Carter Bankshares, Inc. (NASDAQ:CARE) Receives Average Rating of “Hold” from Analysts

Carter Bankshares, Inc. (NASDAQ:CARE) has been assigned an average recommendation of “Hold” from the five research firms that are presently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $28.50.

Several research analysts have recently commented on CARE shares. Raymond James Financial reissued an “outperform” rating and issued a $27.00 price target 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. Hovde Group lowered Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 price target for the company. in a research report on Wednesday, June 3rd. Finally, Freedom Capital lowered Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th.

Carter Bankshares Stock Performance

Shares of CARE stock opened at $30.96 on Friday. Carter Bankshares has a twelve month low of $16.34 and a twelve month high of $31.40. The stock has a market capitalization of $687.93 million, a price-to-earnings ratio of 6.36 and a beta of 0.53. The stock has a fifty day simple moving average of $26.74 and a two-hundred day simple moving average of $22.83.

Carter Bankshares (NASDAQ:CARE) last issued its 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). Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%.The firm had revenue of $106.91 million during the quarter, compared to analysts’ expectations of $42.47 million. Research analysts predict that Carter Bankshares will post 1.91 EPS for the current fiscal year.

Carter Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, May 25th. Stockholders of record on Monday, May 11th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, May 11th. Carter Bankshares’s payout ratio is presently 8.21%.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Huber Capital Management LLC increased its position in Carter Bankshares by 0.3% during the 4th quarter. Huber Capital Management LLC now owns 191,053 shares of the company’s stock valued at $3,756,000 after buying an additional 500 shares in the last quarter. Federated Hermes Inc. increased its position in Carter Bankshares by 98.3% during the 4th quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock valued at $32,000 after buying an additional 806 shares in the last quarter. First Trust Advisors LP increased its holdings 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 valued at $256,000 after purchasing an additional 930 shares during the period. New York State Common Retirement Fund increased its holdings in shares of Carter Bankshares by 44.7% in the third quarter. New York State Common Retirement Fund now owns 4,531 shares of the company’s stock valued at $88,000 after purchasing an additional 1,400 shares during the period. Finally, Geneos Wealth Management Inc. increased its holdings 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 valued at $46,000 after purchasing an additional 1,534 shares during the period. 41.48% of the stock is 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.