Carter Bankshares (NASDAQ:CARE) Upgraded by Wall Street Zen to “Buy” Rating

Carter Bankshares (NASDAQ:CARE) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

Several other research analysts have also weighed in on CARE. Hovde Group lowered 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 report on Wednesday, June 3rd. Raymond James Financial downgraded Carter Bankshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st. Freedom Capital downgraded Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Finally, Weiss Ratings upgraded Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $28.50.

Carter Bankshares Price Performance

CARE stock opened at $32.56 on Monday. The company’s 50 day simple moving average is $29.27 and its 200-day simple moving average is $24.26. The firm has a market capitalization of $723.48 million, a PE ratio of 6.69 and a beta of 0.51. Carter Bankshares has a 12 month low of $16.78 and a 12 month high of $35.03.

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

Insider Buying and Selling

In related news, Director Elizabeth L. Walsh purchased 4,575 shares of Carter Bankshares stock in a transaction on Wednesday, May 6th. The stock was purchased at an average cost of $26.20 per share, with a total value of $119,865.00. Following the acquisition, the director directly owned 58,753 shares in the company, valued at approximately $1,539,328.60. This trade represents a 8.44% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Bradford N. Langs sold 5,500 shares of Carter Bankshares 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 owned 27,093 shares in the company, valued at approximately $717,151.71. This trade represents a 16.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.38% of the stock is owned by insiders.

Hedge Funds Weigh In On Carter Bankshares

Large investors have recently made changes to their positions in the company. Fourthstone LLC lifted its stake in Carter Bankshares by 19.1% in the 4th quarter. Fourthstone LLC now owns 1,236,393 shares of the company’s stock valued at $24,307,000 after purchasing an additional 197,850 shares during the last quarter. Squarepoint Ops LLC bought a new position in Carter Bankshares during the 4th quarter valued at $1,770,000. Curi Capital LLC increased its position in shares of Carter Bankshares by 388.0% during the 2nd quarter. Curi Capital LLC now owns 93,295 shares of the company’s stock valued at $1,618,000 after purchasing an additional 74,178 shares during the last quarter. Mendon Capital Advisors Corp lifted its position in shares of Carter Bankshares by 106.0% during the 2nd quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company’s stock valued at $2,469,000 after buying an additional 73,275 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Carter Bankshares by 457.6% during the 3rd quarter. First Trust Advisors LP now owns 82,410 shares of the company’s stock valued at $1,600,000 after purchasing an additional 67,630 shares during the period. 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.