Carter Bankshares (NASDAQ:CARE) Lowered to "Hold" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Carter Bankshares to “Hold” from “Buy,” joining a broader analyst consensus of “Hold.” Four analysts rate the stock Hold and one rates it Buy, with an average price target of $30.75.
• Carter Bankshares reported quarterly EPS of $0.53, well below the $1.44 consensus estimate, while revenue of $32.73 million also missed expectations of $55.90 million.
• The stock opened at $33.00 after falling 2.7%; insiders sold 9,500 shares worth $283,835 over the past 90 days, while institutional investors own 41.48% of the company.

Carter Bankshares (NASDAQ:CARE - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

A number of other analysts have also recently issued reports on the stock. Raymond James Financial cut shares of Carter Bankshares from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 1st. Hovde Group restated a "market perform" rating and set a $34.50 target price (up from $30.00) on shares of Carter Bankshares in a research note on Monday, July 27th. Freedom Capital downgraded shares of Carter Bankshares from a "strong-buy" rating to a "hold" rating in a report on Friday, May 15th. Finally, Weiss Ratings upgraded Carter Bankshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $30.75.

Carter Bankshares Trading Down 2.7%

Shares of NASDAQ:CARE opened at $33.00 on Friday. The stock has a 50 day moving average of $32.10 and a 200 day moving average of $26.16. The company has a market cap of $733.26 million, a PE ratio of 5.68 and a beta of 0.52. Carter Bankshares has a 12-month low of $16.78 and a 12-month high of $36.06.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.91). Carter Bankshares had a return on equity of 7.85% and a net margin of 36.79%.The firm had revenue of $32.73 million during the quarter, compared to analysts' expectations of $55.90 million. Equities research analysts predict that Carter Bankshares will post 2.02 earnings per share for the current fiscal year.

Insider Activity at Carter Bankshares

In other news, Director Robert M. Bolton sold 1,500 shares of Carter Bankshares stock in a transaction that occurred 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 sale, the director owned 55,000 shares in the company, valued at $1,903,000. This trade represents a 2.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Bradford N. Langs sold 5,500 shares of the business's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $26.47, for a total transaction of $145,585.00. Following the completion of the transaction, the insider directly owned 27,093 shares in the company, valued at $717,151.71. This trade represents a 16.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 9,500 shares of company stock valued at $283,835 over the last 90 days. 2.38% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Carter Bankshares

Several institutional investors have recently bought and sold shares of the stock. Richard Young Associates Ltd. purchased a new position in shares of Carter Bankshares during the fourth quarter valued at about $525,000. Dimensional Fund Advisors LP increased its holdings in shares of Carter Bankshares by 4.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,175,925 shares of the company's stock worth $27,422,000 after purchasing an additional 52,195 shares during the last quarter. Maltese Capital Management LLC lifted its position in shares of 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 buying an additional 26,800 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Carter Bankshares by 98.3% in the fourth quarter. Federated Hermes Inc. now owns 1,626 shares of the company's stock worth $32,000 after buying an additional 806 shares in the last quarter. Finally, Retirement Planning Group LLC bought a new position in Carter Bankshares during the first quarter valued at approximately $351,000. 41.48% of the stock is owned by hedge funds and other institutional investors.

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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