Carter Bankshares (NASDAQ:CARE) Trading Down 3.7% – Should You Sell?

Carter Bankshares, Inc. (NASDAQ:CARE)’s share price dropped 3.7% during mid-day trading on Monday . The stock traded as low as $20.89 and last traded at $21.09. Approximately 199,870 shares changed hands during trading, an increase of 27% from the average daily volume of 157,207 shares. The stock had previously closed at $21.90.

Analyst Ratings Changes

Several research firms recently issued reports on CARE. Zacks Research upgraded Carter Bankshares from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 20th. Wall Street Zen raised shares of Carter Bankshares from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Freedom Capital upgraded Carter Bankshares to a “strong-buy” rating in a report on Thursday, December 25th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Carter Bankshares in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Carter Bankshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

Carter Bankshares Stock Down 3.7%

The firm has a 50-day simple moving average of $20.65 and a 200 day simple moving average of $19.41. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $465.88 million, a P/E ratio of 15.28 and a beta of 0.58.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Fourthstone LLC increased its position in shares of Carter Bankshares by 19.1% during the fourth quarter. Fourthstone LLC now owns 1,236,393 shares of the company’s stock valued at $24,307,000 after buying an additional 197,850 shares during the period. Squarepoint Ops LLC bought a new position in shares of Carter Bankshares during the fourth quarter valued at about $1,770,000. Curi Capital LLC increased its stake in Carter Bankshares by 388.0% in the 2nd quarter. Curi Capital LLC now owns 93,295 shares of the company’s stock worth $1,618,000 after purchasing an additional 74,178 shares during the period. Mendon Capital Advisors Corp raised its holdings in Carter Bankshares by 106.0% during the 2nd quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company’s stock valued at $2,469,000 after buying an additional 73,275 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Carter Bankshares by 457.6% in the third quarter. First Trust Advisors LP now owns 82,410 shares of the company’s stock worth $1,600,000 after purchasing an additional 67,630 shares during the last quarter. Institutional investors own 41.48% of the company’s stock.

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.