Carter Bankshares, Inc. (NASDAQ:CARE) Receives Average Rating of “Hold” from Analysts

Carter Bankshares, Inc. (NASDAQ:CARE) has earned an average rating of “Hold” from the five analysts that are currently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $30.75.

A number of analysts have recently commented on CARE shares. Hovde Group reissued a “market perform” rating and issued a $34.50 price target (up from $30.00) on shares of Carter Bankshares in a research report on Monday, July 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carter Bankshares in a research report on Friday, August 7th. Raymond James Financial cut Carter Bankshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. Finally, Wall Street Zen downgraded Carter Bankshares from a “buy” rating to a “hold” rating in a report on Saturday, August 8th.

Insider Activity

In other Carter Bankshares news, insider Bradford N. Langs sold 2,500 shares of Carter Bankshares stock in a transaction dated Thursday, July 30th. The shares were 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 of the company’s stock, valued at approximately $1,148,178.68. The trade was a 6.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert M. Bolton sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $34.60, for a total transaction of $51,900.00. Following the completion of the transaction, the director owned 55,000 shares in the company, valued at approximately $1,903,000. This represents a 2.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.38% of the company’s stock.

Hedge Funds Weigh In On Carter Bankshares

A number of hedge funds have recently added to or reduced their stakes in the company. Engineers Gate Manager LP purchased a new stake in Carter Bankshares during the 2nd quarter valued at $707,000. Integrated Wealth Concepts LLC purchased a new position in shares of Carter Bankshares in the second quarter worth $270,000. Allworth Financial LP lifted its holdings in shares of Carter Bankshares by 159.1% during 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 in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Carter Bankshares during the second quarter valued at $2,433,000. Finally, Bank of America Corp DE boosted its position in shares of Carter Bankshares by 82.5% during the first quarter. Bank of America Corp DE now owns 57,437 shares of the company’s stock valued at $1,339,000 after buying an additional 25,967 shares during the last quarter. 41.48% of the stock is currently owned by hedge funds and other institutional investors.

Carter Bankshares Price Performance

Shares of Carter Bankshares stock opened at $30.31 on Monday. Carter Bankshares has a 1 year low of $16.78 and a 1 year high of $36.06. The firm has a market cap of $671.67 million, a price-to-earnings ratio of 5.22 and a beta of 0.50. The company has a 50-day moving average of $32.16 and a 200 day moving average of $28.69.

Carter Bankshares (NASDAQ:CARE) last posted its quarterly earnings data 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 return on equity of 7.46% and a net margin of 36.79%.The business had revenue of $68.68 million for the quarter, compared to the consensus estimate of $55.90 million. On average, equities analysts anticipate that Carter Bankshares will post 2.02 EPS for the current year.

Carter Bankshares Announces Dividend

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

Carter Bankshares Company Profile

Carter Bankshares, Inc is the bank holding company for Carter Bank & Trust, a community banking institution headquartered in Martinsville, Virginia. Through its banking subsidiary, the company provides financial services to individuals, families, businesses and nonprofit organizations.

Carter Bank & Trust offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts. Its lending activities include residential and commercial real estate loans, construction and development financing, commercial and industrial loans, consumer loans and other credit products.