Carter Bankshares (NASDAQ:CARE) Upgraded at Zacks Research

Zacks Research upgraded shares of Carter Bankshares (NASDAQ:CARE) from a strong sell rating to a hold rating in a research note released on Tuesday,Zacks.com reports.

Several other equities analysts also recently issued reports on the stock. Wall Street Zen downgraded shares of Carter Bankshares from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. Freedom Capital upgraded shares of Carter Bankshares to a “strong-buy” rating in a research report on Thursday, December 25th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Carter Bankshares in a research note on Monday, December 29th. Finally, Raymond James Financial set a $22.00 price objective on Carter Bankshares and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

Carter Bankshares Stock Performance

Shares of CARE stock opened at $20.84 on Tuesday. The company has a market capitalization of $460.36 million, a P/E ratio of 15.32 and a beta of 0.59. The business’s 50 day moving average is $19.35 and its two-hundred day moving average is $18.83. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.43. Carter Bankshares has a 12-month low of $13.60 and a 12-month high of $21.46.

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

Insiders Place Their Bets

In other Carter Bankshares news, Director Robert M. Bolton sold 1,901 shares of the company’s stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $17.23, for a total value of $32,754.23. Following the completion of the sale, the director directly owned 10,827 shares in the company, valued at $186,549.21. This represents a 14.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.18% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CARE. CWM LLC increased its position in Carter Bankshares by 64.1% during the second quarter. CWM LLC now owns 2,171 shares of the company’s stock worth $38,000 after purchasing an additional 848 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of 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 buying an additional 930 shares during the last quarter. New York State Common Retirement Fund increased its holdings in shares of Carter Bankshares by 44.7% during the 3rd quarter. New York State Common Retirement Fund now owns 4,531 shares of the company’s stock worth $88,000 after buying an additional 1,400 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Carter Bankshares by 140.6% during the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock valued at $46,000 after buying an additional 1,534 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in shares of Carter Bankshares by 113.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock valued at $65,000 after buying 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 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.