Carter Bankshares (NASDAQ:CARE) Upgraded to “Hold” at Wall Street Zen

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

A number of other analysts have also recently commented on CARE. Freedom Capital raised Carter Bankshares to a “strong-buy” rating in a research report on Thursday, December 25th. Zacks Research upgraded shares of Carter Bankshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 20th. Raymond James Financial set a $22.00 price target on Carter Bankshares and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Carter Bankshares in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $22.00.

Carter Bankshares Price Performance

NASDAQ CARE opened at $21.41 on Friday. Carter Bankshares has a 12-month low of $13.60 and a 12-month high of $21.57. The firm’s fifty day simple moving average is $19.73 and its two-hundred day simple moving average is $18.93. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $472.95 million, a P/E ratio of 15.51 and a beta of 0.59.

Carter Bankshares (NASDAQ:CARE) last announced its earnings results on Thursday, January 29th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.08. Carter Bankshares had a return on equity of 7.70% and a net margin of 12.32%.The company had revenue of $39.83 million for the quarter, compared to analyst estimates of $40.66 million. Analysts forecast that Carter Bankshares will post 1.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CARE. State of Alaska Department of Revenue boosted its holdings in shares of Carter Bankshares by 243.2% during the 4th quarter. State of Alaska Department of Revenue now owns 3,233 shares of the company’s stock worth $63,000 after purchasing an additional 2,291 shares during the last quarter. Daytona Street Capital LLC purchased a new position in Carter Bankshares during the fourth quarter worth approximately $1,033,000. SG Americas Securities LLC acquired a new position in Carter Bankshares during the fourth quarter worth $180,000. JPMorgan Chase & Co. grew its holdings 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 buying an additional 5,266 shares in the last quarter. Finally, Polymer Capital Management US LLC acquired a new stake in shares of Carter Bankshares in the 3rd quarter worth $247,000. 41.48% of the stock is owned by hedge funds and other 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.