Carter Bankshares' (CARE) "Hold (C+)" Rating Reiterated at Weiss Ratings

Key Points

• Carter Bankshares (CARE) retains a "hold (C+)" rating according to Weiss Ratings, while Raymond James Financial has set a target price of $22.00 with an "outperform" rating.
• The company's shares traded down slightly to $19.42, with a market capitalization of $440.25 million and a price-to-earnings ratio of 14.63.
• Insider activity reports show that Director Catharine L. Midkiff sold 2,000 shares at an average price of $17.76, reducing her holdings by 11.08%.

Carter Bankshares (NASDAQ:CARE - Get Free Report)'s stock had its "hold (c+)" rating reaffirmed by investment analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Separately, Raymond James Financial set a $22.00 target price on shares of Carter Bankshares and gave the company an "outperform" rating in a research note on Tuesday. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $22.00.

Carter Bankshares Trading Down 0.2%

Shares of CARE traded down $0.04 during trading hours on Wednesday, reaching $19.42. 54,268 shares of the company traded hands, compared to its average volume of 86,479. The company's fifty day moving average price is $19.01 and its two-hundred day moving average price is $17.27. The company has a market capitalization of $440.25 million, a price-to-earnings ratio of 14.63 and a beta of 0.83. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.28. Carter Bankshares has a 12 month low of $13.60 and a 12 month high of $20.53.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.31 by $0.10. The firm had revenue of $37.44 million for the quarter, compared to analyst estimates of $37.33 million. Carter Bankshares had a net margin of 12.58% and a return on equity of 7.68%. Equities research analysts predict that Carter Bankshares will post 1.26 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Catharine L. Midkiff sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $17.76, for a total value of $35,520.00. Following the transaction, the director owned 16,054 shares in the company, valued at approximately $285,119.04. This represents a 11.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.18% of the company's stock.

Institutional Trading of Carter Bankshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC increased its holdings in Carter Bankshares by 3.1% during the first quarter. Cubist Systematic Strategies LLC now owns 24,547 shares of the company's stock valued at $397,000 after buying an additional 744 shares during the last quarter. CWM LLC increased its holdings in Carter Bankshares by 64.1% during the second quarter. CWM LLC now owns 2,171 shares of the company's stock valued at $38,000 after buying an additional 848 shares during the last quarter. First Trust Advisors LP increased its holdings in Carter Bankshares by 6.7% during the second quarter. First Trust Advisors LP now owns 14,780 shares of the company's stock valued at $256,000 after buying an additional 930 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in Carter Bankshares by 140.6% during the second quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company's stock valued at $46,000 after buying an additional 1,534 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in Carter Bankshares by 113.6% during the second quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company's stock valued at $65,000 after buying an additional 2,008 shares during the last quarter. 41.48% of the stock is owned by hedge funds and other institutional investors.

Carter Bankshares Company Profile

Carter Bankshares, Inc operates as the bank holding company for Carter Bank & Trust that provides various banking products and services in the United States. It accepts various deposit products, including checking, savings, retirement, and money market accounts, as well as certificates of deposits.

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