Carter Bankshares (NASDAQ:CARE) Downgraded by Freedom Capital to “Hold”

Freedom Capital cut shares of Carter Bankshares (NASDAQ:CARE) from a strong-buy rating to a hold rating in a research report sent to investors on Friday morning,Zacks.com reports.

Other analysts also recently issued reports about the company. Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday. Raymond James Financial restated an “outperform” rating and issued a $27.00 price target on shares of Carter Bankshares in a research report on Monday, April 27th. Hovde Group boosted their price target on Carter Bankshares from $27.00 to $28.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Zacks Research upgraded Carter Bankshares from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 20th. Finally, Wall Street Zen upgraded Carter Bankshares from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.50.

Carter Bankshares Stock Performance

Carter Bankshares stock opened at $26.21 on Friday. Carter Bankshares has a fifty-two week low of $15.40 and a fifty-two week high of $27.24. The company has a market capitalization of $582.39 million, a P/E ratio of 5.38 and a beta of 0.51. The stock has a 50-day simple moving average of $23.29 and a 200-day simple moving average of $20.94.

Carter Bankshares (NASDAQ:CARE) last posted its earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share 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 firm had revenue of $106.91 million during the quarter, compared to analysts’ expectations of $42.47 million. As a group, analysts forecast that Carter Bankshares will post 1.96 earnings per share for the current year.

Carter Bankshares Announces Dividend

The business 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. This represents a $0.40 annualized dividend and a yield of 1.5%. The ex-dividend date is Monday, May 11th. Carter Bankshares’s payout ratio is 8.21%.

Insider Activity

In other Carter Bankshares news, Director Elizabeth L. Walsh bought 4,575 shares of the company’s stock in a transaction on Wednesday, May 6th. The shares were bought at an average price of $26.20 per share, for a total transaction of $119,865.00. Following the transaction, the director owned 58,753 shares of the company’s stock, valued at approximately $1,539,328.60. This trade represents a 8.44% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bradford N. Langs sold 5,500 shares of the business’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 value of $145,585.00. Following 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.38% of the company’s stock.

Hedge Funds Weigh In On Carter Bankshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Huber Capital Management LLC increased its position in Carter Bankshares by 0.3% during the 4th quarter. Huber Capital Management LLC now owns 191,053 shares of the company’s stock worth $3,756,000 after purchasing an additional 500 shares during the period. Federated Hermes Inc. increased its position 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 period. First Trust Advisors LP increased its position in Carter Bankshares by 6.7% during the 2nd quarter. First Trust Advisors LP now owns 14,780 shares of the company’s stock worth $256,000 after purchasing an additional 930 shares during the period. New York State Common Retirement Fund increased its position in Carter Bankshares by 44.7% during the 3rd quarter. New York State Common Retirement Fund now owns 4,531 shares of the company’s stock worth $88,000 after purchasing an additional 1,400 shares during the period. Finally, Geneos Wealth Management Inc. increased its position 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 period. 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.