Carter Bankshares, Inc. (NASDAQ:CARE) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Carter Bankshares, Inc. (NASDAQ:CARE) have been assigned a consensus rating of “Moderate Buy” from the five analysts that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $27.50.

A number of equities analysts have recently issued reports on the stock. Freedom Capital cut shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Friday. Zacks Research raised shares of Carter Bankshares from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 20th. Hovde Group increased their price objective on shares of Carter Bankshares from $27.00 to $28.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Raymond James Financial reissued an “outperform” rating and set a $27.00 price objective on shares of Carter Bankshares in a research report on Monday, April 27th. Finally, 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.

Insider Activity

In related news, insider Bradford N. Langs sold 5,500 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $26.47, for a total value of $145,585.00. Following the transaction, the insider owned 27,093 shares of the company’s stock, valued at approximately $717,151.71. This trade represents a 16.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Elizabeth L. Walsh purchased 4,575 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was acquired at an average cost of $26.20 per share, for a total transaction of $119,865.00. Following the transaction, the director owned 58,753 shares in the company, valued at $1,539,328.60. This represents a 8.44% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Carter Bankshares

Large investors have recently added to or reduced their stakes in the business. Federated Hermes Inc. lifted its position in Carter Bankshares by 98.3% in the 4th quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock valued at $32,000 after acquiring an additional 806 shares in the last quarter. PNC Financial Services Group Inc. lifted its position 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 valued at $54,000 after acquiring an additional 1,846 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in Carter Bankshares by 140.6% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock valued at $46,000 after acquiring an additional 1,534 shares in the last quarter. State of Alaska Department of Revenue lifted its position 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 valued at $63,000 after acquiring an additional 2,291 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position 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 valued at $65,000 after acquiring an additional 2,008 shares in the last quarter. Institutional investors own 41.48% of the company’s stock.

Carter Bankshares Trading Down 0.3%

Shares of CARE opened at $26.14 on Tuesday. The stock has a market capitalization of $580.83 million, a P/E ratio of 5.37 and a beta of 0.51. The firm’s fifty day simple moving average is $23.40 and its two-hundred day simple moving average is $21.02. Carter Bankshares has a 12 month low of $15.40 and a 12 month high of $27.24.

Carter Bankshares (NASDAQ:CARE) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 7.51% and a net margin of 33.60%. As a group, research analysts predict that Carter Bankshares will post 1.96 EPS for the current fiscal year.

Carter Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 25th. Investors of record on Monday, May 11th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, May 11th. This represents a $0.40 annualized dividend and a yield of 1.5%. Carter Bankshares’s dividend payout ratio (DPR) is presently 8.21%.

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.