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

Carter Bankshares, Inc. (NASDAQ:CARE) has been given a consensus recommendation of “Hold” by the five analysts that are covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $30.75.

Several equities research analysts recently weighed in on CARE shares. Weiss Ratings upgraded shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Hovde Group restated a “market perform” rating and issued a $34.50 target price (up from $30.00) on shares of Carter Bankshares in a research note on Monday, July 27th. Freedom Capital lowered Carter Bankshares from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Wall Street Zen upgraded Carter Bankshares from a “hold” rating to a “buy” rating in a research report on Monday, July 13th. Finally, Raymond James Financial downgraded Carter Bankshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st.

Insiders Place Their Bets

In other Carter Bankshares news, Director Robert M. Bolton sold 1,500 shares of the firm’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $34.60, for a total value of $51,900.00. Following the sale, the director directly owned 55,000 shares in the company, valued at approximately $1,903,000. This trade represents a 2.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Bradford N. Langs sold 2,500 shares of the business’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $34.54, for a total transaction of $86,350.00. Following the transaction, the insider directly owned 33,242 shares of the company’s stock, valued at approximately $1,148,178.68. This trade represents a 6.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 9,500 shares of company stock valued at $283,835 over the last three months. Company insiders own 2.38% of the company’s stock.

Institutional Trading of Carter Bankshares

Hedge funds have recently bought and sold shares of the company. Daytona Street Capital LLC acquired a new position in Carter Bankshares during the 4th quarter valued at about $1,033,000. Richard Young Associates Ltd. acquired a new stake in shares of Carter Bankshares in the fourth quarter valued at approximately $525,000. Maltese Capital Management LLC increased its stake in shares of Carter Bankshares by 7.3% in the fourth quarter. Maltese Capital Management LLC now owns 395,800 shares of the company’s stock valued at $7,781,000 after purchasing an additional 26,800 shares during the period. Huber Capital Management LLC raised its holdings in shares of Carter Bankshares by 0.3% during the fourth quarter. Huber Capital Management LLC now owns 191,053 shares of the company’s stock valued at $3,756,000 after buying an additional 500 shares during the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of Carter Bankshares by 60.9% during the first quarter. Quantinno Capital Management LP now owns 35,489 shares of the company’s stock valued at $828,000 after buying an additional 13,439 shares during the last quarter. 41.48% of the stock is currently owned by institutional investors.

Carter Bankshares Stock Performance

Shares of NASDAQ:CARE opened at $34.58 on Friday. The stock has a market capitalization of $768.37 million, a price-to-earnings ratio of 5.95 and a beta of 0.51. Carter Bankshares has a 1-year low of $16.78 and a 1-year high of $35.14. The company’s fifty day moving average is $31.36 and its two-hundred day moving average is $25.65.

Carter Bankshares (NASDAQ:CARE) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.53 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.91). Carter Bankshares had a net margin of 36.79% and a return on equity of 7.85%. The business had revenue of $90.22 million during the quarter, compared to analyst estimates of $55.90 million. Sell-side analysts expect that Carter Bankshares will post 2.02 EPS for the current fiscal year.

Carter Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 10th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Monday, August 10th. Carter Bankshares’s dividend payout ratio is presently 6.88%.

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.