Carter Bankshares (NASDAQ:CARE) Shares Down 0.8% - Time to Sell?

Key Points

• Carter Bankshares shares declined by 0.8% to $19.42, significantly lower than the previous closing price, with a trading volume down 38% from average levels.
• Analysts maintain a mixed outlook, with Raymond James setting a target price of $22.00 and a "buy" rating, while Weiss Ratings has a "hold" rating.
• The company posted quarterly earnings of $0.41 per share, exceeding estimates and indicating strong financial performance with a net margin of 12.58%.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) shares were down 0.8% during trading on Wednesday . The stock traded as low as $19.25 and last traded at $19.42. Approximately 52,686 shares traded hands during trading, a decline of 38% from the average daily volume of 85,202 shares. The stock had previously closed at $19.58.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Raymond James Financial set a $22.00 price target on Carter Bankshares and gave the company an "outperform" rating in a report on Tuesday, October 7th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Carter Bankshares in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $22.00.

Carter Bankshares Price Performance

The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market capitalization of $440.25 million, a PE ratio of 14.28 and a beta of 0.83. The stock has a fifty day moving average price of $19.21 and a 200-day moving average price of $17.36.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.41 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.10. The firm had revenue of $37.44 million during the quarter, compared to analysts' expectations of $37.33 million. Carter Bankshares had a return on equity of 7.68% and a net margin of 12.58%. Sell-side analysts forecast that Carter Bankshares, Inc. will post 1.26 EPS for the current fiscal year.

Insider Buying and Selling at Carter Bankshares

In other news, Director Catharine L. Midkiff sold 2,000 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $17.76, for a total value of $35,520.00. Following the completion of the sale, the director owned 16,054 shares of the company's stock, valued at $285,119.04. This trade represents a 11.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.18% of the stock is owned by insiders.

Institutional Trading of Carter Bankshares

A number of institutional investors have recently made changes to their positions in the business. Cubist Systematic Strategies LLC boosted its position in shares of Carter Bankshares by 3.1% in the 1st quarter. Cubist Systematic Strategies LLC now owns 24,547 shares of the company's stock worth $397,000 after purchasing an additional 744 shares in the last quarter. CWM LLC lifted its position in Carter Bankshares by 64.1% during the 2nd quarter. CWM LLC now owns 2,171 shares of the company's stock worth $38,000 after acquiring an additional 848 shares during the period. First Trust Advisors LP lifted 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 acquiring an additional 930 shares during the period. Geneos Wealth Management Inc. lifted 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 acquiring an additional 1,534 shares during the period. Finally, Tower Research Capital LLC TRC lifted its position in Carter Bankshares by 113.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company's stock worth $65,000 after acquiring an additional 2,008 shares during the period. Institutional investors and hedge funds own 41.48% of the company's stock.

About Carter Bankshares

Carter Bankshares, Inc operates as the bank holding company for Carter Bank & Trust that provides various banking products and services in the United States. It accepts various deposit products, including checking, savings, retirement, and money market accounts, as well as certificates of deposits.

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