Hovde Group Boosts Carter Bankshares (NASDAQ:CARE) Price Target to $28.00

Carter Bankshares (NASDAQ:CARE) had its price objective raised by analysts at Hovde Group from $27.00 to $28.00 in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. The firm presently has an “outperform” rating on the stock. Hovde Group’s price objective suggests a potential upside of 16.13% from the stock’s current price.

A number of other equities analysts have also commented on CARE. Freedom Capital raised Carter Bankshares to a “strong-buy” rating in a research note on Thursday, December 25th. Wall Street Zen raised Carter Bankshares from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Zacks Research raised Carter Bankshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 20th. Finally, Weiss Ratings raised Carter Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 9th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $25.00.

Carter Bankshares Price Performance

Shares of CARE stock opened at $24.11 on Friday. The stock’s fifty day simple moving average is $22.10 and its 200 day simple moving average is $20.30. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market cap of $534.28 million, a price-to-earnings ratio of 4.95 and a beta of 0.44. Carter Bankshares has a one year low of $14.98 and a one year high of $24.91.

Carter Bankshares (NASDAQ:CARE) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.09). The company had revenue of $106.91 million during the quarter, compared to analyst estimates of $42.47 million. Carter Bankshares had a net margin of 33.60% and a return on equity of 7.93%. On average, analysts expect that Carter Bankshares will post 1.88 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Carter Bankshares

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC raised its position in shares of Carter Bankshares by 27.3% during the fourth quarter. Empowered Funds LLC now owns 82,278 shares of the company’s stock worth $1,618,000 after acquiring an additional 17,650 shares during the last quarter. Polymer Capital Management US LLC raised its position in shares of Carter Bankshares by 21.5% during the fourth quarter. Polymer Capital Management US LLC now owns 15,460 shares of the company’s stock worth $304,000 after acquiring an additional 2,734 shares during the last quarter. Bridgeway Capital Management LLC raised its position in shares of Carter Bankshares by 16.2% during the fourth quarter. Bridgeway Capital Management LLC now owns 126,663 shares of the company’s stock worth $2,490,000 after acquiring an additional 17,650 shares during the last quarter. Trexquant Investment LP raised its position in shares of Carter Bankshares by 24.9% during the fourth quarter. Trexquant Investment LP now owns 59,917 shares of the company’s stock worth $1,178,000 after acquiring an additional 11,952 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Carter Bankshares by 14.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,791 shares of the company’s stock worth $272,000 after acquiring an additional 1,695 shares during the last quarter. Institutional investors own 41.48% of the company’s stock.

Key Headlines Impacting Carter Bankshares

Here are the key news stories impacting Carter Bankshares this week:

• Positive Sentiment: Hovde Group raised its price target on CARE to $28 and kept an “outperform” rating — the new target implies meaningful upside from current levels, supporting buying interest.
• Positive Sentiment: Carter declared a quarterly cash dividend of $0.10 per share (ex‑dividend and record dates in May), implying an annualized yield around 1.6–1.7% — a modest income cue that can support the stock. Dividend Announcement
• Neutral Sentiment: The company published a Q1 press release reporting quarterly net income of $85.8M, or $3.88 diluted EPS, and higher net interest income — figures that, if accurate and recurring, would be strongly positive but appear to conflict with other summaries; read the filing/press release for detail. Company Q1 Press Release
• Negative Sentiment: Third‑party reports (MarketBeat/Zacks summaries) show CARE reported $0.40 EPS for the quarter, missing consensus (~$0.49) — that miss and mixed messaging on revenue/earnings have created short‑term uncertainty and likely weighed on sentiment. Earnings Miss Article

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.