Carter Bankshares (NASDAQ:CARE) Upgraded at Wall Street Zen

Carter Bankshares (NASDAQ:CARE) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Other equities analysts have also issued research reports about the company. Freedom Capital raised Carter Bankshares to a “strong-buy” rating in a research report on Thursday, December 25th. Raymond James Financial set a $22.00 price target on shares of Carter Bankshares and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Zacks Research upgraded Carter Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Carter Bankshares in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.00.

Carter Bankshares Price Performance

Shares of Carter Bankshares stock opened at $21.41 on Friday. The company has a market cap of $472.95 million, a PE ratio of 15.51 and a beta of 0.59. The business has a 50 day moving average of $19.73 and a 200 day moving average of $18.93. Carter Bankshares has a 52 week low of $13.60 and a 52 week high of $21.57. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.43.

Carter Bankshares (NASDAQ:CARE) last issued its quarterly earnings data on Thursday, January 29th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.33 by $0.08. The business had revenue of $39.83 million during the quarter, compared to analyst estimates of $40.66 million. Carter Bankshares had a net margin of 12.32% and a return on equity of 7.70%. As a group, equities research analysts forecast that Carter Bankshares will post 1.26 earnings per share for the current year.

Institutional Trading of Carter Bankshares

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC increased its holdings in shares of Carter Bankshares by 88.1% in the first quarter. AQR Capital Management LLC now owns 25,175 shares of the company’s stock worth $407,000 after purchasing an additional 11,794 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Carter Bankshares by 7.3% during the 1st quarter. Empowered Funds LLC now owns 90,725 shares of the company’s stock worth $1,468,000 after purchasing an additional 6,157 shares during the period. Jane Street Group LLC purchased a new position in shares of Carter Bankshares during the first quarter valued at approximately $585,000. CWM LLC boosted its holdings in Carter Bankshares by 64.1% during the 2nd quarter. CWM LLC now owns 2,171 shares of the company’s stock valued at $38,000 after acquiring an additional 848 shares during the period. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of Carter Bankshares in the second quarter worth about $293,000. 41.48% of the stock is currently owned by institutional investors.

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.