Carter Bankshares, Inc. (NASDAQ:CARE) Given Average Rating of “Hold” by Analysts

Shares of Carter Bankshares, Inc. (NASDAQ:CARE) have earned a consensus rating of “Hold” from the five research firms that are currently covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating and one has 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 $28.50.

A number of equities analysts have weighed in on CARE shares. Freedom Capital lowered Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Hovde Group cut shares of Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 price objective on the stock. in a research note on Wednesday, June 3rd. Weiss Ratings raised shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Wall Street Zen cut shares of Carter Bankshares from a “buy” rating to a “hold” rating in a research note on Sunday. Finally, Raymond James Financial lowered shares of Carter Bankshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 1st.

Carter Bankshares Price Performance

Shares of CARE opened at $32.32 on Wednesday. The company’s fifty day moving average price is $28.83 and its 200-day moving average price is $24.00. Carter Bankshares has a 1-year low of $16.78 and a 1-year high of $35.03. The firm has a market capitalization of $718.15 million, a PE ratio of 6.64 and a beta of 0.51.

Carter Bankshares (NASDAQ:CARE) last announced its quarterly earnings data 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 net margin of 33.60% and a return on equity of 7.51%. The business had revenue of $106.91 million for the quarter, compared to analyst estimates of $42.47 million. As a group, research analysts anticipate that Carter Bankshares will post 1.91 EPS for the current fiscal year.

Carter Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 25th. Stockholders of record on Monday, May 11th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, May 11th. Carter Bankshares’s dividend payout ratio is presently 8.21%.

Insider Transactions at Carter Bankshares

In related news, insider Bradford N. Langs sold 5,500 shares of Carter Bankshares stock in a transaction dated 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. The trade was a 16.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Elizabeth L. Walsh purchased 4,575 shares of Carter Bankshares stock in a transaction that occurred on Wednesday, May 6th. The stock was acquired at an average cost of $26.20 per share, with a total value of $119,865.00. Following the acquisition, the director directly owned 58,753 shares in the company, valued at $1,539,328.60. This trade represents a 8.44% increase in their position. The disclosure for this purchase is available in the SEC filing. 2.38% of the stock is owned by company insiders.

Institutional Investors Weigh In On Carter Bankshares

A number of institutional investors have recently added to or reduced their stakes in the stock. Federated Hermes Inc. raised its position in Carter Bankshares by 98.3% during the fourth 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 period. PNC Financial Services Group Inc. grew its position in shares of Carter Bankshares by 397.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock valued at $54,000 after purchasing an additional 1,846 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of Carter Bankshares by 140.6% during the second 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 in the last quarter. State of Alaska Department of Revenue increased its stake in shares of Carter Bankshares by 243.2% during the fourth 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 in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of 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 and hedge funds 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.