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

Carter Bankshares, Inc. (NASDAQ:CARE) announced a quarterly dividend on Wednesday, July 22nd. Shareholders of record on Monday, August 10th will be paid 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 is Monday, August 10th.

Carter Bankshares has decreased its dividend by an average of 1.0%per year over the last three years. Carter Bankshares has a payout ratio of 20.6% meaning its dividend is sufficiently covered by earnings. Research 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 Price Performance

Carter Bankshares stock opened at $33.90 on Friday. The stock has a market capitalization of $753.26 million, a PE ratio of 6.96 and a beta of 0.51. Carter Bankshares has a 12 month low of $16.78 and a 12 month high of $35.03. The business has a 50 day simple moving average of $30.44 and a 200-day simple moving average of $25.09.

Carter Bankshares (NASDAQ:CARE) last announced its earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.65). Carter Bankshares had a net margin of 33.60% and a return on equity of 7.51%. The business had revenue of $90.22 million for the quarter, compared to analysts’ expectations of $55.90 million. On average, equities research analysts anticipate that Carter Bankshares will post 1.91 EPS for the current fiscal year.

Insider Activity at Carter Bankshares

In other Carter Bankshares news, insider Bradford N. Langs sold 5,500 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $26.47, for a total value of $145,585.00. Following the transaction, the insider owned 27,093 shares in the company, valued at approximately $717,151.71. This trade represents a 16.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Elizabeth L. Walsh bought 4,575 shares of the stock in a transaction on Wednesday, May 6th. The shares were acquired at an average cost of $26.20 per share, for a total transaction of $119,865.00. Following the purchase, the director owned 58,753 shares in the company, valued at $1,539,328.60. The trade was a 8.44% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.38% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Carter Bankshares

A number of hedge funds have recently modified their holdings of CARE. Fourthstone LLC boosted its position in Carter Bankshares by 19.1% during the fourth quarter. Fourthstone LLC now owns 1,236,393 shares of the company’s stock worth $24,307,000 after acquiring an additional 197,850 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Carter Bankshares by 4.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,175,925 shares of the company’s stock valued at $27,422,000 after acquiring an additional 52,195 shares during the last quarter. Kennedy Capital Management LLC raised its holdings in Carter Bankshares by 12.9% in the 3rd quarter. Kennedy Capital Management LLC now owns 441,076 shares of the company’s stock valued at $8,561,000 after acquiring an additional 50,519 shares during the last quarter. Maltese Capital Management LLC lifted its stake in Carter Bankshares by 7.3% in the 4th quarter. Maltese Capital Management LLC now owns 395,800 shares of the company’s stock worth $7,781,000 after purchasing an additional 26,800 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Carter Bankshares by 11.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 300,553 shares of the company’s stock worth $5,909,000 after purchasing an additional 29,924 shares in the last quarter. 41.48% of the stock is currently owned by institutional investors and hedge funds.

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.