Carter Bankshares, Inc. $CARE Shares Purchased by Maltese Capital Management LLC

Maltese Capital Management LLC increased its stake in shares of Carter Bankshares, Inc. (NASDAQ:CARE) by 7.3% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 395,800 shares of the company’s stock after acquiring an additional 26,800 shares during the period. Carter Bankshares makes up approximately 1.4% of Maltese Capital Management LLC’s holdings, making the stock its 24th largest holding. Maltese Capital Management LLC’s holdings in Carter Bankshares were worth $7,781,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Federated Hermes Inc. raised its position 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 valued at $32,000 after purchasing an additional 806 shares in the last quarter. Geneos Wealth Management Inc. raised its position 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 valued at $46,000 after purchasing an additional 1,534 shares in the last quarter. State of Alaska Department of Revenue raised its position 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 valued at $63,000 after purchasing an additional 2,291 shares in the last quarter. Tower Research Capital LLC TRC raised its position 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 valued at $65,000 after purchasing an additional 2,008 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Carter Bankshares in the 2nd quarter valued at approximately $108,000. 41.48% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Bradford N. Langs sold 5,500 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider directly owned 27,093 shares in the company, valued at approximately $717,151.71. The trade was a 16.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Elizabeth L. Walsh purchased 4,575 shares of the stock in a transaction dated Wednesday, May 6th. The stock was purchased at an average price of $26.20 per share, with a total value of $119,865.00. Following the completion of the acquisition, the director directly owned 58,753 shares in the company, valued at approximately $1,539,328.60. The trade was a 8.44% increase in their position. The SEC filing for this purchase provides additional information. 2.38% of the stock is currently owned by insiders.

Carter Bankshares Trading Down 1.0%

Shares of NASDAQ CARE opened at $29.58 on Tuesday. Carter Bankshares, Inc. has a twelve month low of $16.14 and a twelve month high of $30.29. The company has a market capitalization of $657.27 million, a price-to-earnings ratio of 6.07 and a beta of 0.53. The business has a 50 day simple moving average of $26.17 and a 200-day simple moving average of $22.51.

Carter Bankshares (NASDAQ:CARE) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.09). Carter Bankshares had a net margin of 33.60% and a return on equity of 7.51%. The firm had revenue of $106.91 million during the quarter, compared to the consensus estimate of $42.47 million. As a group, equities analysts predict that Carter Bankshares, Inc. will post 1.91 earnings per share for the current year.

Carter Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, May 25th. Stockholders of record on Monday, May 11th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Monday, May 11th. Carter Bankshares’s payout ratio is 8.21%.

Wall Street Analyst Weigh In

CARE has been the topic of a number of recent analyst reports. Raymond James Financial reaffirmed an “outperform” rating and issued a $27.00 target price on shares of Carter Bankshares in a research report on Monday, April 27th. Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Freedom Capital lowered Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Finally, Hovde Group lowered Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 target price on the stock. in a research report on Wednesday, June 3rd. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Carter Bankshares presently has an average rating of “Hold” and a consensus price target of $28.50.

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.