Renaissance Technologies LLC Decreases Position in Carter Bankshares, Inc. $CARE

Renaissance Technologies LLC decreased its holdings in Carter Bankshares, Inc. (NASDAQ:CARE) by 70.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,000 shares of the company’s stock after selling 25,700 shares during the quarter. Renaissance Technologies LLC’s holdings in Carter Bankshares were worth $257,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CARE. AQR Capital Management LLC increased its position in Carter Bankshares by 88.1% during 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 in the last quarter. Empowered Funds LLC boosted its holdings in Carter Bankshares by 7.3% in the first quarter. Empowered Funds LLC now owns 90,725 shares of the company’s stock worth $1,468,000 after acquiring an additional 6,157 shares in the last quarter. Jane Street Group LLC acquired a new stake in Carter Bankshares in the first quarter worth about $585,000. Creative Planning purchased a new stake in shares of Carter Bankshares during the second quarter worth about $330,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Carter Bankshares by 7.0% during the second quarter. Arrowstreet Capital Limited Partnership now owns 46,795 shares of the company’s stock worth $811,000 after acquiring an additional 3,066 shares during the last quarter. 41.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Carter Bankshares Stock Down 2.1%

CARE opened at $30.86 on Thursday. The company has a market cap of $683.86 million, a PE ratio of 5.31 and a beta of 0.52. Carter Bankshares, Inc. has a twelve month low of $16.78 and a twelve month high of $36.06. The company has a 50-day moving average price of $32.70 and a 200 day moving average price of $26.85.

Carter Bankshares (NASDAQ:CARE) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.91). Carter Bankshares had a return on equity of 7.46% and a net margin of 36.79%.The firm had revenue of $68.68 million during the quarter, compared to analyst estimates of $55.90 million. As a group, sell-side analysts expect that Carter Bankshares, Inc. will post 2.02 earnings per share for the current year.

Carter Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 10th will be given a $0.10 dividend. 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 is presently 6.88%.

Insider Buying and Selling at Carter Bankshares

In other news, Director Robert M. Bolton sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $34.60, for a total value of $51,900.00. Following the transaction, the director directly owned 55,000 shares in the company, valued at approximately $1,903,000. This represents a 2.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Bradford N. Langs sold 2,500 shares of Carter Bankshares stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $34.54, for a total transaction of $86,350.00. Following the completion of the sale, the insider owned 33,242 shares of the company’s stock, valued at $1,148,178.68. This trade represents a 6.99% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.38% of the stock is owned by company insiders.

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.