Carter Bankshares, Inc. (NASDAQ:CARE) Receives Average Rating of “Moderate Buy” from Brokerages

Carter Bankshares, Inc. (NASDAQ:CARE) has received a consensus recommendation of “Moderate Buy” from the five ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $27.50.

CARE has been the subject of several recent analyst reports. Raymond James Financial restated an “outperform” rating and set a $27.00 target price on shares of Carter Bankshares in a research note on Monday, April 27th. Weiss Ratings upgraded Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Freedom Capital downgraded Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Wall Street Zen upgraded Carter Bankshares from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Finally, Hovde Group increased their target price on Carter Bankshares from $27.00 to $28.00 and gave the company an “outperform” rating in a research note on Friday, April 24th.

Insider Activity at Carter Bankshares

In related news, insider Bradford N. Langs sold 5,500 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $26.47, for a total transaction of $145,585.00. Following the completion of the sale, the insider owned 27,093 shares in the company, valued at $717,151.71. This represents a 16.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Elizabeth L. Walsh bought 4,575 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average price of $26.20 per share, with a total value of $119,865.00. Following the purchase, the director owned 58,753 shares in the company, valued at $1,539,328.60. This trade represents a 8.44% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 2.38% of the stock is owned by corporate insiders.

Institutional Trading of Carter Bankshares

Hedge funds have recently modified their holdings of the company. Federated Hermes Inc. lifted 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 worth $32,000 after acquiring an additional 806 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Carter Bankshares by 397.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock worth $54,000 after acquiring an additional 1,846 shares during the period. Geneos Wealth Management Inc. lifted 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 worth $46,000 after acquiring an additional 1,534 shares during the period. State of Alaska Department of Revenue lifted 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 worth $63,000 after acquiring an additional 2,291 shares during the period. Finally, Tower Research Capital LLC TRC lifted 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 worth $65,000 after acquiring an additional 2,008 shares during the period. Institutional investors own 41.48% of the company’s stock.

Carter Bankshares Stock Performance

Shares of NASDAQ CARE opened at $27.44 on Tuesday. The firm has a market cap of $609.72 million, a price-to-earnings ratio of 5.63 and a beta of 0.51. The business’s 50-day simple moving average is $23.92 and its 200-day simple moving average is $21.26. Carter Bankshares has a 52 week low of $15.80 and a 52 week high of $27.48.

Carter Bankshares (NASDAQ:CARE) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 33.60% and a return on equity of 7.51%. As a group, equities research analysts forecast that Carter Bankshares will post 1.96 earnings per share for the current year.

Carter Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 25th. Investors of record on Monday, May 11th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, May 11th. This represents a $0.40 annualized dividend and a yield of 1.5%. Carter Bankshares’s dividend payout ratio is presently 8.21%.

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.