Carter Bankshares, Inc. (NASDAQ:CARE) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• Analysts maintain a “Hold” consensus on Carter Bankshares, with four hold ratings and one buy rating. The average 12-month price target is $30.75, versus the stock’s reported opening price of $30.79.
• Carter Bankshares reported quarterly EPS of $0.53, missing the $1.44 consensus estimate, although revenue of $68.68 million exceeded expectations of $55.90 million. Analysts expect full-year EPS of approximately $2.02.
• Institutional investors own 41.48% of the company, while insiders recently sold shares. The company maintains a quarterly dividend of $0.10, equivalent to an annualized $0.40 payout and a 1.3% yield.

Shares of Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) have earned an average rating of "Hold" from the five analysts that are covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $30.75.

A number of analysts have recently issued reports on CARE shares. Hovde Group reissued 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. Weiss Ratings reiterated a "buy (b)" rating on shares of Carter Bankshares in a report on Friday, August 7th. Wall Street Zen cut shares of Carter Bankshares from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, Raymond James Financial downgraded shares of Carter Bankshares from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 1st.

Insider Activity at Carter Bankshares

In other Carter Bankshares news, insider Bradford Langs sold 2,500 shares of the firm's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $34.54, for a total transaction of $86,350.00. Following the transaction, the insider directly owned 33,242 shares in the company, valued at $1,148,178.68. This trade represents a 6.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert Bolton sold 1,500 shares of the firm's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $34.60, for a total value of $51,900.00. Following the transaction, the director owned 55,000 shares in the company, valued at $1,903,000. The trade was a 2.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.38% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Carter Bankshares

Several institutional investors have recently made changes to their positions in CARE. Bank of New York Mellon Corp purchased a new position in Carter Bankshares in the second quarter worth $2,433,000. Dimensional Fund Advisors LP lifted its holdings in shares of Carter Bankshares by 4.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,175,925 shares of the company's stock valued at $27,422,000 after purchasing an additional 52,195 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Carter Bankshares by 108.5% during the 1st quarter. Sei Investments Co. now owns 80,379 shares of the company's stock valued at $1,874,000 after purchasing an additional 41,836 shares during the last quarter. Maltese Capital Management LLC boosted its position in shares of Carter Bankshares by 7.3% in the 4th quarter. Maltese Capital Management LLC now owns 395,800 shares of the company's stock worth $7,781,000 after purchasing an additional 26,800 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Carter Bankshares by 82.5% in the 1st quarter. Bank of America Corp DE now owns 57,437 shares of the company's stock worth $1,339,000 after purchasing an additional 25,967 shares in the last quarter. Hedge funds and other institutional investors own 41.48% of the company's stock.

Carter Bankshares Price Performance

Shares of NASDAQ:CARE opened at $30.79 on Monday. The firm has a market capitalization of $682.43 million, a PE ratio of 5.30 and a beta of 0.50. The business has a 50 day simple moving average of $32.38 and a two-hundred day simple moving average of $28.35. Carter Bankshares has a 1 year low of $16.78 and a 1 year high of $36.06.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last issued 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). Carter Bankshares had a return on equity of 7.46% and a net margin of 36.79%.The business had revenue of $68.68 million for the quarter, compared to the consensus estimate of $55.90 million. Equities research analysts expect that Carter Bankshares will post 2.02 EPS for the current fiscal year.

Carter Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 10th were issued a $0.10 dividend. The ex-dividend date was Monday, August 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.3%. Carter Bankshares's payout ratio is presently 6.88%.

Carter Bankshares Company Profile

Carter Bankshares, Inc is the bank holding company for Carter Bank & Trust, a community banking institution headquartered in Martinsville, Virginia. Through its banking subsidiary, the company provides financial services to individuals, families, businesses and nonprofit organizations.

Carter Bank & Trust offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts. Its lending activities include residential and commercial real estate loans, construction and development financing, commercial and industrial loans, consumer loans and other credit products.

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