Carter Bankshares (NASDAQ:CARE) Upgraded at Freedom Capital

Freedom Capital upgraded shares of Carter Bankshares (NASDAQ:CARE) to a strong-buy rating in a research report sent to investors on Thursday morning,Zacks.com reports.

Several other equities analysts have also issued reports on the stock. Zacks Research lowered shares of Carter Bankshares from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 28th. Wall Street Zen raised Carter Bankshares from a “sell” rating to a “hold” rating in a report on Saturday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Carter Bankshares in a research note on Monday, December 22nd. Finally, Raymond James Financial set a $22.00 target price on Carter Bankshares and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Carter Bankshares has a consensus rating of “Moderate Buy” and an average price target of $22.00.

Carter Bankshares Price Performance

Carter Bankshares stock opened at $19.87 on Thursday. Carter Bankshares has a 52 week low of $13.60 and a 52 week high of $20.63. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.43. The company’s 50 day moving average price is $18.47 and its two-hundred day moving average price is $18.45. The stock has a market cap of $438.93 million, a P/E ratio of 14.61 and a beta of 0.62.

Carter Bankshares (NASDAQ:CARE) last issued its quarterly earnings data on Thursday, October 23rd. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.13). The company had revenue of $39.09 million during the quarter, compared to analysts’ expectations of $39.20 million. Carter Bankshares had a return on equity of 7.65% and a net margin of 12.37%. On average, equities analysts predict that Carter Bankshares will post 1.26 earnings per share for the current year.

Insider Activity at Carter Bankshares

In other news, Director Robert M. Bolton sold 1,901 shares of the firm’s stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $17.23, for a total transaction of $32,754.23. Following the completion of the transaction, the director owned 10,827 shares in the company, valued at $186,549.21. This trade represents a 14.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.18% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC grew its holdings in shares of Carter Bankshares by 3.1% in the first quarter. Cubist Systematic Strategies LLC now owns 24,547 shares of the company’s stock worth $397,000 after purchasing an additional 744 shares during the last quarter. CWM LLC grew its stake in Carter Bankshares by 64.1% in the second quarter. CWM LLC now owns 2,171 shares of the company’s stock valued at $38,000 after purchasing an additional 848 shares during the last quarter. First Trust Advisors LP grew its position in shares of Carter Bankshares by 6.7% in the 2nd quarter. First Trust Advisors LP now owns 14,780 shares of the company’s stock worth $256,000 after buying an additional 930 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of Carter Bankshares by 44.7% during the third quarter. New York State Common Retirement Fund now owns 4,531 shares of the company’s stock worth $88,000 after purchasing an additional 1,400 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its stake 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 buying an additional 1,534 shares during the last quarter. Hedge funds and other institutional investors own 41.48% of the company’s stock.

About Carter Bankshares

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.