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

Key Points

• Carter Bankshares has a consensus analyst rating of "Hold", based on five covering firms: four hold ratings and one buy rating. The average 12-month price target is $28.50.
• The company recently reported Q1 earnings of $0.40 per share, missing expectations of $0.49, though revenue came in well above estimates at $106.91 million. Analysts currently expect full-year EPS of 1.91.
• The stock is trading near the upper end of its range, opening at $32.32 versus a 52-week low of $16.78 and high of $35.03. Carter Bankshares also pays a quarterly dividend of $0.10 per share, or a 1.2% yield.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) has received a consensus recommendation of "Hold" from the five research firms that are covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $28.50.

A number of equities research analysts recently issued reports on CARE shares. Hovde Group lowered Carter Bankshares from an "outperform" rating to a "market perform" rating and set a $30.00 price target for the company. in a research note on Wednesday, June 3rd. Weiss Ratings upgraded Carter Bankshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Freedom Capital lowered shares of Carter Bankshares from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Raymond James Financial downgraded shares of Carter Bankshares from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 1st. Finally, Wall Street Zen downgraded shares of Carter Bankshares from a "buy" rating to a "hold" rating in a research note on Sunday.

Carter Bankshares Price Performance

Shares of CARE stock opened at $32.32 on Wednesday. The company has a market cap of $718.15 million, a PE ratio of 6.64 and a beta of 0.51. Carter Bankshares has a 1 year low of $16.78 and a 1 year high of $35.03. The stock's 50 day simple moving average is $28.83 and its two-hundred day simple moving average is $24.00.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last released its earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.09). The firm 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%. Equities research analysts expect that Carter Bankshares will post 1.91 EPS for the current year.

Carter Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 25th. Stockholders of record on Monday, May 11th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, May 11th. Carter Bankshares's dividend payout ratio is presently 8.21%.

Insider Buying and Selling at Carter Bankshares

In related news, Director Elizabeth L. Walsh purchased 4,575 shares of the business's stock in a transaction dated Wednesday, May 6th. The shares were acquired at an average cost of $26.20 per share, for a total transaction of $119,865.00. Following the acquisition, the director owned 58,753 shares of the company's stock, valued at $1,539,328.60. The trade was a 8.44% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bradford N. Langs sold 5,500 shares of the company's stock in a transaction on Tuesday, May 12th. The stock was 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 trade 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 company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CARE. Fourthstone LLC grew its holdings in Carter Bankshares by 19.1% in the fourth quarter. Fourthstone LLC now owns 1,236,393 shares of the company's stock worth $24,307,000 after purchasing an additional 197,850 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in 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 buying an additional 52,195 shares during the last quarter. Kennedy Capital Management LLC increased its position in Carter Bankshares by 12.9% during the 3rd quarter. Kennedy Capital Management LLC now owns 441,076 shares of the company's stock valued at $8,561,000 after buying an additional 50,519 shares in the last quarter. Maltese Capital Management LLC boosted its holdings in Carter Bankshares by 7.3% in the fourth 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 in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Carter Bankshares by 11.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 300,553 shares of the company's stock worth $5,909,000 after acquiring an additional 29,924 shares during the last quarter. Hedge funds and other institutional investors own 41.48% of the company's stock.

About Carter Bankshares

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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