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

Key Points

• Analysts rate Carter Bankshares “Hold” overall: Four of five brokerages recommend holding the stock, while one recommends buying it. The average 12-month price target is $30.75.
• Recent earnings were mixed: Quarterly EPS of $0.53 missed the $1.44 consensus estimate, although revenue of $68.68 million exceeded expectations of $55.90 million.
• Insiders recently sold shares: An insider and a director sold a combined 4,000 shares, while institutional investors own 41.48% of the company. Carter Bankshares also maintains a quarterly dividend of $0.10 per share, yielding approximately 1.3%.

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

Several brokerages recently weighed in on CARE. Raymond James Financial lowered Carter Bankshares from an "outperform" rating to a "market perform" rating in a research report on Wednesday, July 1st. Wall Street Zen downgraded Carter Bankshares from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Hovde Group reaffirmed a "market perform" rating and issued a $34.50 price target (up from $30.00) on shares of Carter Bankshares in a research note on Monday, July 27th. Freedom Capital cut Carter Bankshares from a "strong-buy" rating to a "hold" rating in a report on Friday, May 15th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Carter Bankshares in a research report on Friday, August 7th.

Insider Activity

In other news, insider Bradford N. Langs sold 2,500 shares of the business's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $34.54, for a total value of $86,350.00. Following the sale, the insider directly owned 33,242 shares of the company's stock, valued at approximately $1,148,178.68. The trade was a 6.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert M. Bolton sold 1,500 shares of the company's stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $34.60, for a total transaction of $51,900.00. Following the completion of the transaction, the director owned 55,000 shares in the company, valued at approximately $1,903,000. This represents a 2.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.38% of the company's stock.

Institutional Trading of Carter Bankshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in shares of Carter Bankshares by 88.1% during the first quarter. AQR Capital Management LLC now owns 25,175 shares of the company's stock worth $407,000 after buying an additional 11,794 shares during the period. Empowered Funds LLC grew its stake in shares of Carter Bankshares by 7.3% in the first quarter. Empowered Funds LLC now owns 90,725 shares of the company's stock valued at $1,468,000 after buying an additional 6,157 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Carter Bankshares in the 1st quarter valued at $585,000. Creative Planning purchased a new stake in shares of Carter Bankshares in the 2nd quarter valued at $330,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Carter Bankshares by 7.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 46,795 shares of the company's stock worth $811,000 after acquiring an additional 3,066 shares in the last quarter. Hedge funds and other institutional investors own 41.48% of the company's stock.

Carter Bankshares Price Performance

NASDAQ:CARE opened at $31.49 on Thursday. The company's 50-day moving average is $32.83 and its two-hundred day moving average is $27.19. Carter Bankshares has a 1-year low of $16.78 and a 1-year high of $36.06. The firm has a market capitalization of $697.82 million, a price-to-earnings ratio of 5.42 and a beta of 0.52.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.44 by ($0.91). The firm had revenue of $68.68 million for the quarter, compared to analyst estimates of $55.90 million. Carter Bankshares had a return on equity of 7.46% and a net margin of 36.79%. As a group, equities analysts anticipate that Carter Bankshares will post 2.02 earnings per share for the current fiscal year.

Carter Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, August 10th. Carter Bankshares's dividend payout ratio (DPR) is 6.88%.

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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