Carter Bankshares (NASDAQ:CARE) Rating Increased to Hold at Wall Street Zen

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

CARE has been the subject of a number of other reports. Raymond James Financial set a $22.00 target price on Carter Bankshares and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of Carter Bankshares in a report on Monday, December 22nd. Finally, Zacks Research downgraded shares of Carter Bankshares from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Carter Bankshares currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.00.

Carter Bankshares Stock Performance

NASDAQ:CARE opened at $19.87 on Friday. The stock has a market capitalization of $438.93 million, a P/E ratio of 14.61 and a beta of 0.62. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.43. Carter Bankshares has a 1 year low of $13.60 and a 1 year high of $20.63. The firm has a 50 day moving average of $18.47 and a 200-day moving average of $18.45.

Carter Bankshares (NASDAQ:CARE) last released its quarterly earnings results on Thursday, October 23rd. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.13). Carter Bankshares had a return on equity of 7.65% and a net margin of 12.37%.The business had revenue of $39.09 million for the quarter, compared to the consensus estimate of $39.20 million. As a group, sell-side analysts anticipate that Carter Bankshares will post 1.26 EPS for the current fiscal year.

Insider Transactions at Carter Bankshares

In related news, Director Robert M. Bolton sold 1,901 shares of Carter Bankshares stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $17.23, for a total value of $32,754.23. Following the completion of the sale, the director directly owned 10,827 shares in the company, valued at $186,549.21. This trade represents a 14.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CARE. Fourthstone LLC grew its position in shares of Carter Bankshares by 31.5% during the 2nd quarter. Fourthstone LLC now owns 583,893 shares of the company’s stock worth $10,125,000 after buying an additional 139,960 shares during the period. Diversified Trust Co bought a new position in Carter Bankshares in the second quarter valued at approximately $2,325,000. Curi Capital LLC grew its holdings in Carter Bankshares by 388.0% during the 2nd quarter. Curi Capital LLC now owns 93,295 shares of the company’s stock worth $1,618,000 after acquiring an additional 74,178 shares during the period. Mendon Capital Advisors Corp grew its holdings in Carter Bankshares by 106.0% during the 2nd quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company’s stock worth $2,469,000 after acquiring an additional 73,275 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Carter Bankshares by 457.6% during the 3rd quarter. First Trust Advisors LP now owns 82,410 shares of the company’s stock valued at $1,600,000 after acquiring an additional 67,630 shares during the last quarter. Institutional investors own 41.48% of the company’s stock.

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.