Carter Bankshares (NASDAQ:CARE) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Carter Bankshares (NASDAQ:CARE) from a hold rating to a sell rating in a research report released on Saturday morning.

Several other equities research analysts have also issued reports on CARE. Raymond James Financial set a $22.00 price objective on shares of Carter Bankshares and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Zacks Research cut shares of Carter Bankshares from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 28th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Carter Bankshares in a report on Monday, December 29th. Finally, Freedom Capital raised Carter Bankshares to a “strong-buy” rating in a research report on Thursday, December 25th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $22.00.

Carter Bankshares Stock Performance

NASDAQ CARE opened at $20.38 on Friday. The business’s 50-day moving average price is $19.17 and its 200 day moving average price is $18.79. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.43. Carter Bankshares has a twelve month low of $13.60 and a twelve month high of $20.66. The company has a market capitalization of $450.19 million, a PE ratio of 14.99 and a beta of 0.59.

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

Insider Buying and Selling

In other news, Director Robert M. Bolton sold 1,901 shares of the company’s stock in a transaction that occurred on 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 transaction, the director directly owned 10,827 shares of the company’s stock, valued at approximately $186,549.21. This represents a 14.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.86% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Strs Ohio acquired a new position in shares of Carter Bankshares during the first quarter valued at approximately $340,000. Diversified Trust Co acquired a new position in shares of Carter Bankshares in the 2nd quarter valued at $2,325,000. Fourthstone LLC increased its position in shares of Carter Bankshares by 31.5% in the second quarter. Fourthstone LLC now owns 583,893 shares of the company’s stock worth $10,125,000 after acquiring an additional 139,960 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in Carter Bankshares during the 2nd quarter valued at $293,000. Finally, EJF Capital LLC boosted its position in Carter Bankshares by 23.9% during the 3rd quarter. EJF Capital LLC now owns 160,505 shares of the company’s stock worth $3,115,000 after acquiring an additional 30,963 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.