Carter Bankshares (NASDAQ:CARE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Carter Bankshares (NASDAQ:CARE) from a sell rating to a hold rating in a report published on Saturday.

A number of other analysts also recently issued reports on CARE. Weiss Ratings reissued a “hold (c+)” rating on shares of Carter Bankshares in a report on Monday, December 22nd. Raymond James Financial set a $22.00 price target on shares of Carter Bankshares and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Finally, Zacks Research cut Carter Bankshares from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 28th. One 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 given a Sell rating to the stock. According to data from MarketBeat, Carter Bankshares presently has an average rating of “Moderate Buy” and a consensus price target of $22.00.

Carter Bankshares Stock Performance

Shares of NASDAQ CARE opened at $19.78 on Friday. 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 cap of $436.94 million, a price-to-earnings ratio of 14.54 and a beta of 0.62. The stock’s fifty day moving average price is $18.49 and its two-hundred day moving average price is $18.49. Carter Bankshares has a one year low of $13.60 and a one year high of $20.63.

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

Insider Buying and Selling at Carter Bankshares

In related news, Director Robert M. Bolton sold 1,901 shares of the stock in a transaction that occurred on Thursday, October 30th. The shares were sold at an average price of $17.23, for a total transaction of $32,754.23. Following the sale, the director owned 10,827 shares in the company, valued at approximately $186,549.21. This trade represents a 14.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.86% of the company’s stock.

Institutional Investors Weigh In On Carter Bankshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in CARE. Fourthstone LLC increased its stake in shares of Carter Bankshares by 31.5% in the 2nd quarter. Fourthstone LLC now owns 583,893 shares of the company’s stock valued at $10,125,000 after purchasing an additional 139,960 shares during the last quarter. Diversified Trust Co bought a new stake in shares of Carter Bankshares during the 2nd quarter worth $2,325,000. Curi Capital LLC boosted its stake in Carter Bankshares by 388.0% in the second quarter. Curi Capital LLC now owns 93,295 shares of the company’s stock valued at $1,618,000 after buying an additional 74,178 shares in the last quarter. Mendon Capital Advisors Corp grew its position in Carter Bankshares by 106.0% in the second quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company’s stock valued at $2,469,000 after acquiring an additional 73,275 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in Carter Bankshares by 457.6% during the third quarter. First Trust Advisors LP now owns 82,410 shares of the company’s stock worth $1,600,000 after acquiring an additional 67,630 shares in the last quarter. 41.48% of the stock is currently owned by institutional investors.

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.