Carter Bankshares (NASDAQ:CARE) Rating Lowered to Hold at Freedom Capital

Carter Bankshares (NASDAQ:CARE) was downgraded by research analysts at Freedom Capital from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Friday,Zacks.com reports.

A number of other equities research analysts have also recently commented on the stock. Hovde Group raised their price objective on shares of Carter Bankshares from $27.00 to $28.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Zacks Research raised shares of Carter Bankshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 20th. Weiss Ratings raised shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. Wall Street Zen upgraded Carter Bankshares from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Finally, Raymond James Financial restated an “outperform” rating and issued a $27.00 price target on shares of Carter Bankshares in a research note on Monday, April 27th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $27.50.

Carter Bankshares Stock Performance

Shares of CARE opened at $26.21 on Friday. The business’s 50-day moving average is $23.29 and its two-hundred day moving average is $20.94. The company has a market capitalization of $582.39 million, a P/E ratio of 5.38 and a beta of 0.51. Carter Bankshares has a fifty-two week low of $15.40 and a fifty-two week high of $27.24.

Carter Bankshares (NASDAQ:CARE) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.09). The company had revenue of $106.91 million for the quarter, compared to analyst estimates of $42.47 million. Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%. Analysts forecast that Carter Bankshares will post 1.96 EPS for the current year.

Insider Activity

In related news, insider Bradford N. 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 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Elizabeth L. Walsh acquired 4,575 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average price of $26.20 per share, for a total transaction of $119,865.00. Following the completion of the acquisition, the director owned 58,753 shares in the company, valued at $1,539,328.60. The trade was a 8.44% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 2.38% of the company’s stock.

Institutional Investors Weigh In On Carter Bankshares

Institutional investors have recently bought and sold shares of the company. Daytona Street Capital LLC acquired a new stake in Carter Bankshares in the 4th quarter worth about $1,033,000. EJF Capital LLC boosted its holdings in Carter Bankshares by 23.9% in the 3rd quarter. EJF Capital LLC now owns 160,505 shares of the company’s stock worth $3,115,000 after buying an additional 30,963 shares during the last quarter. Polymer Capital Management US LLC boosted its holdings in Carter Bankshares by 21.5% in the 4th quarter. Polymer Capital Management US LLC now owns 15,460 shares of the company’s stock worth $304,000 after buying an additional 2,734 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Carter Bankshares by 14.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,791 shares of the company’s stock worth $272,000 after buying an additional 1,695 shares during the last quarter. Finally, Engineers Gate Manager LP boosted its holdings in Carter Bankshares by 16.8% in the 2nd quarter. Engineers Gate Manager LP now owns 15,095 shares of the company’s stock worth $262,000 after buying an additional 2,172 shares during the last quarter. 41.48% of the stock is currently owned by institutional investors and hedge funds.

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.