Carter Bankshares (NASDAQ:CARE) Rating Increased to Strong-Buy at Freedom Capital

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

CARE has been the topic of several other research reports. Zacks Research cut shares of Carter Bankshares from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 28th. Wall Street Zen upgraded shares of Carter Bankshares from a “sell” rating to a “hold” rating in a report on Saturday. Raymond James Financial set a $22.00 price objective on shares of Carter Bankshares and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Carter Bankshares in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $22.00.

Carter Bankshares Trading Up 0.1%

NASDAQ CARE opened at $19.87 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.92 and a current ratio of 0.92. Carter Bankshares has a one year low of $13.60 and a one year high of $20.63. The company has a 50-day simple moving average of $18.47 and a 200-day simple moving average of $18.44. The firm has a market capitalization of $438.93 million, a PE ratio of 14.61 and a beta of 0.62.

Carter Bankshares (NASDAQ:CARE) last released 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). Carter Bankshares had a return on equity of 7.65% and a net margin of 12.37%.The business had revenue of $39.09 million for the quarter, compared to analyst estimates of $39.20 million. On average, equities analysts forecast that Carter Bankshares will post 1.26 earnings per share for the current year.

Insider Activity

In other news, Director Robert M. Bolton sold 1,901 shares of Carter Bankshares stock in a transaction that occurred on Thursday, October 30th. The shares were sold at an average price of $17.23, for a total value of $32,754.23. Following the transaction, the director owned 10,827 shares of the company’s stock, valued at $186,549.21. The trade was a 14.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.18% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CARE. Fourthstone LLC boosted its stake in shares of Carter Bankshares by 31.5% during the 2nd 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. Diversified Trust Co purchased a new stake in shares of Carter Bankshares during the second quarter valued at $2,325,000. Curi Capital LLC lifted its holdings in shares of Carter Bankshares by 388.0% during the second quarter. Curi Capital LLC now owns 93,295 shares of the company’s stock valued at $1,618,000 after purchasing an additional 74,178 shares during the last quarter. Mendon Capital Advisors Corp boosted its position in shares of Carter Bankshares by 106.0% in the 2nd quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company’s stock valued at $2,469,000 after purchasing an additional 73,275 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of Carter Bankshares by 457.6% in the 3rd quarter. First Trust Advisors LP now owns 82,410 shares of the company’s stock valued at $1,600,000 after purchasing an additional 67,630 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.