Carter Bankshares (NASDAQ:CARE) Rating Lowered to Hold at Freedom Capital

Carter Bankshares (NASDAQ:CARE) was downgraded by equities research analysts at Freedom Capital from a “strong-buy” rating to a “hold” rating in a report issued on Friday,Zacks.com reports.

CARE has been the subject of a number of other research reports. Hovde Group upped their target price on Carter Bankshares from $27.00 to $28.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Zacks Research upgraded Carter Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. Raymond James Financial reiterated an “outperform” rating and set a $27.00 price objective on shares of Carter Bankshares in a report on Monday, April 27th. Wall Street Zen upgraded Carter Bankshares from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Finally, Weiss Ratings upgraded Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $27.50.

Carter Bankshares Stock Performance

CARE opened at $26.21 on Friday. The stock has a market cap of $582.39 million, a price-to-earnings ratio of 5.38 and a beta of 0.51. The stock’s 50 day moving average price is $23.29 and its 200-day moving average price is $20.94. Carter Bankshares has a one year low of $15.40 and a one year high of $27.24.

Carter Bankshares (NASDAQ:CARE) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.09). The firm had revenue of $106.91 million during the quarter, compared to the consensus estimate of $42.47 million. Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%. As a group, analysts predict that Carter Bankshares will post 1.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Bradford N. Langs sold 5,500 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $26.47, for a total value of $145,585.00. Following the completion of the transaction, the insider owned 27,093 shares in the company, valued at $717,151.71. This trade represents a 16.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Elizabeth L. Walsh bought 4,575 shares of Carter Bankshares stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average price of $26.20 per share, with a total value of $119,865.00. Following the purchase, the director directly owned 58,753 shares in the company, valued at $1,539,328.60. The trade was a 8.44% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 2.38% of the company’s stock.

Hedge Funds Weigh In On Carter Bankshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CARE. Federated Hermes Inc. raised its stake in 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 last quarter. Geneos Wealth Management Inc. raised its stake in 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 last quarter. PNC Financial Services Group Inc. raised its stake in 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 last quarter. State of Alaska Department of Revenue raised its stake in 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 last quarter. Finally, Tower Research Capital LLC TRC raised its stake in 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 last quarter. Hedge funds and other 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.