Carter Bankshares, Inc. (NASDAQ:CARE) Stock Rated “Hold” by Wall Street Brokerages

Carter Bankshares, Inc. (NASDAQ:CARE) has received an average rating of “Hold” from the five brokerages that are covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $30.75.

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

Carter Bankshares Trading Up 1.4%

Shares of Carter Bankshares stock opened at $30.18 on Friday. The company has a market capitalization of $668.79 million, a PE ratio of 18.59 and a beta of 0.59. Carter Bankshares has a 12 month low of $16.78 and a 12 month high of $36.06. The stock’s fifty day simple moving average is $30.92 and its 200 day simple moving average is $29.80.

Carter Bankshares (NASDAQ:CARE) last posted its earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share 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. Analysts predict that Carter Bankshares will post 2.02 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Bradford N. Langs sold 2,500 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $34.54, for a total transaction of $86,350.00. Following the completion of the sale, the insider owned 33,242 shares of the company’s stock, valued at $1,148,178.68. This represents a 6.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert M. Bolton sold 1,500 shares of the stock in a transaction 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 sale, the director directly owned 55,000 shares of the company’s stock, valued at $1,903,000. This represents a 2.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.38% of the company’s stock.

Hedge Funds Weigh In On Carter Bankshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allworth Financial LP raised its stake in shares of Carter Bankshares by 159.1% in the 2nd 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. PNC Financial Services Group Inc. lifted its holdings in shares of Carter Bankshares by 397.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock valued at $54,000 after purchasing an additional 1,846 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Carter Bankshares in the second quarter valued at about $270,000. Retirement Planning Group LLC acquired a new position in shares of Carter Bankshares during the first quarter worth about $351,000. Finally, Engineers Gate Manager LP acquired a new position in shares of Carter Bankshares during the second quarter worth about $707,000. 41.48% of the stock is owned by institutional investors and hedge funds.

About Carter Bankshares

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.