Carter Bankshares (NASDAQ:CARE) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Carter Bankshares (NASDAQ:CARE) from a buy rating to a hold rating in a research note released on Saturday morning.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings raised shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Hovde Group reissued 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 downgraded Carter Bankshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. Finally, Freedom Capital lowered Carter Bankshares from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $30.75.

Carter Bankshares Price Performance

Shares of CARE opened at $33.00 on Friday. The stock has a market capitalization of $733.33 million, a PE ratio of 5.68 and a beta of 0.52. The business’s fifty day moving average price is $32.10 and its 200 day moving average price is $26.16. Carter Bankshares has a 12-month low of $16.78 and a 12-month high of $36.06.

Carter Bankshares (NASDAQ:CARE) last released 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 $32.73 million for the quarter, compared to the consensus estimate of $55.90 million. Carter Bankshares had a net margin of 36.79% and a return on equity of 7.85%. As a group, research analysts anticipate that Carter Bankshares will post 2.02 earnings per share for the current fiscal year.

Carter Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 10th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, August 10th. This represents a $0.40 annualized dividend and a dividend yield of 1.2%. Carter Bankshares’s dividend payout ratio is currently 6.88%.

Insider Transactions at Carter Bankshares

In related news, insider Bradford N. Langs sold 2,500 shares of Carter Bankshares stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $34.54, for a total value of $86,350.00. Following the sale, the insider directly owned 33,242 shares in the company, valued at $1,148,178.68. This trade represents a 6.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert M. Bolton sold 1,500 shares of the business’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $34.60, for a total transaction of $51,900.00. Following the transaction, the director directly owned 55,000 shares of the company’s stock, valued at $1,903,000. The trade was a 2.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 9,500 shares of company stock worth $283,835. Corporate insiders own 2.38% of the company’s stock.

Hedge Funds Weigh In On Carter Bankshares

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp bought a new position in Carter Bankshares in the 2nd quarter worth approximately $2,433,000. Bank of America Corp DE raised its stake in Carter Bankshares by 82.5% during the 1st quarter. Bank of America Corp DE now owns 57,437 shares of the company’s stock valued at $1,339,000 after acquiring an additional 25,967 shares in the last quarter. Empowered Funds LLC boosted its position in Carter Bankshares by 10.0% during the 1st quarter. Empowered Funds LLC now owns 90,470 shares of the company’s stock worth $2,110,000 after acquiring an additional 8,192 shares during the period. Quantinno Capital Management LP boosted its position in Carter Bankshares by 60.9% during the 1st quarter. Quantinno Capital Management LP now owns 35,489 shares of the company’s stock worth $828,000 after acquiring an additional 13,439 shares during the period. Finally, Sei Investments Co. grew its stake 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 worth $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.

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.