Carter Bankshares, Inc. (NASDAQ:CARE) Stock Has Average Price Target of $30.75

Shares of Carter Bankshares, Inc. (NASDAQ:CARE) have been assigned an average recommendation of “Hold” from the five brokerages that are covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $30.75.

A number of brokerages recently issued reports on CARE. 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. Wall Street Zen downgraded Carter Bankshares from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings reissued a “buy (b)” rating on shares of Carter Bankshares in a research note on Friday, August 7th. Finally, Hovde Group reissued a “market perform” rating and set a $34.50 price target (up from $30.00) on shares of Carter Bankshares in a research note on Monday, July 27th.

Insider Buying and Selling at Carter Bankshares

In related news, insider Bradford Langs sold 2,500 shares of the company’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $34.54, for a total value of $86,350.00. Following the completion of the transaction, the insider directly owned 33,242 shares in the company, valued at approximately $1,148,178.68. This represents a 6.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert Bolton sold 1,500 shares of the stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $34.60, for a total value of $51,900.00. Following the transaction, the director owned 55,000 shares in the company, valued at $1,903,000. This trade represents a 2.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.38% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Engineers Gate Manager LP purchased a new position in shares of Carter Bankshares during the 2nd quarter worth about $707,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Carter Bankshares in the second quarter worth approximately $270,000. Allworth Financial LP grew its holdings in Carter Bankshares by 159.1% in the second quarter. Allworth Financial LP now owns 1,140 shares of the company’s stock valued at $39,000 after purchasing an additional 700 shares during the period. Bank of New York Mellon Corp purchased a new stake in Carter Bankshares in the second quarter valued at approximately $2,433,000. Finally, Bank of America Corp DE grew its holdings in Carter Bankshares by 82.5% in the first quarter. Bank of America Corp DE now owns 57,437 shares of the company’s stock valued at $1,339,000 after purchasing an additional 25,967 shares during the period. Institutional investors and hedge funds own 41.48% of the company’s stock.

Carter Bankshares Price Performance

Shares of NASDAQ CARE opened at $30.31 on Friday. The company has a 50-day simple moving average of $31.05 and a 200-day simple moving average of $29.66. The company has a market cap of $671.67 million, a PE ratio of 5.22 and a beta of 0.59. Carter Bankshares has a 12 month low of $16.78 and a 12 month high of $36.06.

Carter Bankshares (NASDAQ:CARE) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.91). The firm had revenue of $68.68 million for the quarter, compared to analysts’ expectations of $55.90 million. Carter Bankshares had a net margin of 36.79% and a return on equity of 7.46%. On average, analysts anticipate that Carter Bankshares will post 2.02 EPS for the current year.

Carter Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 10th were given a $0.10 dividend. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.3%. Carter Bankshares’s payout ratio is currently 6.88%.

Carter Bankshares Company Profile

Carter Bankshares, Inc is the bank holding company for Carter Bank & Trust, a community-focused financial institution headquartered in Martinsville, Virginia. The company serves individuals, businesses and organizations through a network of banking locations primarily in Virginia and North Carolina.

Carter Bank & Trust offers consumer and business deposit products, including checking and savings accounts, certificates of deposit and cash-management services. Its lending activities include residential and commercial real estate loans, business loans, construction financing, consumer loans and lines of credit.

The bank also provides digital banking, treasury-management and other financial services designed to support personal and commercial customers.