Carter Bankshares (NASDAQ:CARE) Raised to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Carter Bankshares from Hold to Buy, giving the stock a more favorable short-term analyst signal.
• Despite the upgrade, the broader analyst view remains cautious: CARE still carries an average Hold rating and a $28.50 price target, with one Buy and four Hold ratings.
• The stock was trading at $32.56, above the average target, after the company recently reported EPS of $0.40 versus estimates of $0.49, though revenue came in well above expectations.

Carter Bankshares (NASDAQ:CARE - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Monday.

Several other brokerages also recently commented on CARE. Hovde Group downgraded Carter Bankshares from an "outperform" rating to a "market perform" rating and set a $30.00 target price for the company. in a research note on Wednesday, June 3rd. 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. Weiss Ratings raised shares of Carter Bankshares from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 11th. Finally, Freedom Capital downgraded shares of Carter Bankshares from a "strong-buy" rating to a "hold" rating in a report on Friday, May 15th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $28.50.

Carter Bankshares Price Performance

Shares of CARE stock opened at $32.56 on Monday. The company has a market capitalization of $723.48 million, a PE ratio of 6.69 and a beta of 0.51. Carter Bankshares has a 12-month low of $16.78 and a 12-month high of $35.03. The firm has a 50 day moving average price of $29.27 and a two-hundred day moving average price of $24.26.

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

Insider Activity at Carter Bankshares

In other Carter Bankshares news, insider Bradford N. Langs sold 5,500 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 27,093 shares in the company, valued at $717,151.71. This represents a 16.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Elizabeth L. Walsh purchased 4,575 shares of the firm's stock in a transaction that occurred on 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 purchase, the director owned 58,753 shares of the company's stock, valued at $1,539,328.60. This represents a 8.44% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 2.38% of the company's stock.

Institutional Trading of Carter Bankshares

Several institutional investors and hedge funds have recently modified their holdings of CARE. Federated Hermes Inc. raised its position 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 during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Carter Bankshares by 140.6% in the second 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 last quarter. PNC Financial Services Group Inc. increased its stake in shares of Carter Bankshares by 397.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company's stock worth $54,000 after acquiring an additional 1,846 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Carter Bankshares by 243.2% during the 4th quarter. State of Alaska Department of Revenue now owns 3,233 shares of the company's stock valued at $63,000 after buying an additional 2,291 shares during the period. Finally, Tower Research Capital LLC TRC lifted its position in Carter Bankshares by 113.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company's stock valued at $65,000 after buying an additional 2,008 shares during the last quarter. Institutional investors 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.

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