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

Carter Bankshares, Inc. (NASDAQ:CARE) has received a consensus recommendation of “Hold” from the five research firms that are covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $30.75.

CARE has been the subject of several research reports. Wall Street Zen downgraded shares of Carter Bankshares from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Hovde Group reiterated a “market perform” rating and issued a $34.50 target price (up from $30.00) on shares of Carter Bankshares in a report on Monday, July 27th. Raymond James Financial cut Carter Bankshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. Weiss Ratings reissued a “buy (b)” rating on shares of Carter Bankshares in a research note on Friday, August 7th. Finally, Freedom Capital downgraded Carter Bankshares from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th.

Insider Buying and Selling

In related news, Director Robert M. Bolton sold 1,500 shares of Carter Bankshares stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $34.60, for a total value of $51,900.00. Following the completion of the transaction, the director owned 55,000 shares in the company, valued at $1,903,000. The trade was a 2.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bradford N. Langs sold 2,500 shares of the business’s stock in a transaction that occurred 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 transaction, the insider owned 33,242 shares of the company’s stock, valued at $1,148,178.68. This trade represents a 6.99% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.38% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Carter Bankshares

A number of hedge funds and other institutional investors have recently modified their holdings of CARE. Sei Investments Co. raised its stake in 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 buying an additional 41,836 shares in the last quarter. Richard Young Associates Ltd. purchased a new stake in Carter Bankshares during the 4th quarter worth about $525,000. Dimensional Fund Advisors LP boosted its position in shares of Carter Bankshares by 4.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,175,925 shares of the company’s stock worth $27,422,000 after acquiring an additional 52,195 shares in the last quarter. Maltese Capital Management LLC boosted its position in shares of Carter Bankshares by 7.3% during the 4th quarter. Maltese Capital Management LLC now owns 395,800 shares of the company’s stock worth $7,781,000 after acquiring an additional 26,800 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of Carter Bankshares during the 2nd quarter worth about $2,433,000. 41.48% of the stock is currently owned by institutional investors and hedge funds.

Carter Bankshares Stock Performance

NASDAQ CARE opened at $31.49 on Thursday. The firm has a market cap of $697.82 million, a price-to-earnings ratio of 5.42 and a beta of 0.52. The firm has a 50 day simple moving average of $32.83 and a 200-day simple moving average of $27.19. Carter Bankshares has a one year low of $16.78 and a one year high of $36.06.

Carter Bankshares (NASDAQ:CARE) last announced its earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $1.44 by ($0.91). The business had revenue of $68.68 million for 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%. Equities analysts predict that Carter Bankshares will post 2.02 EPS for the current fiscal year.

Carter Bankshares Dividend Announcement

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

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.