Insider Selling: Carter Bankshares (NASDAQ:CARE) Insider Sells $145,585.00 in Stock

Carter Bankshares, Inc. (NASDAQ:CARE) insider Bradford Langs sold 5,500 shares of Carter Bankshares stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $26.47, for a total value of $145,585.00. Following the sale, the insider owned 27,093 shares of the company’s stock, valued at approximately $717,151.71. This represents a 16.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Carter Bankshares Trading Up 1.8%

Carter Bankshares stock opened at $27.07 on Friday. The stock has a market cap of $601.50 million, a PE ratio of 5.56 and a beta of 0.51. The stock has a 50-day moving average price of $23.18 and a 200 day moving average price of $20.91. Carter Bankshares, Inc. has a 52 week low of $15.40 and a 52 week high of $27.24.

Carter Bankshares (NASDAQ:CARE) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.09). The company had revenue of $106.91 million for the quarter, compared to analysts’ expectations of $42.47 million. Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%. On average, equities analysts predict that Carter Bankshares, Inc. will post 1.96 EPS for the current year.

Carter Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 25th. Investors of record on Monday, May 11th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Monday, May 11th. Carter Bankshares’s dividend payout ratio (DPR) is currently 8.21%.

Analysts Set New Price Targets

A number of research firms recently commented on CARE. Hovde Group lifted their price objective on Carter Bankshares from $27.00 to $28.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Raymond James Financial reiterated an “outperform” rating and set a $27.00 price objective on shares of Carter Bankshares in a research report on Monday, April 27th. Wall Street Zen upgraded Carter Bankshares from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Zacks Research upgraded Carter Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. Finally, Weiss Ratings upgraded Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $27.50.

Institutional Trading of Carter Bankshares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Federated Hermes Inc. raised its holdings in shares of Carter Bankshares by 98.3% in the 4th quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock worth $32,000 after purchasing an additional 806 shares during the period. Geneos Wealth Management Inc. raised its holdings in shares of Carter Bankshares by 140.6% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock worth $46,000 after purchasing an additional 1,534 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Carter Bankshares by 397.0% in the 1st 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 during the period. State of Alaska Department of Revenue raised its holdings in shares of Carter Bankshares by 243.2% in the 4th quarter. State of Alaska Department of Revenue now owns 3,233 shares of the company’s stock worth $63,000 after purchasing an additional 2,291 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Carter Bankshares by 113.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock worth $65,000 after purchasing an additional 2,008 shares during the period. Hedge funds and other institutional investors own 41.48% of the company’s stock.

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.