Carter Bankshares (NASDAQ:CARE) Downgraded to “Sell” Rating by Wall Street Zen

Carter Bankshares (NASDAQ:CARE) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

CARE has been the topic of several other research reports. Raymond James Financial set a $22.00 target price on shares of Carter Bankshares and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Freedom Capital upgraded shares of Carter Bankshares to a “strong-buy” rating in a research note on Thursday, December 25th. Zacks Research downgraded Carter Bankshares from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 28th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Carter Bankshares in a research report on Monday, December 29th. One equities 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 issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.00.

Carter Bankshares Stock Performance

Shares of NASDAQ:CARE opened at $20.38 on Friday. The business’s 50-day moving average is $19.11 and its 200 day moving average is $18.76. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.92 and a quick ratio of 0.92. Carter Bankshares has a 1 year low of $13.60 and a 1 year high of $20.66. The firm has a market capitalization of $450.19 million, a P/E ratio of 14.99 and a beta of 0.59.

Carter Bankshares (NASDAQ:CARE) last issued its quarterly earnings results on Thursday, October 23rd. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $39.20 million. On average, research analysts predict that Carter Bankshares will post 1.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Carter Bankshares news, Director Robert M. Bolton sold 1,901 shares of the stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $17.23, for a total transaction of $32,754.23. Following the sale, the director directly owned 10,827 shares of the company’s stock, valued at approximately $186,549.21. This trade represents a 14.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.18% of the company’s stock.

Institutional Trading of Carter Bankshares

Several hedge funds and other institutional investors have recently bought and sold shares of CARE. SG Americas Securities LLC acquired a new stake in Carter Bankshares in the fourth quarter valued at approximately $180,000. JPMorgan Chase & Co. grew its stake in Carter Bankshares by 9.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 59,118 shares of the company’s stock valued at $1,147,000 after acquiring an additional 5,266 shares during the period. Polymer Capital Management US LLC purchased a new stake in Carter Bankshares in the 3rd quarter worth $247,000. Maltese Capital Management LLC increased its holdings in Carter Bankshares by 1.1% in the 3rd quarter. Maltese Capital Management LLC now owns 369,000 shares of the company’s stock worth $7,162,000 after acquiring an additional 4,028 shares in the last quarter. Finally, Millennium Management LLC raised its position in Carter Bankshares by 48.0% during the third quarter. Millennium Management LLC now owns 16,598 shares of the company’s stock worth $322,000 after acquiring an additional 5,385 shares during the period. 41.48% of the stock is owned by institutional investors and hedge funds.

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.