Carter Bankshares, Inc. (NASDAQ:CARE) Given Average Rating of "Buy" by Analysts

Key Points

• Analysts have an average recommendation of Buy on Carter Bankshares from five covering brokerages, with a one‑year average price target of $25.00 and recent upgrades including Hovde raising its target to $28 and Freedom Capital issuing a strong‑buy.
• Carter Bankshares reported quarterly EPS of $0.40, missing the $0.49 consensus, while reporting revenue of $106.91M (above the $42.47M figure cited), and sell‑side analysts expect $1.88 EPS for the current year.
• The company declared a quarterly dividend of $0.10 ($0.40 annualized, ~1.7% yield; ex‑dividend May 11, payable May 25), and its shares opened at $23.86 with a market cap of $528.7M and a 12‑month range of $14.98–$24.91.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) has been given an average recommendation of "Buy" by the five brokerages that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $25.00.

Several brokerages have commented on CARE. Hovde Group raised their target price on shares of Carter Bankshares from $27.00 to $28.00 and gave the stock an "outperform" rating in a report on Friday. Weiss Ratings raised shares of Carter Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, March 9th. Zacks Research upgraded shares of Carter Bankshares from a "strong sell" rating to a "hold" rating in a research report on Tuesday, January 20th. Wall Street Zen raised shares of Carter Bankshares from a "sell" rating to a "hold" rating in a research note on Saturday, January 31st. Finally, Freedom Capital upgraded Carter Bankshares to a "strong-buy" rating in a report on Thursday, December 25th.

Hedge Funds Weigh In On Carter Bankshares

Institutional investors and hedge funds have recently bought and sold shares of the business. Huber Capital Management LLC increased its holdings in shares of Carter Bankshares by 0.3% in the 4th quarter. Huber Capital Management LLC now owns 191,053 shares of the company's stock valued at $3,756,000 after purchasing an additional 500 shares during the period. Federated Hermes Inc. boosted its holdings in shares of Carter Bankshares by 98.3% during the fourth quarter. Federated Hermes Inc. now owns 1,626 shares of the company's stock worth $32,000 after purchasing an additional 806 shares during the period. First Trust Advisors LP grew its position 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 purchasing an additional 930 shares in the last quarter. New York State Common Retirement Fund grew its position in Carter Bankshares by 44.7% during the third quarter. New York State Common Retirement Fund now owns 4,531 shares of the company's stock valued at $88,000 after purchasing an additional 1,400 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its stake in Carter Bankshares by 140.6% in the 2nd 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 period. Hedge funds and other institutional investors own 41.48% of the company's stock.

Carter Bankshares Trading Down 2.1%

Shares of NASDAQ CARE opened at $23.86 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.43. Carter Bankshares has a 12 month low of $14.98 and a 12 month high of $24.91. The company has a market cap of $528.74 million, a price-to-earnings ratio of 17.29 and a beta of 0.44. The business has a fifty day simple moving average of $22.05 and a 200-day simple moving average of $20.26.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.49 by ($0.09). The company had revenue of $106.91 million during the quarter, compared to analysts' expectations of $42.47 million. Carter Bankshares had a return on equity of 7.64% and a net margin of 12.32%. Sell-side analysts predict that Carter Bankshares will post 1.88 EPS for the current year.

Carter Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 25th. Investors of record on Monday, May 11th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Monday, May 11th.

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.

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