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

Key Points

• Analysts maintain a “Hold” consensus on Carter Bankshares, with four hold ratings and one buy rating. The average 12-month price target is $30.75, below the stock’s reported $34.58 opening price.
• Carter Bankshares reported quarterly EPS of $0.53, missing the $1.44 consensus estimate, while revenue of $90.22 million exceeded expectations of $55.90 million.
• The company declared a quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a 1.2% yield; institutional investors own 41.48% of the stock.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) has been given a consensus recommendation of "Hold" by the five brokerages that are currently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $30.75.

Several research firms have commented on CARE. Hovde Group reissued a "market perform" rating and issued a $34.50 price objective (up from $30.00) on shares of Carter Bankshares in a research report on Monday, July 27th. Freedom Capital downgraded Carter Bankshares from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Wall Street Zen upgraded Carter Bankshares from a "hold" rating to a "buy" rating in a research note on Monday, July 13th. Weiss Ratings upgraded Carter Bankshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Finally, Raymond James Financial downgraded Carter Bankshares from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 1st.

Carter Bankshares Stock Up 1.3%

Carter Bankshares stock opened at $34.58 on Friday. Carter Bankshares has a 52-week low of $16.78 and a 52-week high of $35.14. The firm has a fifty day moving average of $31.36 and a 200-day moving average of $25.65. The firm has a market capitalization of $768.37 million, a P/E ratio of 5.95 and a beta of 0.51.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $0.53 EPS for the quarter, missing analysts' consensus estimates of $1.44 by ($0.91). The business had revenue of $90.22 million during the quarter, compared to analysts' expectations of $55.90 million. Carter Bankshares had a net margin of 36.79% and a return on equity of 7.85%. On average, research analysts expect that Carter Bankshares will post 2.02 EPS for the current fiscal year.

Carter Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 10th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, August 10th. Carter Bankshares's payout ratio is presently 6.88%.

Insider Activity

In related news, Director Robert M. Bolton sold 1,500 shares of the firm's stock in a transaction on 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 sale, 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Elizabeth L. Walsh purchased 4,575 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The shares were purchased at an average cost of $26.20 per share, for a total transaction of $119,865.00. Following the purchase, the director directly owned 58,753 shares in the company, valued at $1,539,328.60. This trade represents a 8.44% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders sold 9,500 shares of company stock worth $283,835. 2.38% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carter Bankshares

Hedge funds have recently bought and sold shares of the business. Fourthstone LLC lifted its position in shares of Carter Bankshares by 19.1% during 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 raised its stake in 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 buying an additional 52,195 shares in the last quarter. Kennedy Capital Management LLC raised its stake in Carter Bankshares by 12.9% during the third 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 lifted its holdings in 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 buying an additional 26,800 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Carter Bankshares by 11.1% in the 4th 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 in the last quarter. Institutional investors and hedge funds own 41.48% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.