Carter Bankshares (NASDAQ:CARE) Price Target Raised to $28.00

Carter Bankshares (NASDAQ:CARE) had its target price increased by research analysts at Hovde Group from $27.00 to $28.00 in a report issued on Friday. The firm currently has an “outperform” rating on the stock. Hovde Group’s price target would indicate a potential upside of 17.35% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings upgraded shares of Carter Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 9th. Zacks Research upgraded shares of Carter Bankshares from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 20th. Wall Street Zen raised shares of Carter Bankshares from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Finally, Freedom Capital upgraded shares of Carter Bankshares to a “strong-buy” rating in a research report on Thursday, December 25th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $25.00.

Carter Bankshares Price Performance

NASDAQ:CARE opened at $23.86 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.93. The company has a 50-day moving average of $22.05 and a 200-day moving average of $20.26. Carter Bankshares has a 52 week low of $14.98 and a 52 week high of $24.91. The company has a market capitalization of $528.74 million, a price-to-earnings ratio of 17.29 and a beta of 0.44.

Carter Bankshares (NASDAQ:CARE) last posted its earnings results on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.09). The company had revenue of $106.91 million for the quarter, compared to the consensus estimate of $42.47 million. Carter Bankshares had a return on equity of 7.64% and a net margin of 12.32%. As a group, equities research analysts anticipate that Carter Bankshares will post 1.88 earnings per share for the current fiscal year.

Institutional Trading of Carter Bankshares

Institutional investors have recently made changes to their positions in the business. Fourthstone LLC boosted its position in Carter Bankshares by 19.1% during the fourth quarter. Fourthstone LLC now owns 1,236,393 shares of the company’s stock valued at $24,307,000 after purchasing an additional 197,850 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Carter Bankshares by 2.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,130,055 shares of the company’s stock worth $21,934,000 after purchasing an additional 24,621 shares during the last quarter. Kennedy Capital Management LLC increased its position in shares of Carter Bankshares by 12.9% during the 3rd quarter. Kennedy Capital Management LLC now owns 441,076 shares of the company’s stock worth $8,561,000 after purchasing an additional 50,519 shares during the last quarter. Maltese Capital Management LLC raised its stake 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 purchasing an additional 26,800 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Carter Bankshares by 11.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 300,553 shares of the company’s stock worth $5,909,000 after purchasing an additional 29,924 shares in the last quarter. Institutional investors own 41.48% of the company’s stock.

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.