Carter Bankshares (NASDAQ:CARE) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded Carter Bankshares from “hold” to “sell.” Despite that move, analysts’ average rating remains “hold,” with a consensus price target of $30.75.
• Carter Bankshares reported quarterly EPS of $0.35, missing the $0.54 consensus estimate; revenue of $46.22 million also came in below estimates.
• Several institutional investors increased their holdings, and institutions collectively own 41.48% of the company’s shares.

Carter Bankshares (NASDAQ:CARE - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday, Wall Street Zen reports.

CARE has been the subject of a number of other research reports. Weiss Ratings restated a "buy (b)" rating on shares of Carter Bankshares in a report on Wednesday. Hovde Group reiterated a "market perform" rating and issued a $34.50 price target (up from $30.00) on shares of Carter Bankshares in a research report on Monday, July 27th. One 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 company currently has an average rating of "Hold" and a consensus price target of $30.75.

Carter Bankshares Price Performance

Shares of CARE opened at $28.69 on Friday. The company has a 50 day simple moving average of $30.39 and a two-hundred day simple moving average of $27.63. Carter Bankshares has a 1 year low of $16.86 and a 1 year high of $36.06. The firm has a market cap of $635.77 million, a P/E ratio of 17.16 and a beta of 0.60.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.54 by ($0.19). The company had revenue of $46.22 million during the quarter, compared to analyst estimates of $47.19 million. Carter Bankshares had a net margin of 37.19% and a return on equity of 7.55%. On average, sell-side analysts anticipate that Carter Bankshares will post 1.80 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CARE. Dimensional Fund Advisors LP raised its holdings in shares of Carter Bankshares by 4.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,175,925 shares of the company's stock valued at $27,422,000 after purchasing an additional 52,195 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Carter Bankshares in the second quarter valued at $2,433,000. Empowered Funds LLC grew 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 valued at $2,110,000 after purchasing an additional 8,192 shares during the last quarter. Sei Investments Co. increased its stake in shares of 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 acquiring an additional 41,836 shares during the period. Finally, Bank of America Corp DE boosted its stake in Carter Bankshares by 82.5% during the 1st 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 during the last quarter. 41.48% of the stock is currently owned by institutional investors.

Carter Bankshares Company Profile

Carter Bankshares, Inc is the bank holding company for Carter Bank & Trust, a community-focused financial institution headquartered in Martinsville, Virginia. The bank provides banking and financial services to individuals, businesses and organizations through its branch network and digital banking channels.

Carter Bank & Trust offers deposit products, residential and commercial real estate lending, consumer loans, business loans, treasury management and other financial services.

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