Carter Bankshares, Inc. (NASDAQ:CARE – Get Free Report) insider Bradford Langs sold 2,500 shares of the company’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $34.54, for a total value of $86,350.00. Following the completion of the sale, the insider owned 33,242 shares in the company, valued at $1,148,178.68. This trade represents a 6.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Carter Bankshares Price Performance
Carter Bankshares stock opened at $34.58 on Friday. The firm has a market capitalization of $768.37 million, a P/E ratio of 5.95 and a beta of 0.51. The stock has a fifty day moving average price of $31.36 and a two-hundred day moving average price of $25.65. Carter Bankshares, Inc. has a 52-week low of $16.78 and a 52-week high of $35.14.
Carter Bankshares (NASDAQ:CARE – Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $0.53 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.91). Carter Bankshares had a net margin of 36.79% and a return on equity of 7.85%. The firm had revenue of $90.22 million during the quarter, compared to analyst estimates of $55.90 million. On average, equities research analysts predict that Carter Bankshares, Inc. will post 2.02 EPS for the current fiscal year.
Carter Bankshares Dividend Announcement
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Huber Capital Management LLC grew its holdings in Carter Bankshares by 0.3% during the 4th quarter. Huber Capital Management LLC now owns 191,053 shares of the company’s stock worth $3,756,000 after acquiring an additional 500 shares during the last quarter. Federated Hermes Inc. increased its position in Carter Bankshares by 98.3% in the 4th quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock valued at $32,000 after acquiring an additional 806 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Carter Bankshares by 6.7% in the second quarter. First Trust Advisors LP now owns 14,780 shares of the company’s stock worth $256,000 after acquiring an additional 930 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Carter Bankshares by 140.6% in the second quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock worth $46,000 after acquiring an additional 1,534 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Carter Bankshares by 14.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,791 shares of the company’s stock worth $272,000 after purchasing an additional 1,695 shares in the last quarter. Institutional investors and hedge funds own 41.48% of the company’s stock.
Analysts Set New Price Targets
Several analysts have weighed in on the stock. Raymond James Financial cut shares of Carter Bankshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. Freedom Capital cut shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Wall Street Zen raised Carter Bankshares from a “hold” rating to a “buy” rating in a report on Monday, July 13th. Weiss Ratings upgraded Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Finally, Hovde Group restated a “market perform” rating and set a $34.50 price target (up from $30.00) on shares of Carter Bankshares in a research report on Monday. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Carter Bankshares currently has an average rating of “Hold” and an average target price of $30.75.
Get Our Latest Stock Report on CARE
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.
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