Carter Bankshares, Inc. (NASDAQ:CARE) Receives Average Recommendation of “Hold” from Analysts

Carter Bankshares, Inc. (NASDAQ:CARE) has received an average rating of “Hold” from the five analysts that are presently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $28.50.

CARE has been the topic of several recent research reports. Hovde Group downgraded shares of Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 target price on the stock. in a research report on Wednesday, June 3rd. Weiss Ratings upgraded shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Freedom Capital downgraded shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Finally, Raymond James Financial restated an “outperform” rating and set a $27.00 price target on shares of Carter Bankshares in a report on Monday, April 27th.

Carter Bankshares Price Performance

NASDAQ:CARE opened at $29.88 on Friday. The firm’s 50 day simple moving average is $26.05 and its 200 day simple moving average is $22.40. Carter Bankshares has a one year low of $16.14 and a one year high of $29.99. The company has a market cap of $663.93 million, a PE ratio of 6.14 and a beta of 0.53.

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). Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%.The business had revenue of $106.91 million for the quarter, compared to analyst estimates of $42.47 million. Equities research analysts expect that Carter Bankshares will post 1.91 EPS for the current year.

Carter Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, May 25th. Shareholders of record on Monday, May 11th were issued a dividend of $0.10 per share. The ex-dividend date was Monday, May 11th. This represents a $0.40 annualized dividend and a yield of 1.3%. Carter Bankshares’s dividend payout ratio (DPR) is presently 8.21%.

Insider Activity at Carter Bankshares

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its holdings in Carter Bankshares by 98.3% during the 4th quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock worth $32,000 after purchasing an additional 806 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in Carter Bankshares by 140.6% during the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock worth $46,000 after purchasing an additional 1,534 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in Carter Bankshares by 397.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock worth $54,000 after purchasing an additional 1,846 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in Carter Bankshares by 243.2% during the 4th quarter. State of Alaska Department of Revenue now owns 3,233 shares of the company’s stock worth $63,000 after purchasing an additional 2,291 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in Carter Bankshares by 113.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock worth $65,000 after purchasing an additional 2,008 shares during 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.