Elizabeth Walsh Acquires 4,575 Shares of Carter Bankshares (NASDAQ:CARE) Stock

Carter Bankshares, Inc. (NASDAQ:CARE) Director Elizabeth Walsh acquired 4,575 shares of the business’s stock in a transaction dated Wednesday, May 6th. The stock was purchased at an average price of $26.20 per share, for a total transaction of $119,865.00. Following the completion of the acquisition, the director owned 58,753 shares in the company, valued at approximately $1,539,328.60. This trade represents a 8.44% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Carter Bankshares Stock Up 0.5%

Shares of NASDAQ:CARE opened at $26.32 on Friday. The stock has a 50-day simple moving average of $22.64 and a 200-day simple moving average of $20.63. The stock has a market capitalization of $583.25 million, a P/E ratio of 5.40 and a beta of 0.51. Carter Bankshares, Inc. has a 1 year low of $15.40 and a 1 year high of $26.58. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.93.

Carter Bankshares (NASDAQ:CARE) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.09). The business had revenue of $106.91 million during the quarter, compared to analysts’ expectations of $42.47 million. Carter Bankshares had a net margin of 33.60% and a return on equity of 7.93%. Equities analysts forecast that Carter Bankshares, Inc. will post 1.96 earnings per share for the current year.

Carter Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 25th. Stockholders of record on Monday, May 11th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Monday, May 11th.

Institutional Investors Weigh In On Carter Bankshares

A number of large investors have recently added to or reduced their stakes in the company. Fourthstone LLC increased its stake in 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 buying an additional 197,850 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of Carter Bankshares during the fourth quarter valued at about $1,770,000. Curi Capital LLC grew its stake in shares of Carter Bankshares by 388.0% during the second quarter. Curi Capital LLC now owns 93,295 shares of the company’s stock valued at $1,618,000 after acquiring an additional 74,178 shares in the last quarter. Mendon Capital Advisors Corp increased its position in shares of Carter Bankshares by 106.0% during the second quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company’s stock worth $2,469,000 after acquiring an additional 73,275 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of Carter Bankshares by 457.6% during the third quarter. First Trust Advisors LP now owns 82,410 shares of the company’s stock worth $1,600,000 after acquiring an additional 67,630 shares during the last quarter. 41.48% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Zacks Research raised shares of Carter Bankshares from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 20th. Hovde Group raised their price objective on Carter Bankshares from $27.00 to $28.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Raymond James Financial restated an “outperform” rating and set a $27.00 price objective on shares of Carter Bankshares in a research note on Monday, April 27th. Wall Street Zen raised Carter Bankshares from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, Weiss Ratings upgraded Carter Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus 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.