Carter Bankshares (NASDAQ:CARE) Shares Down 3.7% – Here’s What Happened

Shares of Carter Bankshares, Inc. (NASDAQ:CARE) dropped 3.7% during mid-day trading on Monday . The stock traded as low as $20.89 and last traded at $21.09. Approximately 199,870 shares changed hands during mid-day trading, an increase of 27% from the average daily volume of 157,207 shares. The stock had previously closed at $21.90.

Wall Street Analyst Weigh In

A number of research firms recently commented on CARE. Weiss Ratings reiterated a “hold (c+)” rating on shares of Carter Bankshares in a research report on Monday, December 29th. Wall Street Zen upgraded shares of Carter Bankshares from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Freedom Capital raised shares of Carter Bankshares to a “strong-buy” rating in a report on Thursday, December 25th. Finally, Zacks Research upgraded shares of Carter Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

Carter Bankshares Stock Performance

The company has a market cap of $465.88 million, a PE ratio of 15.28 and a beta of 0.58. 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 business has a fifty day simple moving average of $20.65 and a two-hundred day simple moving average of $19.41.

Carter Bankshares (NASDAQ:CARE) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.33 by $0.08. The firm had revenue of $39.83 million during the quarter, compared to analyst estimates of $40.66 million. Carter Bankshares had a net margin of 12.32% and a return on equity of 7.70%. Research analysts anticipate that Carter Bankshares, Inc. will post 1.26 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Federated Hermes Inc. boosted its position in Carter Bankshares by 98.3% during the fourth quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock worth $32,000 after purchasing an additional 806 shares in the last quarter. CWM LLC raised its position in shares of Carter Bankshares by 64.1% during the 2nd quarter. CWM LLC now owns 2,171 shares of the company’s stock valued at $38,000 after buying an additional 848 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of Carter Bankshares by 140.6% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock valued at $46,000 after purchasing an additional 1,534 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of Carter Bankshares by 243.2% during the fourth quarter. State of Alaska Department of Revenue now owns 3,233 shares of the company’s stock valued at $63,000 after acquiring an additional 2,291 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its position in Carter Bankshares by 113.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock valued at $65,000 after purchasing an additional 2,008 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.