bankshares’s dividend payout ratio (DPR) is 6.88%.

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.