Carter Bankshares (NASDAQ:CARE) Upgraded at Freedom Capital

Carter Bankshares (NASDAQ:CARE) was upgraded by equities researchers at Freedom Capital to a “strong-buy” rating in a report issued on Thursday,Zacks.com reports.

Other research analysts have also issued reports about the company. Raymond James Financial set a $22.00 price target on Carter Bankshares and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Zacks Research cut Carter Bankshares from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 28th. Weiss Ratings reissued a “hold (c+)” rating on shares of Carter Bankshares in a research report on Monday. Finally, Wall Street Zen upgraded shares of Carter Bankshares from a “sell” rating to a “hold” rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.00.

Carter Bankshares Stock Up 0.1%

CARE stock opened at $19.87 on Thursday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market capitalization of $438.93 million, a P/E ratio of 14.61 and a beta of 0.62. Carter Bankshares has a 52-week low of $13.60 and a 52-week high of $20.63. The company’s 50 day simple moving average is $18.47 and its 200-day simple moving average is $18.44.

Carter Bankshares (NASDAQ:CARE) last posted its quarterly earnings data on Thursday, October 23rd. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.13). The firm had revenue of $39.09 million for the quarter, compared to analysts’ expectations of $39.20 million. Carter Bankshares had a return on equity of 7.65% and a net margin of 12.37%. As a group, equities research analysts anticipate that Carter Bankshares will post 1.26 EPS for the current year.

Insider Activity

In other news, Director Robert M. Bolton sold 1,901 shares of Carter Bankshares stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $17.23, for a total transaction of $32,754.23. Following the completion of the sale, the director directly owned 10,827 shares in the company, valued at $186,549.21. The trade was a 14.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Carter Bankshares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Polymer Capital Management US LLC bought a new stake in Carter Bankshares in the third quarter worth approximately $247,000. Maltese Capital Management LLC lifted its stake in shares of Carter Bankshares by 1.1% in the 3rd quarter. Maltese Capital Management LLC now owns 369,000 shares of the company’s stock valued at $7,162,000 after purchasing an additional 4,028 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Carter Bankshares by 48.0% in the 3rd quarter. Millennium Management LLC now owns 16,598 shares of the company’s stock valued at $322,000 after purchasing an additional 5,385 shares during the last quarter. Creative Planning boosted its holdings in Carter Bankshares by 95.1% in the third quarter. Creative Planning now owns 37,103 shares of the company’s stock worth $720,000 after purchasing an additional 18,088 shares in the last quarter. Finally, Two Sigma Investments LP boosted its holdings in Carter Bankshares by 23.1% in the third quarter. Two Sigma Investments LP now owns 63,637 shares of the company’s stock worth $1,235,000 after purchasing an additional 11,943 shares in 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.