Carter Bankshares, Inc. (NASDAQ:CARE) Given Consensus Recommendation of “Hold” by Brokerages

Carter Bankshares, Inc. (NASDAQ:CARE) has been given an average recommendation of “Hold” by the five research firms that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $28.50.

A number of equities research analysts have issued reports on the stock. Weiss Ratings upgraded shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Raymond James Financial reiterated an “outperform” rating and set a $27.00 price objective on shares of Carter Bankshares in a research note on Monday, April 27th. Hovde Group downgraded shares of Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 price objective on the stock. in a research note on Wednesday, June 3rd. Finally, Freedom Capital downgraded shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th.

Insider Transactions at Carter Bankshares

In other Carter Bankshares news, insider Bradford N. Langs sold 5,500 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $26.47, for a total transaction of $145,585.00. Following the sale, the insider directly owned 27,093 shares in the company, valued at $717,151.71. This represents a 16.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Elizabeth L. Walsh acquired 4,575 shares of Carter Bankshares stock in a transaction on Wednesday, May 6th. The shares were purchased at an average price of $26.20 per share, for a total transaction of $119,865.00. Following the completion of the purchase, the director directly owned 58,753 shares of the company’s stock, valued at approximately $1,539,328.60. This represents a 8.44% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.38% of the company’s stock.

Institutional Investors Weigh In On Carter Bankshares

A number of large investors have recently bought and sold shares of CARE. Huber Capital Management LLC boosted its stake in shares of Carter Bankshares by 0.3% in the 4th quarter. Huber Capital Management LLC now owns 191,053 shares of the company’s stock valued at $3,756,000 after purchasing an additional 500 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Carter Bankshares by 98.3% in the 4th quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock valued at $32,000 after purchasing an additional 806 shares in the last quarter. First Trust Advisors LP boosted its position in Carter Bankshares by 6.7% during the 2nd quarter. First Trust Advisors LP now owns 14,780 shares of the company’s stock worth $256,000 after buying an additional 930 shares during the period. New York State Common Retirement Fund boosted its position in Carter Bankshares by 44.7% during the 3rd quarter. New York State Common Retirement Fund now owns 4,531 shares of the company’s stock worth $88,000 after buying an additional 1,400 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in Carter Bankshares by 140.6% during the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock worth $46,000 after buying an additional 1,534 shares during the period. 41.48% of the stock is currently owned by institutional investors and hedge funds.

Carter Bankshares Stock Performance

NASDAQ:CARE opened at $29.88 on Friday. Carter Bankshares has a 52 week low of $16.14 and a 52 week high of $29.99. The firm has a market cap of $663.93 million, a price-to-earnings ratio of 6.14 and a beta of 0.53. The firm’s 50-day simple moving average is $26.05 and its 200 day simple moving average is $22.40.

Carter Bankshares (NASDAQ:CARE) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.09). Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%.The business had revenue of $106.91 million for the quarter, compared to the consensus estimate of $42.47 million. Sell-side analysts anticipate that Carter Bankshares will post 1.91 EPS for the current year.

Carter Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 25th. Shareholders of record on Monday, May 11th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Monday, May 11th. Carter Bankshares’s dividend payout ratio is presently 8.21%.

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.