Carter Bankshares, Inc. (NASDAQ:CARE) Receives $28.50 Consensus PT from Brokerages

Shares of Carter Bankshares, Inc. (NASDAQ:CARE) have earned an average rating of “Hold” from the five brokerages that are presently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $28.50.

CARE has been the subject of a number of research reports. Raymond James Financial cut shares of Carter Bankshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. Freedom Capital downgraded shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Hovde Group downgraded shares of Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 price objective for the company. in a report on Wednesday, June 3rd. Weiss Ratings upgraded shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Finally, Wall Street Zen raised Carter Bankshares from a “hold” rating to a “buy” rating in a research note on Monday.

Carter Bankshares Trading Up 1.2%

Shares of CARE opened at $31.97 on Wednesday. The company has a market cap of $710.37 million, a PE ratio of 6.56 and a beta of 0.51. The stock has a 50-day moving average price of $29.51 and a 200-day moving average price of $24.42. Carter Bankshares has a 12-month low of $16.78 and a 12-month high of $35.03.

Carter Bankshares (NASDAQ:CARE) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share 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 the consensus estimate of $42.47 million. Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%. As a group, analysts predict that Carter Bankshares will post 1.91 earnings per share for the current year.

Carter Bankshares Dividend Announcement

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 $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Monday, May 11th. Carter Bankshares’s dividend payout ratio is presently 8.21%.

Insider Activity

In related news, Director Elizabeth L. Walsh acquired 4,575 shares of the firm’s stock in a transaction dated 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 acquisition, the director owned 58,753 shares in the company, valued at approximately $1,539,328.60. This represents a 8.44% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, 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 value of $145,585.00. Following the sale, the insider owned 27,093 shares of the company’s stock, valued at $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 currently owned by insiders.

Institutional Trading of Carter Bankshares

A number of institutional investors have recently made changes to their positions in the stock. Fourthstone LLC increased its position in shares of Carter Bankshares by 19.1% in the fourth quarter. Fourthstone LLC now owns 1,236,393 shares of the company’s stock valued at $24,307,000 after acquiring an additional 197,850 shares during the period. Squarepoint Ops LLC purchased a new stake in shares of Carter Bankshares during the fourth quarter worth about $1,770,000. Curi Capital LLC boosted its holdings in shares of Carter Bankshares by 388.0% during the second quarter. Curi Capital LLC now owns 93,295 shares of the company’s stock worth $1,618,000 after purchasing an additional 74,178 shares during the period. Mendon Capital Advisors Corp grew its stake in shares of Carter Bankshares by 106.0% in the second quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company’s stock worth $2,469,000 after purchasing an additional 73,275 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Carter Bankshares by 457.6% in the third quarter. First Trust Advisors LP now owns 82,410 shares of the company’s stock worth $1,600,000 after purchasing an additional 67,630 shares during the last quarter. Hedge funds and other institutional investors 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.