Carter Bankshares, Inc. (NASDAQ:CARE) Stock Has Consensus Target Price of $30.75 According to Brokerages

Key Points

• Analyst consensus is “Hold” for Carter Bankshares, with four hold ratings and one buy rating; the average 12-month price target is $30.75, near the stock’s $30.31 price.
• The company reported quarterly EPS of $0.53, well below the $1.44 consensus estimate, though revenue of $68.68 million exceeded expectations of $55.90 million.
• Carter Bankshares declared a quarterly dividend of $0.10, equivalent to a 1.3% annualized yield, while institutional investors own approximately 41.5% of the company.

Shares of Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) have received an average rating of "Hold" from the five ratings firms that are currently covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $30.75.

Several equities analysts recently issued reports on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Carter Bankshares in a report on Friday, August 7th. Hovde Group reissued a "market perform" rating and issued a $34.50 target price (up from $30.00) on shares of Carter Bankshares in a report on Monday, July 27th. Wall Street Zen cut Carter Bankshares from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, 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.

Carter Bankshares Trading Up 0.9%

CARE stock opened at $30.31 on Friday. The firm has a 50 day moving average of $31.05 and a 200-day moving average of $29.66. The company has a market cap of $671.67 million, a price-to-earnings ratio of 5.22 and a beta of 0.59. 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 quarterly earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share 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 firm had revenue of $68.68 million during the quarter, compared to analyst estimates of $55.90 million. Sell-side analysts forecast that Carter Bankshares will post 2.02 earnings per share for the current fiscal year.

Carter Bankshares Dividend Announcement

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

Insider Activity

In other news, Director Robert Bolton sold 1,500 shares of the stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $34.60, for a total value of $51,900.00. Following the sale, the director directly owned 55,000 shares in the company, valued at $1,903,000. This represents a 2.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bradford Langs sold 2,500 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at approximately $1,148,178.68. This trade represents a 6.99% 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.

Institutional Investors Weigh In On Carter Bankshares

Large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp purchased a new position in Carter Bankshares during the second quarter worth $2,433,000. Sei Investments Co. raised its holdings in shares of Carter Bankshares by 108.5% in the first quarter. Sei Investments Co. now owns 80,379 shares of the company's stock worth $1,874,000 after acquiring an additional 41,836 shares during the last quarter. Dimensional Fund Advisors LP lifted its position 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 valued at $27,422,000 after acquiring an additional 52,195 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Carter Bankshares by 82.5% in the first quarter. Bank of America Corp DE now owns 57,437 shares of the company's stock valued at $1,339,000 after acquiring an additional 25,967 shares in the last quarter. Finally, Engineers Gate Manager LP purchased a new stake in shares of Carter Bankshares in the second quarter valued at $707,000. Institutional investors and hedge funds own 41.48% of the company's stock.

About Carter Bankshares

Carter Bankshares, Inc is the bank holding company for Carter Bank & Trust, a community-focused financial institution headquartered in Martinsville, Virginia. The company serves individuals, businesses and organizations through a network of banking locations primarily in Virginia and North Carolina.

Carter Bank & Trust offers consumer and business deposit products, including checking and savings accounts, certificates of deposit and cash-management services. Its lending activities include residential and commercial real estate loans, business loans, construction financing, consumer loans and lines of credit.

The bank also provides digital banking, treasury-management and other financial services designed to support personal and commercial customers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.