BTIG Research Upgrades Carter Bank and Trust (NASDAQ:CARE) to Buy

Carter Bank and Trust (NASDAQ:CARE) was upgraded by research analysts at BTIG Research from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, 24/7 WallStreet reports. The firm currently has a $13.00 price target on the stock. BTIG Research’s price target would suggest a potential downside of 31.43% from the stock’s previous close.

Several other equities analysts have also recently commented on the stock. DA Davidson reissued a “neutral” rating on shares of Carter Bank and Trust in a research note on Monday, July 22nd. Zacks Investment Research raised shares of Carter Bank and Trust from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research note on Friday, August 9th.

CARE stock opened at $18.96 on Wednesday. Carter Bank and Trust has a fifty-two week low of $14.45 and a fifty-two week high of $21.14. The business has a 50-day moving average price of $19.50.

A number of institutional investors have recently added to or reduced their stakes in CARE. BlackRock Inc. acquired a new position in Carter Bank and Trust during the 2nd quarter valued at about $25,232,000. Seidman Lawrence B acquired a new position in Carter Bank and Trust during the 1st quarter valued at about $5,485,000. Charles Schwab Investment Management Inc. acquired a new position in Carter Bank and Trust during the 2nd quarter valued at about $2,600,000. Punch & Associates Investment Management Inc. acquired a new position in Carter Bank and Trust during the 1st quarter valued at about $1,800,000. Finally, Bank of New York Mellon Corp acquired a new position in Carter Bank and Trust during the 2nd quarter valued at about $1,476,000. 15.91% of the stock is currently owned by hedge funds and other institutional investors.

Carter Bank and Trust Company Profile

Carter Bank & Trust provides a range of retail and commercial banking products and services in Virginia and North Carolina. It accepts checking, savings, retirement, and money market accounts, as well as longer-term certificates of deposit. The company also offers loans, such as secured and unsecured commercial loans; secured and unsecured consumer loans for financing automobiles, home improvements, education, and personal investments; real estate construction and acquisition loans; and fixed and variable rate mortgage loans.

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