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

Key Points

• Analyst sentiment is mixed: Carter Bankshares has a consensus recommendation of “Hold” from five covering firms, with an average 12-month price target of $28.50. Two analysts rate it a buy, while three rate it hold.
• Insider activity was split: Insider Bradford N. Langs sold 5,500 shares, while Director Elizabeth L. Walsh bought 4,575 shares. Corporate insiders currently own 2.38% of the company.
• Recent results and shareholder returns: The company reported quarterly EPS of $0.40, missing estimates, but revenue came in well above expectations at $106.91 million. Carter Bankshares also paid a quarterly dividend of $0.10 per share, or 1.3% annualized yield.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) has been given an average recommendation of "Hold" by the five research firms that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $28.50.

A number of equities research analysts have issued reports on the stock. Weiss Ratings upgraded shares of Carter Bankshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Raymond James Financial reiterated an "outperform" rating and set a $27.00 price objective on shares of Carter Bankshares in a research note on Monday, April 27th. Hovde Group downgraded shares of Carter Bankshares from an "outperform" rating to a "market perform" rating and set a $30.00 price objective on the stock. in a research note on Wednesday, June 3rd. Finally, Freedom Capital downgraded shares of Carter Bankshares from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th.

Insider Transactions at Carter Bankshares

In other Carter Bankshares news, insider Bradford N. Langs sold 5,500 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $26.47, for a total transaction of $145,585.00. Following the sale, the insider directly owned 27,093 shares in the company, valued at $717,151.71. This represents a 16.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Elizabeth L. Walsh acquired 4,575 shares of Carter Bankshares stock in a transaction on Wednesday, May 6th. The shares were purchased at an average price of $26.20 per share, for a total transaction of $119,865.00. Following the completion of the purchase, the director directly owned 58,753 shares of the company's stock, valued at approximately $1,539,328.60. This represents a 8.44% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.38% of the company's stock.

Institutional Investors Weigh In On Carter Bankshares

A number of large investors have recently bought and sold shares of CARE. Huber Capital Management LLC boosted its stake 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 in the last quarter. Federated Hermes Inc. boosted its stake in shares of Carter Bankshares by 98.3% in the 4th quarter. Federated Hermes Inc. now owns 1,626 shares of the company's stock valued at $32,000 after purchasing an additional 806 shares in the last quarter. First Trust Advisors LP boosted its position in Carter Bankshares by 6.7% during the 2nd quarter. First Trust Advisors LP now owns 14,780 shares of the company's stock worth $256,000 after buying an additional 930 shares during the period. New York State Common Retirement Fund boosted its position in Carter Bankshares by 44.7% during the 3rd quarter. New York State Common Retirement Fund now owns 4,531 shares of the company's stock worth $88,000 after buying an additional 1,400 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in Carter Bankshares by 140.6% during the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company's stock worth $46,000 after buying an additional 1,534 shares during the period. 41.48% of the stock is currently owned by institutional investors and hedge funds.

Carter Bankshares Stock Performance

NASDAQ:CARE opened at $29.88 on Friday. Carter Bankshares has a 52 week low of $16.14 and a 52 week high of $29.99. The firm has a market cap of $663.93 million, a price-to-earnings ratio of 6.14 and a beta of 0.53. The firm's 50-day simple moving average is $26.05 and its 200 day simple moving average is $22.40.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.49 by ($0.09). Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%.The business had revenue of $106.91 million for the quarter, compared to the consensus estimate of $42.47 million. Sell-side analysts anticipate that Carter Bankshares will post 1.91 EPS for the current year.

Carter Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 25th. Shareholders of record on Monday, May 11th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Monday, May 11th. Carter Bankshares's dividend payout ratio is presently 8.21%.

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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