Carter Bankshares, Inc. (NASDAQ:CARE) Receives $30.75 Average Price Target from Analysts

Carter Bankshares, Inc. (NASDAQ:CARE) has received a consensus recommendation of “Hold” from the five research firms that are currently covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $30.75.

CARE has been the subject of several recent research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Carter Bankshares in a research report on Friday, August 7th. Freedom Capital lowered Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Hovde Group reiterated a “market perform” rating and set a $34.50 price objective (up from $30.00) on shares of Carter Bankshares in a research note on Monday, July 27th. Wall Street Zen downgraded Carter Bankshares from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Raymond James Financial downgraded Carter Bankshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st.

Insiders Place Their Bets

In other Carter Bankshares news, insider Bradford N. Langs sold 2,500 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $34.54, for a total value of $86,350.00. Following the completion of the sale, the insider owned 33,242 shares in the company, valued at $1,148,178.68. This trade represents a 6.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert M. Bolton sold 1,500 shares of Carter Bankshares stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $34.60, for a total transaction of $51,900.00. Following the completion of the transaction, the director directly owned 55,000 shares of the company’s stock, valued at approximately $1,903,000. This trade represents a 2.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.38% of the company’s stock.

Hedge Funds Weigh In On Carter Bankshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sei Investments Co. raised 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 valued at $1,874,000 after buying an additional 41,836 shares during the period. Richard Young Associates Ltd. acquired a new stake in shares of Carter Bankshares in the fourth quarter valued at approximately $525,000. Dimensional Fund Advisors LP boosted its stake in shares of Carter Bankshares by 4.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,175,925 shares of the company’s stock worth $27,422,000 after acquiring an additional 52,195 shares during the period. Maltese Capital Management LLC boosted its stake in shares of Carter Bankshares by 7.3% during the 4th quarter. Maltese Capital Management LLC now owns 395,800 shares of the company’s stock worth $7,781,000 after acquiring an additional 26,800 shares during the period. Finally, Empowered Funds LLC increased its holdings in shares of Carter Bankshares by 10.0% during the 1st quarter. Empowered Funds LLC now owns 90,470 shares of the company’s stock worth $2,110,000 after acquiring an additional 8,192 shares during the last quarter. Institutional investors own 41.48% of the company’s stock.

Carter Bankshares Stock Up 2.7%

Carter Bankshares stock opened at $31.61 on Thursday. The stock has a market capitalization of $700.48 million, a PE ratio of 5.44 and a beta of 0.50. Carter Bankshares has a twelve month low of $16.78 and a twelve month high of $36.06. The company has a 50 day moving average of $32.80 and a 200-day moving average of $27.52.

Carter Bankshares (NASDAQ:CARE) last released its earnings results on Thursday, July 23rd. The company reported $0.53 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.91). Carter Bankshares had a net margin of 36.79% and a return on equity of 7.46%. The firm had revenue of $68.68 million during the quarter, compared to the consensus estimate of $55.90 million. Equities analysts anticipate that Carter Bankshares will post 2.02 EPS for the current fiscal year.

Carter Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, August 10th. Carter Bankshares’s dividend payout ratio is 6.88%.

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.