Carter Bankshares, Inc. (NASDAQ:CARE) Receives $30.75 Average Price Target from Analysts

Shares of Carter Bankshares, Inc. (NASDAQ:CARE) have been assigned a consensus rating of “Hold” from the five analysts that are currently covering the firm, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $30.75.

A number of analysts have recently commented on CARE shares. Wall Street Zen cut shares of Carter Bankshares from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Hovde Group reaffirmed a “market perform” rating and issued a $34.50 price target (up from $30.00) on shares of Carter Bankshares in a research note on Monday, July 27th. Raymond James Financial cut Carter Bankshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Carter Bankshares in a research note on Friday, August 7th.

Insider Buying and Selling at Carter Bankshares

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

Hedge Funds Weigh In On Carter Bankshares

Institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in Carter Bankshares by 4.6% during 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 in 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. Huber Capital Management LLC boosted its holdings in shares of Carter Bankshares by 0.3% during the 4th quarter. Huber Capital Management LLC now owns 191,053 shares of the company’s stock worth $3,756,000 after purchasing an additional 500 shares during the last quarter. Empowered Funds LLC grew its position in shares of Carter Bankshares by 10.0% in the first quarter. Empowered Funds LLC now owns 90,470 shares of the company’s stock valued at $2,110,000 after purchasing an additional 8,192 shares in the last quarter. Finally, Sei Investments Co. grew its position in shares of Carter Bankshares by 108.5% in the first quarter. Sei Investments Co. now owns 80,379 shares of the company’s stock valued at $1,874,000 after purchasing an additional 41,836 shares in the last quarter. 41.48% of the stock is currently owned by institutional investors and hedge funds.

Carter Bankshares Stock Performance

Carter Bankshares stock opened at $29.93 on Monday. The company’s fifty day moving average price is $32.28 and its 200 day moving average price is $28.55. Carter Bankshares has a 1 year low of $16.78 and a 1 year high of $36.06. The stock has a market capitalization of $663.37 million, a P/E ratio of 5.15 and a beta of 0.50.

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

Carter Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 10th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Monday, August 10th. Carter Bankshares’s payout ratio is presently 6.88%.

About Carter Bankshares

Carter Bankshares, Inc is the bank holding company for Carter Bank & Trust, a community banking institution headquartered in Martinsville, Virginia. Through its banking subsidiary, the company provides financial services to individuals, families, businesses and nonprofit organizations.

Carter Bank & Trust offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts. Its lending activities include residential and commercial real estate loans, construction and development financing, commercial and industrial loans, consumer loans and other credit products.