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

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

A number of other brokerages have also recently weighed in on CARE. Weiss Ratings upgraded shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Raymond James Financial cut shares of Carter Bankshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Freedom Capital downgraded shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Finally, Hovde Group lowered Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 price objective on the stock. in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $28.50.

Carter Bankshares Price Performance

Shares of Carter Bankshares stock opened at $33.13 on Friday. The stock has a market capitalization of $736.15 million, a price-to-earnings ratio of 6.80 and a beta of 0.51. The business has a 50-day moving average of $28.48 and a 200 day moving average of $23.80. 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 results on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.09). The business had revenue of $106.91 million for the quarter, compared to analysts’ expectations of $42.47 million. Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%. Equities research analysts anticipate that Carter Bankshares will post 1.91 earnings per share for the current year.

Insider Activity at Carter Bankshares

In other news, Director Elizabeth L. Walsh purchased 4,575 shares of the 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 acquisition, the director directly owned 58,753 shares of the company’s stock, valued at approximately $1,539,328.60. The trade was a 8.44% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $145,585.00. Following the completion of the sale, the insider directly owned 27,093 shares in the company, valued at approximately $717,151.71. This represents a 16.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.38% of the stock is owned by company insiders.

Institutional Investors Weigh In On Carter Bankshares

Several institutional investors have recently modified their holdings of the company. Federated Hermes Inc. grew its stake in shares of 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. PNC Financial Services Group Inc. lifted its holdings in Carter Bankshares by 397.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock worth $54,000 after buying an additional 1,846 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of 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 acquiring an additional 1,534 shares in the last quarter. State of Alaska Department of Revenue boosted its position 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 acquiring an additional 2,291 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Carter Bankshares by 113.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock worth $65,000 after acquiring an additional 2,008 shares in the last quarter. 41.48% of the stock is owned by hedge funds and other institutional investors.

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.