Wall Street Zen Upgrades Carter Bankshares (NASDAQ:CARE) to “Buy”

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

Other research analysts also recently issued reports about the stock. Freedom Capital downgraded shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Raymond James Financial reiterated an “outperform” rating and issued a $27.00 price target on shares of Carter Bankshares in a research note on Monday, April 27th. Hovde Group cut Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 price target for the company. in a report on Wednesday, June 3rd. Finally, Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $28.50.

Carter Bankshares Trading Up 2.8%

Shares of NASDAQ:CARE opened at $33.60 on Friday. The firm has a 50 day moving average of $27.55 and a 200-day moving average of $23.31. The stock has a market capitalization of $746.59 million, a PE ratio of 6.90 and a beta of 0.53. Carter Bankshares has a 12 month low of $16.78 and a 12 month high of $33.87.

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

Insider Buying and Selling

In related news, insider Bradford N. Langs sold 5,500 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $26.47, for a total value of $145,585.00. Following the completion of the transaction, the insider owned 27,093 shares of the company’s stock, valued at $717,151.71. This represents a 16.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Elizabeth L. Walsh bought 4,575 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was bought at an average price of $26.20 per share, for a total transaction of $119,865.00. Following the transaction, 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. The SEC filing for this purchase provides additional information. 2.38% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Carter Bankshares

Several hedge funds have recently modified their holdings of the company. Federated Hermes Inc. grew its position in Carter Bankshares by 98.3% during the 4th quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock worth $32,000 after acquiring an additional 806 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Carter Bankshares by 397.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock valued at $54,000 after purchasing an additional 1,846 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of Carter Bankshares by 140.6% during the second 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 in the last quarter. State of Alaska Department of Revenue grew its holdings 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 worth $63,000 after purchasing an additional 2,291 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Carter Bankshares by 113.6% during the second quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock worth $65,000 after purchasing an additional 2,008 shares during the last quarter. Institutional investors and hedge funds own 41.48% of the company’s stock.

Carter Bankshares Company Profile

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.