Carter Bankshares, Inc. (NASDAQ:CARE) Receives $27.50 Consensus PT from Brokerages

Shares of Carter Bankshares, Inc. (NASDAQ:CARE) have been assigned a consensus recommendation of “Moderate Buy” from the five brokerages that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $27.50.

A number of research firms have recently weighed in on CARE. Raymond James Financial reaffirmed an “outperform” rating and set a $27.00 price target on shares of Carter Bankshares in a research note on Monday, April 27th. Freedom Capital downgraded Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Wall Street Zen raised Carter Bankshares from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Finally, Hovde Group lifted their price objective on Carter Bankshares from $27.00 to $28.00 and gave the stock an “outperform” rating in a report on Friday, April 24th.

Carter Bankshares Price Performance

NASDAQ:CARE opened at $27.44 on Tuesday. Carter Bankshares has a 1-year low of $15.80 and a 1-year high of $27.48. The firm has a market capitalization of $609.72 million, a price-to-earnings ratio of 5.63 and a beta of 0.51. The stock has a fifty day simple moving average of $24.07 and a 200 day simple moving average of $21.37.

Carter Bankshares (NASDAQ:CARE) last announced its quarterly earnings data 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 analyst estimates of $42.47 million. Equities analysts predict that Carter Bankshares will post 1.96 earnings per share for the current year.

Carter Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 25th. Stockholders of record on Monday, May 11th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, May 11th. Carter Bankshares’s dividend payout ratio (DPR) is presently 8.21%.

Insider Buying and Selling at Carter Bankshares

In related news, insider Bradford N. Langs sold 5,500 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $26.47, for a total value of $145,585.00. Following the sale, the insider owned 27,093 shares of the company’s stock, valued at $717,151.71. The trade was a 16.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Elizabeth L. Walsh purchased 4,575 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average cost of $26.20 per share, for a total transaction of $119,865.00. Following the purchase, the director owned 58,753 shares in the company, valued at $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 insiders.

Hedge Funds Weigh In On Carter Bankshares

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE boosted its stake in Carter Bankshares by 82.5% in the first quarter. Bank of America Corp DE now owns 57,437 shares of the company’s stock worth $1,339,000 after purchasing an additional 25,967 shares in the last quarter. Empowered Funds LLC boosted its stake in Carter Bankshares by 10.0% in the first quarter. Empowered Funds LLC now owns 90,470 shares of the company’s stock worth $2,110,000 after purchasing an additional 8,192 shares in the last quarter. Quantinno Capital Management LP boosted its stake in Carter Bankshares by 60.9% in the first quarter. Quantinno Capital Management LP now owns 35,489 shares of the company’s stock worth $828,000 after purchasing an additional 13,439 shares in the last quarter. Sei Investments Co. boosted its stake in Carter Bankshares by 108.5% in the first quarter. Sei Investments Co. now owns 80,379 shares of the company’s stock worth $1,874,000 after purchasing an additional 41,836 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake 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 worth $54,000 after purchasing an additional 1,846 shares in the last quarter. Institutional investors and hedge funds own 41.48% of the company’s stock.

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.